Stock Name: CapitaMall
Company Name: CAPITAMALL TRUST
Company Name: CAPITAMALL TRUST
| Research House: CIMB | Price Call: BUY | Target Price: 1.93 |
Target S$1.93
No major surprises in 1Q12 with key highlights being sustained positive rental reversions and further colour on completing AEIs this year. We expect a fairly stable 2012, with upside marked by positive rental reversions and AEI completions. 1Q12 DPU was in-line with consensus and our estimates, forming 23% of our full-year estimates. Management retained S$5.4m (1Q11: S$9.5m) in 1Q12. We keep DPUs and DDM-based target price. Maintain Outperform on exposure to resilient suburban retail.
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