Company Name: CAPITAMALL TRUST
| Research House: CIMB | Price Call: HOLD | Target Price: 2.01 |
Stock Name: CapitaMall
Company Name: CAPITAMALL TRUST
| Research House: DBS Vickers | Price Call: HOLD | Target Price: 2.05 |
CIMB Research said Singapore shopping mall owner CapitaMall Trust’s second-quarter earnings showed signs of weakness in shopper traffic and tenant sales growth, and lowered its target price on the stock to $2.01 from $2.02.
By 10:55 a.m., CapitaMall Trust units were down 0.8% at $1.95. They have gained 14.7% this year, underperforming the FT ST Real Estate Investment Trust’s 22% rise.
CIMB said CapitaMall Trust’s shopper traffic fell 3% in the first half compared with a year ago, while tenant sales growth moderated to 1.5% year-on-year, versus 3.9% in the first quarter.
CapitaMall Trust’s management attributed the weakness to construction work at two of its properties in Singapore, IMM and Plaza Singapura, the brokerage noted.
“While portfolio performance should remain resilient, we see limited share price upside from current levels,” said CIMB, which kept its ’neutral’ rating on the stock.
Separately, DBS Vickers downgraded CapitaMall Trust to ’hold’ from ’buy’ and kept its target price at $2.05 citing valuations.
"lowered its target price on the stock to $2.01 from $2.02."
ReplyDeleteis that a joke?