CMT’s 1Q18 Results in Line; Active Portfolio Management and Funan Underpinning Medium-Term Growth
We keep CapitaLand Mall Trust, or CMT’s, fair value estimate at SGD 2.35 per unit, its narrow economic moat and stable moat trend ratings following its results announcement. We think the units are undervalued at the current price, with future growth mainly driven by the redevelopment of Funan which is due to be completed by fourth quarter of 2019. CMT’s first-quarter 2018 results were in line with expectations. Net property income increased by 4.7% year over year to SGD 125.7 million on the back...CapitaLand Mall Trust is a real estate investment trust. Co. owns and invests in assets, which are used, or predominantly used, for retail purposes primarily in Singapore. Co.'s portfolio is comprised of 16 shopping centers, which include Tampines Mall, Junction 8, Funan DigitaLife Mall, IMM Building, Plaza Singapura, Bugis Junction, Sembawang Shopping Centre, JCube, Hougang Plaza, Lot One Shoppers' Mall, Bukit Panjang Plaza, Rivervale Mall, The Atrium@Orchard, Clarke Quay, Iluma, and Raffles City Singapore. All of Co.'s shopping centers are located in Singapore.
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