CMT’s 2Q Slightly Above Expectations; Funan and Westgate Underpin Near-Term Growth; FVE Raised
We raise CapitaLand Mall Trust, or CMT’s fair value estimate to SGD 2.54 per unit from SGD 2.48 mainly driven by Funan, following its reopening on June 28, because it achieved a strong committed occupancy of 96.1%, and stronger-than-expected rental reversion from other properties in the portfolio. Our narrow economic moat and stable moat trend remains unchanged. We think the units are fairly valued at the current price, with near-term growth driven by the acquisition of the remaining 70% stake i...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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