CMT’s 2Q Slightly Above Expectations; Funan and Westgate Underpin Near-Term Growth; FVE Raised
We raised CapitaLand Mall Trust’s fair value estimate to SGD 2.48 per unit from SGD 2.42 on the back of stronger-than-expected contribution from Westgate following the completion of its asset enhancement initiatives and enhanced trade mix. This was also the first full quarter contribution by Westgate after the acquisition of its remainder 70% stake in November 2018. Our narrow economic moat and stable moat trend ratings remain unchanged. We think the units are undervalued at the current price, w...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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