Transfer of Coverage of CMT With Narrow Moat, Stable Trend and FVE of SGD 2.35; Shares Undervalued
We are transferring coverage of CapitaLand Mall Trust with narrow economic moat and stable moat trend ratings, along with a fair value estimate of SGD 2.35 per unit. Our fair value estimate implies a P/E ratio of 20.2 times and an enterprise value/EBITDA ratio of 22.1 times in 2017. 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 2019.CMT is the first and largest REIT listed o...
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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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