Saturday, October 19, 2013

Capitamalls Malaysia Trust - Melawati Mall by its sponsor under construction

Capitamalls Malaysia Trust -
Melawati Mall by its sponsor under construction BUY
Publish date: Fri, 18 Oct 10:26

-  We reaffirm our BUY recommendation on CapitaMalls Malaysia Trust (CMMT), with an unchanged fair value of RM2.15/unit, based on our DCF-based valuation.

-  The group’s sponsor, CapitaMalls Asia Limited (CMA), has just commenced construction of Melawati Mall – a 50:50 joint venture with Sime Darby.


-  The Melawati Mall is located at the north east of Kuala Lumpur city centre – an eight-storey shopping mall with net lettable area of 620,000sf. Construction is expected to complete at end-2016.

-  We are positive on this development as it paves way for a stronger pipeline of assets for injection (in addition to Queensbay Mall) into CMMT.

-  A new mall typically takes at least three years of operation to stabilise. As such, should Melawati Mall be considered for an injection, we opined it could only happen the earliest in 2020.

-  As a recap, CMMT received a letter of intent from Tropicana Corporation Bhd to explore the possibility acquiring the latter’s:- (1) Tropicana City Mall (TCM) – a 4-storey shopping mall; and (2) Tropicana City Office Tower – a 12-storey office building. The group is currently conducting due diligence for the said properties. We believe that TCM fits well within CMMT’s portfolio, which focuses on necessity and day-to-day shopping malls.

-  We maintain our FY13F-FY15F estimates. CMMT’s 3QFY13 results are due for release on 24 October 2013.

-  We remain positive and favourable on CMMT because of its first mover acquisition advantage. We believe CMMT will be the first to embark on an acquisition move compared to Pavilion REIT (HOLD, FV: RM1.65/share) and IGBREIT (HOLD, FV: RM1.38/share), underpinned by:- (i) Queensbay Mall’s position as a ready and yield-accretive asset ; and (ii)TCM – the due diligence exercise hints that a potential acquisition of TCM could be in the making.

Source: AmeSecurities


Source/Extract/Excerpts/来源/转贴/摘录: http://klse.i3investor.com/
Publish date: 18/10/13

No comments:

Post a Comment

Warren E. Buffett(沃伦•巴菲特)
Be fearful when others are greedy, and be greedy when others are fearful
别人贪婪时我恐惧, 别人恐惧时我贪婪
投资只需学好两门课: 一,是如何给企业估值,二,是如何看待股市波动
吉姆·罗杰斯(Jim Rogers)
“错过时机”胜于“搞错对象”:不会全军覆没!”
做自己熟悉的事,等到发现大好机会才投钱下去

乔治·索罗斯(George Soros)

“犯错误并没有什么好羞耻的,只有知错不改才是耻辱。”

如果操作过量,即使对市场判断正确,仍会一败涂地。

李驰(中国巴菲特)
高估期间, 卖对, 不卖也对, 买是错的。
低估期间, 买对, 不买也是对, 卖是错的。

Tan Teng Boo


There’s no such thing as defensive stocks.Every stock can be defensive depending on what price you pay for it and what value you get,
冷眼(冯时能)投资概念
“买股票就是买公司的股份,买股份就是与陌生人合股做生意”。
合股做生意,则公司股份的业绩高于一切,而股票的价值决定于盈利。
价值是本,价格是末,故公司比股市重要百倍。
曹仁超-香港股神/港股明灯
1.有智慧,不如趁势
2.止损不止盈
成功者所以成功,是因为不怕失败!失败者所以失败,是失败后不再尝试!
曾淵滄-散户明灯
每逢灾难就是机会,而是在灾难发生时贱价买股票,然后放在一边,耐性地等灾难结束
  • Selected Indexes 52 week range

  • Margin of Safety

    Investment Clock

    World's First Interactive Investment Clock