We initiate CMMT with BUY, with target price of RM1.53.
Our TP implies target yield of 6.0%, whilst Pavilion REIT and Sunway REIT are trading at yields of 5.0% and 5.8% respectively. They have a number of growth catalysts lined up, with the most notable nes being the East Coast Mall extension and the potential injection of Queensbay Mall in Penang We like them for their pure-play approach, which differentiates them from other REITs in Malaysia. With the continued theme of consumerism and tourism in Malaysia, macro conditions are highly favourable to CMMT. We forecast 24.5% EPU growth for FY12, amounting to EPU of 9.2 sen, thanks to maiden full-year earnings contribution from the Gurney Plaza extension and East Coast Mall. For the subsequent years (FY13-14), we are estimating a more stable annual EPU growth rate of 4.4%.
When you invest in REITs, one must be patient to gain for long term. This is not a speculative firm. They have good strategies and well execution capability and leadership in their respective field.
Good counter! For long term investment. Fundamentally strong.... Bought during listing. Return around 68% since 2010. Good return on dividend around 6.8% per year.
Base on the Bursa announcement records,last entire month the Employees provident fund board and AmanahRaya Trustees Berhad-Skim Amanah Saham Bumiputera keep disposed on CMMT shares.Be caution !!! Keep buy on weakness.
5180 CMMT CAPITAMALLS MALAYSIA TRUST Quarterly rpt on consolidated results for the financial period ended 30/6/2012 Quarter: 2nd Quarter Financial Year End: 31/12/2012
Remarks: First income distribution of 4.20 sen per unit (of which 4.11 sen per unit istaxable and 0.09 sen is non-taxable in the hands of unitholders) for the periodfrom 1 January 2012 to 30 June 2012 is announced on 20 July 2012.
CMMT performed to expectations in 1H12, at both the EPS and DPU levels. Supported by dividend yields in excess of 5%, the stock could be rerated by a potential >23% increase in NLA for East Coast Mall, asset enhancement initiatives and yield-accretive acquisitions.
Dear KCFan, Very nice selection & agree with u. CMMT had a nice FA & TA... Revenue quaterly increase up to 21% Profit increase up to 56% Outstanding stock with profit margin of 126% !
The dividend payout ratio based on the Guardian capacity to care as much as 97 percent, analysts will be included in the profit forecast considerations, will profit forecast by 1-5%, but to maintain the stock to "hold" rating. Surplus on revaluation of agitation, the Guardian production prop gearing ratio reduced to 28% from 28.8% in the first quarter of this year.
Hand-held 500 million in cash Pacific Securities bank analyst, said the Guardian production prop clearance debt, and has more than 500 million ringgit of funds for acquisition purposes. Guardian produced the care of a strong financial strength, the recent need to bear the refinancing risk until 2015. The Guardian capacity entrusted asset management strategy will help the upgrading and transformation of its shopping mall, CapitaLand production prop is still our heart, so, we recommended 'buy' the stock. "
Further re-rating from more REIT IPOs, asset injection/AEIs & preference for defensive plays. Like MREITs for its greater acquisition potential and capacity for rental reversions compared to SREITs. Upgraded FY14F earnings on CMMT and Sunway REIT on assumed acquisitions; Top picks in order: CMMT, Sunway REIT, Pavilion REIT.
CapitaMalls Malaysia Trust; Buy; RM1.78 Price target: RM2.20 (Prev: RM1.85); CMMT MK Strength in Penang malls QB Mall injection lifts FY14F earnings by 8%. Existing properties will support near-term growth; unpriced ECM AEIs to offer further upside. TP lifted to RM2.20 after tweaking earnings and DCF assumptions.
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
helmiputrajaya
57 posts
Posted by helmiputrajaya > 2012-03-22 17:22 | Report Abuse
anyone??