Published:
CMA earnings potential starting to impress
Enough for Maybank to raise its forecasts.
According to Maybank Kim Eng, CMA’s 1Q13 core PATMI of SGD67.8m was above expectations, mainly on the back of contributions from new malls, absence of significant pre-opening expenses and lower taxes.
Tenant sales growth in Singapore and China remained healthy, which will underpin rental reversions in future. Shopper traffic in China unexpectedly dipped in 1Q13, which is most likely due to the ongoing bird flu scare and likely to be temporary.
Maybank Kim Eng said CMA’s earnings growth is coming through nicely even as another six malls will open this year. The brokerage research firm raised its FY13-15F forecasts by 5-10%.
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