Friday, February 01, 2013

CapitaMalls Asia (Buy) - Crouching Tiger; Riding Tailwinds of China’s Retail Growth

In the latest report in our Crouching Tiger series, we undertake a deep-dive analysis 
of CapitaMalls Asia (CMA), a mall developer offering balanced exposure to the retail 
markets of China (income growth) and Singapore (income visibility). Our Crouching 
Tiger reports identify Asian companies that have the strategies and competitive 
advantages to be long-term sector champions, regionally or even globally. CMA is 
poised to harvest multi-year gains from sustained investment in the China consumer 
growth story, while earnings will be anchored by recurring income in Singapore. In 
addition, a unique capital-recycling platform offers upside to our earnings forecasts. 
We raise our TP to S$2.58 and CMA is added to the Citi Focus List Pan Asia. 

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