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.