CMMT bucks cautious market on strong earnings (5180)

KUALA LUMPUR: CapitaMalls Malaysia Trust
(CMMT) rose on Monday, bucking the weaker market, after it posted a 30%
increase in its earnings at RM68.90mil for the first half ended June
30, 2012.
At 10.48am, it was up four sen to RM1.61. There were 83,400 shares done at prices ranging from RM1.59 to RM1.62.
The
FBM KLCI fell 3.06 points to 1,639.94. Turnover was 307.34 million
shares valued at RM185.70mil. There were 153 gainers, 345 losers and
249 counters unchanged.
Maybank Investment Bank Research
said CMMT's realised 1H12 net profit of RM68.9mil came in as expected,
accounting for 49% to 50% of its and consensus' full-year estimates.
A proposed 4.2 sen dividend per unit for the first half was also in line.
"We
tweak our earnings forecasts by -1% to -5% but raise our discounted
cashflow-based target price to RM1.62 (+4%). Potential upside surprise
could come from new asset injections," it said.
Maybank Research
said CMMT was trading at a 5.5% gross yield versus Pavilion REIT's 4.6%
and SunREIT's 5.5% which was fair, in its view.