CIMB Research raised its target price for CapitaMalls Asia
Ltd to S$1.47 from S$1.42, citing higher valuations
for its listed entities such as CapitaRetail China Trust
, but the brokerage kept its 'underperform' rating.
By 0142 GMT, shares of CapitaMalls were 0.6 percent higher
at S$1.62, and have surged 43.4 percent since the start of the
year, compared to the Straits Times Index's 14 percent
CapitaMalls reported a 40.7 percent rise in its second
quarter net profit to S$232 million, driven mainly by
revaluation gains of its Singapore and Malaysia shopping malls,
CapitaMalls management noted that its tenants in China are
seeing some slowdown in sales on a year-on-year basis and growth
in tier-1 cities is normalizing at a faster pace, CIMB said.
OCBC Investment Research also raised the target price for
CapitaMalls to S$1.85 from S$1.79, and kept its 'buy' rating, as
it expects retail conditions in China to remain healthy and
noted that the company's valuations remain undemanding.
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0950 (0150 GMT)
(Reporting by Charmian Kok in Singapore;