Transfer of Coverage of CMT With Narrow Moat, Stable Trend and FVE of SGD 2.35; Shares Undervalued

CMT's FY17 Results In Line; Near-Term Weakness Expected With Funan Underpinning Medium-Term Growth

Capitaland Mall Trust to Fully Acquire Westgate

Narrow-Moat CapitaLand Mall Trust's Suburban Malls Underpin Resilient Rental Income

Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. We offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors. 

Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 16 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries, with more than $180 billion in assets under advisement or management as of June 30, 2015. We have operations in 27 countries.

Download the Morningstar Fact Sheet : http://corporate.morningstar.com/US/documents/MarketingFactSheets/AboutMorningstarFactsheet.pdf

Equity Bottom-Up

Capitaland Integrated Commercial Trust / Equity Bottom-Up

Capitaland Integrated Commercial Trust (CICT SP)

<p>While rental renewal was pressured once again this quarter, higher occupancy level and lower operating expense helped cushion the softer top line. Distribution per unit of SGD 0.0278 for the quarter was in line with the year-ago period and slightly higher than SGD 0.0275 last quarter. Our full-year distribution per unit forecast of SGD 0.11 is unchanged, and we reaffirm our fair value estimate of SGD 2.30. With the trust's share price easing last quarter, the trust is trading on an attractive…</p>

While rental renewal was pressured once again this quarter, higher occupancy level and lower operating expense helped cushion the softer top line. Distribution per unit of SGD 0.0278 for the quarter was in line with the year-ago period and slightly higher than SGD 0.0275 last quarter. Our full-year distribution per unit forecast of SGD 0.11 is unchanged, and we reaffirm our fair value estimate of SGD 2.30. With the trust's share price easing last quarter, the trust is trading on an attractive…

A Diversified Portfolio Underpins Another Resilient Quarter for CapitaLand Mall Trust