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

Capitaland Mall Trust to Fully Acquire Westgate

CapitaLand Mall Trust Placement - Well-Guided Acquisition

A Diversified Portfolio Underpins Another Resilient Quarter for CapitaLand Mall Trust

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.

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Equity Bottom-Up

Capitaland Integrated Commercial Trust / Equity Bottom-Up

Capitaland Integrated Commercial Trust (CICT SP)

We are transferring coverage of <a href="https://www.smartkarma.com/entities/105" target="_blank" data-smartkarma-citation="entities:105:1">CapitaLand Mall Trust (CT SP)</a> with narrow economic moat and stable moat trend ratings, along with a fair value estimate of SGD 2.35 per unit. Our fair value estimate implies a P/E ratio of 20.2 times and an enterprise value/EBITDA ratio of 22.1 times in 2017. We think the units are undervalued at the current price, with future growth mainly driven by the redevelopment of Funan, which is due to be completed by fourth-quarter 2019.Analyst: Ken Foong

We are transferring coverage of CapitaLand Mall Trust (CT SP) with narrow economic moat and stable moat trend ratings, along with a fair value estimate of SGD 2.35 per unit. Our fair value estimate implies a P/E ratio of 20.2 times and an enterprise value/EBITDA ratio of 22.1 times in 2017. We think the units are undervalued at the current price, with future growth mainly driven by the redevelopment of Funan, which is due to be completed by fourth-quarter 2019.Analyst: Ken Foong

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