According to Nomura, FY13F looks likely to be the year in which CMA reaps the fruits of its investments over the past two years.
Here's more from Nomura:
The FY11 investments such as the increased stakes in the Hongkou and Minhang malls in China as well as the acquisition of Queensbay Mall in Penang have already contributed to a 28% increase in CMA’s core earnings during 9MFY12.
FY13F will see the maiden full year contribution from the malls in Japan, the FY12 new completions in China as well as Star Vista in Singapore.
On the other hand, we expect CMA to book less pre-operating expenses in FY13F on account of fewer completions scheduled in China. We expect just four assets (total development costs c.RMB3.6bn) to be completed in China during FY13F, compared to seven assets (total development costs c.RMB11bn) in FY12F.
We project a core earnings CAGR of 33% between FY11-14F for CMA, following a 33% decline in FY11.
Martin Koh | 86666 944 | R020968Z
Sherry Tang | 9844 4400 | R020241C
Senior Sales Director
DTZ Debenham Tie Leung (SEA) Pte Ltd (L3006301G)
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