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Tuesday, September 10, 2013

Local Brokerages Stock Call 10 September 2013

From OCBC:

CapitaMalls Asia: Stabilizing fundamentals in China
Latest Chinese economic data-points has mostly been above view, painting a picture of modestly recovering fundamentals. Over the last month, the Chinese PMI, trade and inflation figures have mostly beat expectations which increasingly establishes a base case for at least a 7.5% economic growth rate this year – the target set by Chinese authorities. We look forward to Chinese industrial production and retail sales reports today, which are expected to further add to signs of recovery. We believe these are key positives for CMA and reinforces the long-term outlook of its Chinese mall portfolio, which has continued to put up firm numbers year to date. 1H13 tenants sales at CMA’s Chinese malls grew at 9.5% YoY on a psf basis; excluding tier 1 cities, tenant sales grew by 11.0% YoY. Long term tailwinds from the secular growth in Chinese retail consumption remain intact, in our view. Maintain BUY with an unchanged fair value estimate of S$2.55.

From DBS:

CSE Global is likely to return most of the proceeds, which
our analyst estimates to be 26-28 Scts DPS, from the
divestment of its UK business. The UK business (~33% of
group profit) can fetch higher PE than CSE itself, thus
unlocking value for its shareholders. We estimate that CSE
will take three years to recover the earnings gap due to
divestment of UK business. Our TP of S$1.07 ((Prev.
S$0.97) implies potential returns of 28%. Maintain BUY.
A successful IPO could lead to a re-rating of the stock.

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