Brokers' take
CapitaLand Mall Trust | Hold
Target price: S$2.10
March 3 close: S$2.13
OCBC Investment Research, March 3
CapitaLand Mall Trust's (CMT) share price has appreciated 11.9 per cent year-to-date, making it the top performing Singapore real estate investment trust (S-Reit). Its share price has also increased 15.2 per cent since we upgraded the stock to a "buy" on Nov 30 last year. This has compressed its FY16 forecast distribution yield to 5.3 per cent, which is approximately half a standard deviation below its five-year average yield of 5.5 per cent. We opine that valuations are now fair, and while we maintain our fair value of S$2.10, we downgrade the stock to "hold" on valuation grounds. Looking ahead, we believe that headwinds facing the retail sector would continue to pose c…
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