SINGAPORE (Oct 1): CGS-CIMB Research is maintaining “hold” on CapitaLand Mall Trust (CMT) with an unchanged target price of $2.21, as it sees limited catalysts from the stock after factoring in expected contributions from the new Funan DigitaLife Mall, which is expected to open in 2Q19.
The research house is nonetheless positive on the trust’s prospects with Funan after attending the mall’s topping out ceremony last week.
To recap, Funan has been closed since 3Q16 for construction works to transform it into a “creative hub”. The asset enhancement initiative (AEI) project recently celebrated its structural completion ahead of schedule, and has achieved 72% of overall construction to date.
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