SINGAPORE (Nov 29): Maybank Kim Eng is maintaining “hold” on CapitaLand Mall Trust (CMT) with a higher price target of $2.20 compared to $2.15 previously, after raising distribution per unit (DPU) estimates by 1-7% to factor in the trust’s recently-completed acquisition of a remaining 70% interest in Westgate mall.

The research house continues to remain cautious on the REIT in view of soft retail sales, rising online penetration and declining tourist spending on shopping.

In a Wednesday report, analyst Chua Su Tye notes how CMT has lagged behind its peers in growth metrics, although its unit price has held up well against the market in spite of the underlying sector weakness.

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