First Day trading open at $2.30

Warrants / Convertible Securities / Certificates

Last Date/ Time to submit Subscription Notice	01 NOV 2013 12:00 noon (Singapore time)
For CDP Depositors, Last Date/ Time to submit Instruction Form	01 NOV 2013 12:00 noon (Singapore time)
Listing Date	05 MAR 2013
Expiry Date	01 NOV 2013
Outstanding Balance	80,000,000
Price ($) as at 2013-09-10	0.014
High for the year ($)	0.039
Low for the year ($)	0.011
High for the month ($)	0.000
Low for the month ($)	0.000
Exercise Price	SGD 2.15000

By Eli Koksiong Lee (OCBC)

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.

Signs of economic stabilization in China
After significant uncertainty over the last twelve months about the extent of China?s economic slowdown, we note that latest data-points have been mostly above view, painting a picture of modestly recovering fundamentals. In early Sep, we saw the HSBC PMI increased to 50.1 for Aug 2013 ? above expectations and up from an 11-month low of 47.7 in Jul 2013 ? which suggests that the Chinese manufacturing sector has turned the corner on new orders and output. This was corroborated by the official PMI a week later which also rose to 51.0 for Aug 2013 and beating market expectations. In addition, Chinese authorities yesterday reported that exports increased more than expected in Aug 2013, rising 7.2% YoY and beating a 5.5% consensus. Inflation data was also positive with consumer prices coming up 2.6% which left room for extra stimulus from authorities should we see a sudden downside acceleration. We believe these datapoints increasingly point to a base case of at least a 7.5% economic growth rate this year, which is the target set by authorities. We look forward to Chinese industrial production and retail sales reports today, which are expected to further add to the picture of recovery.

Long term fundamentals of Chinese mall portfolio intact
We believe increasing signs of stabilizing economic fundamentals in China reinforces the outlook of CMA?s 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. Same-mall NPI growth is up 12.1% YoY in 1H13 and Chinese portfolio-wide occupancy rates is at a healthy 96.9%.

Maintain BUY
We rate the stock with a  BUY  rating and an unchanged fair value estimate of S$2.55. Long term tailwinds from the secular growth in Chinese retail consumption remain intact, in our view.      ...last: $1.915...

CapitaMalls Asia - Staying the Course

Singapore shares eased slightly on Tuesday, but shopping mall operator CapitaMalls Asia outperformed the market, rising more than 4%.

The STI was down 0.1% at 3,051.98, while MSCI?s broadest index of Asia-Pacific shares outside Japan was 0.7% higher.

The biggest decliners include Jardine Cycle & Carriage and Hutchison Port Holdings Trust, which dropped more than 2% and 1%, respectively.

?With the FSSTI trading close to 3,000 again, we see more value at these levels while we were generally cautious closer to 3,400,? said CIMB Research in a report.

CIMB said while fragile growth in emerging markets and rising interest rates were hammering the global equity markets, Singapore?s market valuations were undemanding and the companies? balance sheets had little gearing.

The bulk of the local consumers are also not overstretched and the banks have large capital buffers, CIMB said. It has an ?overweight? rating on the consumer, capital goods and property sectors.

CapitaMalls shares rose as much as 4.5% to $1.865 with nearly 12 million shares traded, 1.7 times the average full-day volume over the past 30 days.      ...last: $1.855...

The company, which has 83 operational malls in Singapore, China, Malaysia, Japan and India, said in a recent presentation that it plans to open seven new malls by 2014. It also aims to open 13 malls in 2015 and beyond.

 

CapitaMalls Asia Limited (?

Further details will be announced at the appropriate time.CMA?) wishes to announce that it has, through its wholly owned subsidiary, CMA Singapore Investments (6) Pte. Ltd., entered into a memorandum of understanding with Changi Airport Group (Singapore) Pte. Ltd. to jointly develop the concept and plans for the proposed redevelopment of the car park site fronting Terminal 1 at Singapore Changi Airport (the ?Project?). The Project will involve the construction of a new mixed-use complex offering aviation and travel related facilities, a wide range of retail offerings, as well as unique leisure attractions.

http://infopub.sgx.com/Apps?A=COW_CorporateAnnouncement_Content& B=AnnouncementToday& F=899560& fileId=e_Annc_CMA_20130819.pdf

More improvements

We see many positives in CMA’s 2Q13 result:

1) operating margins continue to improve,

  2) rents achieved at its existing and new malls were firm and

3) NPI yields on costs for its China malls continue to rise.

We expect further operational improvements to drive its share price.

By CIMB......... TP $ 2.21

https://brokingrfs.cimb.com/uqSpCDZdoz4PVzlUNxlYdykMb5DjvMUhlphD9yup6crR_OVuTFCabZnshhHYv4i2ApGkA2DsFj81.pdf