In a report released today, Jonathan Koh from UOB Kay Hian maintained a Buy rating on CapitaLand Mall (CPAMF – Research Report), with a price target of S$2.42.
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Jonathan Koh has given his Buy rating due to a combination of factors that highlight CapitaLand Mall’s strategic initiatives and growth potential. The company is actively pursuing organic growth through asset enhancement initiatives (AEIs) and optimizing tenant mixes to drive higher rents and occupancy rates. Notably, the completion of Phases 3 and 4 of AEI for the IMM Building and the planned enhancements for Tampines Mall align with broader urban redevelopment plans, promising significant rental uplift.
Furthermore, CapitaLand Mall is enhancing its portfolio by repositioning the IMM Building as Singapore’s largest outlet mall and refreshing the tenant mix at ION Orchard to maintain its status as a premium shopping destination. The potential divestment of properties in Germany, such as Gallileo, could also provide capital for future acquisitions, like the remaining stake in CapitaSpring. These strategic moves, coupled with management’s focus on maintaining tax transparency and optimizing asset performance, underpin Koh’s positive outlook and Buy recommendation.