Shares of Singapore’s shopping mall owner CapitaMalls Asia (CMAL.SI) fell 2.2% on Monday after it reported worse-than-expected quarterly earnings, traders said.
At 10:50 a.m., shares of CapitaMalls were traded at $1.80 with over 1.6 million shares changing hands.
At 10:50 a.m., shares of CapitaMalls were traded at $1.80 with over 1.6 million shares changing hands.
CapitaMalls said its net profit for the first quarter fell 24% to $49.1 million, weighed by a reduction in contributions from three malls that were divested to its real estate investment trusts.
“Their earnings came in below consensus’ estimates. Moreover, there may be some fund outflows from CapitaMalls and into the new listing of Perennial,” said an analyst.
Perennial China Retail Trust, which owns shopping mall assets in China, is relaunching its $840 million Singapore initial public offering in May.
“Perennial may be more attractive as its valuations look cheaper than CapitaMalls Asia,” said the analyst.
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