DBS Vickers Securities in a Feb 20 research report says: "CMA is buying the remaining stakes in 3 assets in Japan currently held through its Japan Fund. The deal, which is debt funded, will be earnings accretive as the properties have a NPI yield of 7.6% and can add an estimated $8 million net profit.
"This translates to an earnings lift of 1.5-2.5% to bottomline. However, the added stake will have a marginal impact on RNAV. We continue to like CMA for its leadership position in Asian retail real estate.
"The company will continue to enjoy sustainable NAV and earnings growth since completed and income generating assets accounted for more than 70% of its NAV. Target price of $2.02, which translates to 23% upside. MAINTAIN BUY."
"This translates to an earnings lift of 1.5-2.5% to bottomline. However, the added stake will have a marginal impact on RNAV. We continue to like CMA for its leadership position in Asian retail real estate.
"The company will continue to enjoy sustainable NAV and earnings growth since completed and income generating assets accounted for more than 70% of its NAV. Target price of $2.02, which translates to 23% upside. MAINTAIN BUY."
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