CapitaMalls Asia is up 0.8% at $1.80, sharply outperforming the STI's 0.2% decline. "There's nothing specific from the company," an analyst says. But adds, "it could be some spillover effect from the fairly steady earnings from CapitaMall Trust."
He notes CMA gets about 20% of its earnings from the Singapore malls. CMT reported 3Q12 DPU coming in flat on-year at 2.42 cents, with net property income up 4.3% at $112.1 million. Possibly providing an additional fillip, Hong Kong-listed property plays are rallying, amid indications of fund flows into the city.
Orderbook quotes suggest the stock may struggle to test Friday's $1.82 intraday high, also its 52-week high. CMA's April 2011 peak at $1.92 may offer a near-term cap.
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