CMA set to benefit from China retail outlook: OCBC

CapitaMalls Asia's (JS8.SG) results were a good round-off to FY12, with 4Q12 results mostly in line with expectations, OCBC says.

CMA's execution is in line with expectations, with the opening of seven malls in China over FY12, in line with the house's projection for eight, OCBC says; "we continue to view CMA favorably and see its share price likely benefiting from dual tailwinds ahead: increasing operational traction, as a larger component of its portfolio becomes operational, and relatively firm retail outlooks in China and Singapore."

It keeps a Buy call with $2.55 fair value. The stock is down 4.1% at $2.08.