Hi Folks.
CLMT (CLMT MK, NEUTRAL, TP: MYR0.54)
Acquiring Queensbay Mall; Maintain NEUTRAL
Company Update
Still NEUTRAL, new MYR0.54 TP from MYR0.57, 0% upside, c.7% yield. CLMT announced that it has entered a conditional sale and purchase agreement to acquire 91.8% of the total strata retail floor area in Queensbay Mall from parties related to CapitaLand Investment (sponsor) for MYR990.5m. To finance the acquisition, the REIT will undertake a private placement to raise gross proceeds of up to 50% of the total purchase consideration. Gearing is expected to rise to c.39% (from 35%) post acquisition.
RHB
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