Why CapitaMall Trust's lagging performance is 'unjustified'

It has 15 quality malls in its portfolio.

According to OCBC, CapitaMall Trust (CMT) has been a clear laggard within the S-REITs space, staying flat YTD versus an average of 11.0% increase in unit prices for its local retail peers (FTSE ST REIT Index: 7.2% YTD).

OCBC believes this is unjustified given its portfolio of 15 quality retail malls, which are strategically located in the suburban areas and downtown core of Singapore, and its relentless efforts in optimizing its yield via asset enhancement initiatives (AEIs).

Here's more from OCBC:

We note that 2012 saw the completion of refurbishment works at JCube, Bugis+ and The Atrium@Orchard and subsequently strong take-up rates post AEI.

In early Jan, CMT fully concluded the AEI at Clarke Quay and leased out all the space. All these activities are likely to contribute positively to CMT’s rental income and uphold its firm performance going forward, in our view.

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