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via EdgeSingapore RSS on 6/24/09
CapitaMall Trust, a shopping mall operator partly owned by Southeast Asia's biggest developer, surged after CLSA Asia-Pacific Markets upgraded the stock's rating and share-price target.
The stock gained as much as 3.1% to $1.37, poised for its highest close since June 16. Its parent CapitaLand also added as much as 1.4% to $3.64.
CLSA upgraded its rating on CapitaMall to "outperform" from "underperform" and raised the share-price target to $1.46 from $1.27.
"Our channel checks suggest that retail space occupancy has held up better than earlier expectations," Yew Kiang Wong, an analyst at CLSA, wrote in a note dated yesterday. "While rents are off 15% to 20% from their peak, further pressure will be muted."
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