KUALA LUMPUR (July 27): CIMB IB Research has maintained its “Hold” rating on CapitaLand Malaysia Mall Trust (CMMT) at RM1.24 with a higher target price of RM1.25 (from RM1.09) and said CMMT’s 1H18 core net profit was broadly in line at 44-45% of house and consensus numbers.

In a note yesterday, the research house said CMMT’s Gurney Plaza and East Coast Mall were the key segmental drivers in 1H18, though blended group NPI margin slipped 2.5% pts to 62%.

“CMMT aims to beef up occupancy at Sungei Wang Plaza (SWP), targeting Mar/Apr 2019 for full completion of the refurbishment. SWP’s negative reversion to turnaround from 2Q19 onwards.

“Maintain Hold with higher target price. We like CMMT’s appealing 6.6% dividend yield,” it said.