Not Much Ado About Carrefour’s Adieu for CMA

- Carrefour’s imminent exit from Singapore will not have material impact on CMA’s portfolio. Currently occupying 81,700 sq ft of space at Plaza Singapura, we see this as a good opportunity for CapitaMall Trust to readjust its tenant mix.

- We are not expecting this to herald a similar exit from China either. Carrefour currently only leases space at three of CMA’s malls in China, but remains committed to growing its operations there.

- CMA remains in good stead to benefit from increased contributions from its malls in China, which are still enjoying shopper traffic and tenant sales growths of more than 10% p.a. Maintain BUY and target price of SGD2.09.