Maintain HOLD. CMMT's realised 1H12 net profit of MYR68.9m (+30% YoY)
came in as expected, accounting for 49-50% of our and consensus
full-year estimates. A proposed 4.2sen DPU for 1H12 was also in line. We
tweak our earnings forecasts by -1% to -5% but raise our DCF-based TP
to MYR1.62 (+4%). Potential upside surprise could come from new asset
injections. The trust currently trades at a 5.5% gross yield vs.
PavREIT's 4.6% and SunREIT’s 5.5%; fair, in our view.
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Source: Maybank Research - 23 July 2012
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