FCT – Daiwa

Moving closer to suburban-mall acquisitions

Rating downgraded to 2 from 1

CDL H-Trust – Daiwa

Overplaying the IR hand

Rating maintained at 4

ART – Daiwa

A gradual recovery in sight

Rating maintain at 2

Mapletree – Daiwa

Acquisitions an outside possibility

Rating maintained at 3

StarHill Gbl – Daiwa

Adjusting to the new supply on Orchard Road

Rating maintained at 3