This trend may not be reversing anytime soon. The Singapore exchange tweaked the voluntary delisting rules earlier this month, shifting the power to minority shareholders. Market watchers have said bidders may have to pay higher premiums to get deals done. Delistings are expected to continue in the second half of this year even at higher prices, according to a poll of four analysts, because the rule change doesn't affect the persistently low valuations which continue to plague the Singapore market. Source: SGX Masnet, The Business Times, Bloomberg, Channel NewsAsia, Reuters, PSR Research Report CapitaLand Mall Trust – Reaping the harvest Recommendation: NEUTRAL (Maintained), Last Done: S$2.62 Target Price: S$2.68, Analyst: Natalie Ong – 2Q19 NPI and DPU in line with our forecast, with 2Q19/1H19 DPU forming 25.1%/49.9% of our DPU forecast.