Stock Name: Ascendasreit
Company Name: ASCENDAS REAL ESTATE INV TRUST
Research House: Credit Suisse
It adds, including $4.5 million interest income (from finance lease to one tenant) retained pending IRAS approval for tax transparency, 9M11 DPU would be 10.3 cents, in-line with the house’s FY11 estimate of 13.6 cents.
Company Name: ASCENDAS REAL ESTATE INV TRUST
Research House: Credit Suisse
Credit Suisse downgrades Ascendas REIT (A17U.SG) to Neutral from Outperform with 7.0% upside to its $2.33 target. It says the REIT’s 3Q11 DPU of 3.29 cents (+0.6% on-year, flat on-quarter), brings 9M11 DPU to 9.96 cents (down 4.0% on-year), 73% of its FY11 estimate.
It adds, including $4.5 million interest income (from finance lease to one tenant) retained pending IRAS approval for tax transparency, 9M11 DPU would be 10.3 cents, in-line with the house’s FY11 estimate of 13.6 cents.
“We expect unexciting single-digit (earnings) growth at A-REIT, despite improving GDP outlook, as we expect the hi-tech space to continue experiencing negative reversions into FY12, and accretions from acquisition growth (if any) to be capped due to its large base.”
It also says, 3Q results yesterday showed rent reversions turned negative for business parks and hi-tech due to higher bases. The REIT is off 0.5% at $2.15.
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