Stock Name: Ascendasreit
Company Name: ASCENDAS REAL ESTATE INV TRUST
Research House: Nomura
Nomura Research in an Apr 18 research report says: "4QFY11 and FY2011 distributable income of $61.3 million (-1% q-o-q; +20% y-o-y) and $248.0 million (+6% y-o-y) met 25% and 102% respectively of our full year forecast, which was in line with consensus expectation.
"There was no surprise in the results, except perhaps the 19% q-o-q jump in the weighted average gross rent of the Hi-Tech Industrial assets. Coupled with recent reports that suggest a pick-up in demand for business space outside the CBD such as Mapletree Business City, this could provide near term support for stock performance, in our view, though at a 5% premium to our NAV, the good news looks in the price already. No change to earnings estimates. Target price of $1.88. REDUCE"
Company Name: ASCENDAS REAL ESTATE INV TRUST
Research House: Nomura
Nomura Research in an Apr 18 research report says: "4QFY11 and FY2011 distributable income of $61.3 million (-1% q-o-q; +20% y-o-y) and $248.0 million (+6% y-o-y) met 25% and 102% respectively of our full year forecast, which was in line with consensus expectation.
"There was no surprise in the results, except perhaps the 19% q-o-q jump in the weighted average gross rent of the Hi-Tech Industrial assets. Coupled with recent reports that suggest a pick-up in demand for business space outside the CBD such as Mapletree Business City, this could provide near term support for stock performance, in our view, though at a 5% premium to our NAV, the good news looks in the price already. No change to earnings estimates. Target price of $1.88. REDUCE"
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