Stock Name: AscottREIT
Company Name: ASCOTT RESIDENCE TRUST
Research House: CIMB
CIMB in an Apr 21 research report says: "1Q11 DPU of 2.14 cent was broadly in line with our estimates and consensus, forming 26% of our full-year forecast. We see this as a good set of results in view of seasonal weakness in 1Q.
"We raise our FY2011-2013 DPU estimates by 2-3% after fine-tuning our tax assumptions. Accordingly, our DDM-based target price climbs to $1.35 from $1.32 (discount rate: 8.3%). Backed by continued strong visitor arrivals and MICE growth, we see room for local REVPAU to achieve or even surpass previous peaks.
"We also expect strong UK performance in the lead-up to the 2012 London Olympics and with a successful rebranding. Coupled with attractive FY11 DPU yield of 7.0% after its recent share price weakness, we upgrade ART to outperform from neutral. UPGRADE TO OUTPERFORM."
Company Name: ASCOTT RESIDENCE TRUST
Research House: CIMB
CIMB in an Apr 21 research report says: "1Q11 DPU of 2.14 cent was broadly in line with our estimates and consensus, forming 26% of our full-year forecast. We see this as a good set of results in view of seasonal weakness in 1Q.
"We raise our FY2011-2013 DPU estimates by 2-3% after fine-tuning our tax assumptions. Accordingly, our DDM-based target price climbs to $1.35 from $1.32 (discount rate: 8.3%). Backed by continued strong visitor arrivals and MICE growth, we see room for local REVPAU to achieve or even surpass previous peaks.
"We also expect strong UK performance in the lead-up to the 2012 London Olympics and with a successful rebranding. Coupled with attractive FY11 DPU yield of 7.0% after its recent share price weakness, we upgrade ART to outperform from neutral. UPGRADE TO OUTPERFORM."
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