Stock Name: AscottREIT
Company Name: ASCOTT RESIDENCE TRUST
DBS Vickers Securities in a July 25 research report says: "Revenues and gross profits were higher by 65% and 98% respectively to $73.1 million and $41.2 million. This was largely due to the contribution from its acquisition of 28 serviced residences in Oct'10, which more than offset the divestment of Ascott Beijing and Country Woods Jakarta.
"The group wrote up its book value by $82.8 million, resulting in a 4% hike in NAV per share to $1.33. Our forward DPU estimates are raised c6.0% from (i) higher RevPAU assumptions in London and Singapore; and (ii) lower than expected interest costs achieved.
"Trading at an attractive forward yield of 7.2-7.3%, >100bps above the S-REIT sector peers. Target price upped to $1.42 per share and offers 24% total return. BUY"
Company Name: ASCOTT RESIDENCE TRUST
| Research House: DBS Vickers | Price Call: BUY | Target Price: 1.42 |
DBS Vickers Securities in a July 25 research report says: "Revenues and gross profits were higher by 65% and 98% respectively to $73.1 million and $41.2 million. This was largely due to the contribution from its acquisition of 28 serviced residences in Oct'10, which more than offset the divestment of Ascott Beijing and Country Woods Jakarta.
"The group wrote up its book value by $82.8 million, resulting in a 4% hike in NAV per share to $1.33. Our forward DPU estimates are raised c6.0% from (i) higher RevPAU assumptions in London and Singapore; and (ii) lower than expected interest costs achieved.
"Trading at an attractive forward yield of 7.2-7.3%, >100bps above the S-REIT sector peers. Target price upped to $1.42 per share and offers 24% total return. BUY"
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