Stock Name: AscendasIndT
Company Name: ASCENDAS INDIA TRUST
DBS Vickers Securities in an Oct 28 research report says: "Ascendas India Trust's (a-itrust) operational performance in INR terms remains robust, with topline growing by 17% y-o-y.
"However, the strong S$-INR, which appreciated 10% since a year ago, led to reported topline growth of only 6% to $31.4 million, mainly from the rental income from their new buildings (Zenith and Voyager) which are still ramping up. Net property income (NPI) of $18.4 million grew by a lower 2% y-o-y.
"Compared to 1Q12, results improved with DPU 3% higher. 1H12 performance formed 45% of our full year forecasts. We have trimmed our FY2012-2013 numbers by 4% to 6% and lowered our target price of 98 cents by 7% in view of the stronger S$ and later than expected contribution from its new buildings. MAINTAIN BUY."
Company Name: ASCENDAS INDIA TRUST
| Research House: DBS Vickers | Price Call: BUY | Target Price: 0.98 |
DBS Vickers Securities in an Oct 28 research report says: "Ascendas India Trust's (a-itrust) operational performance in INR terms remains robust, with topline growing by 17% y-o-y.
"However, the strong S$-INR, which appreciated 10% since a year ago, led to reported topline growth of only 6% to $31.4 million, mainly from the rental income from their new buildings (Zenith and Voyager) which are still ramping up. Net property income (NPI) of $18.4 million grew by a lower 2% y-o-y.
"Compared to 1Q12, results improved with DPU 3% higher. 1H12 performance formed 45% of our full year forecasts. We have trimmed our FY2012-2013 numbers by 4% to 6% and lowered our target price of 98 cents by 7% in view of the stronger S$ and later than expected contribution from its new buildings. MAINTAIN BUY."
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