Stock Name: AscottREIT
Company Name: ASCOTT RESIDENCE TRUST
CIMB in an Oct 21 research report says: "3Q11/9M11 DPU is broadly in line with consensus and our forecasts, at 26%/79% of FY11. We expect a slowdown in corporate travel to affect ART's serviced residences in Asia and Europe.
"While no major signs of stress were observed in 3Q11, y-o-y growth appeared to have slowed from 2Q levels as gross profit grew 89% vs. 2Q11's 98%. Excluding acquisitions, 3Q11 gross profit was almost flat against 2Q11.
"We refine our FY2011-2013 DPU estimates and DDM target price (discount rate 9.1%) to incorporate lower REVPAUs and higher interest costs going forward. Target price of $1.04. MAINTAIN NEUTRAL."
Company Name: ASCOTT RESIDENCE TRUST
| Research House: CIMB | Price Call: HOLD | Target Price: 1.04 |
CIMB in an Oct 21 research report says: "3Q11/9M11 DPU is broadly in line with consensus and our forecasts, at 26%/79% of FY11. We expect a slowdown in corporate travel to affect ART's serviced residences in Asia and Europe.
"While no major signs of stress were observed in 3Q11, y-o-y growth appeared to have slowed from 2Q levels as gross profit grew 89% vs. 2Q11's 98%. Excluding acquisitions, 3Q11 gross profit was almost flat against 2Q11.
"We refine our FY2011-2013 DPU estimates and DDM target price (discount rate 9.1%) to incorporate lower REVPAUs and higher interest costs going forward. Target price of $1.04. MAINTAIN NEUTRAL."
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