Stock Name: Ascendasreit
Company Name: ASCENDAS REAL ESTATE INV TRUST
CIMB in a Jan 18 research report says: "3Q12/YTD DPU forms 25% and 74% of our full-year estimate. The results are slightly ahead of consensus. Rental renewals rose strongly (compared to the last renewal period, typically three years ago) by 5.7-28.4%, led by the logistics segment (which was 18% below market rents).
"However, new take-up slowed to 0.5-3.6% for the three sectors. We account for the acquisitions of Corporation Place and 3 Changi Business Park Vista totalling $179 million, assuming full contributions in FY2013. We anticipate DPU accretion of 0.1 cent (less than 1%) at 88% occupancy.
"We raise our DPU and DDM-based target price to $2.14 (disc rate: 8.6%) to account for acquisitions announced in Dec 11. OUTPERFORM."
Company Name: ASCENDAS REAL ESTATE INV TRUST
| Research House: CIMB | Price Call: BUY | Target Price: 2.14 |
CIMB in a Jan 18 research report says: "3Q12/YTD DPU forms 25% and 74% of our full-year estimate. The results are slightly ahead of consensus. Rental renewals rose strongly (compared to the last renewal period, typically three years ago) by 5.7-28.4%, led by the logistics segment (which was 18% below market rents).
"However, new take-up slowed to 0.5-3.6% for the three sectors. We account for the acquisitions of Corporation Place and 3 Changi Business Park Vista totalling $179 million, assuming full contributions in FY2013. We anticipate DPU accretion of 0.1 cent (less than 1%) at 88% occupancy.
"We raise our DPU and DDM-based target price to $2.14 (disc rate: 8.6%) to account for acquisitions announced in Dec 11. OUTPERFORM."
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