Stock Name: ARA
Company Name: ARA ASSET MANAGEMENT LIMITED
DBS Vickers Securities in a Feb 22 research report says: "ARA reported 4Q11 PATMI of $13.2 million (-48%% y-o-y) bringing FY2011 PATMI to $68.2 million (+7%), in line with expectations. Performance would have been stronger at $73.3 million (+15% y-o-y) if not for $6.1 million mark-to-market loss for acquired Suntec REIT units.
"Contribution to its strong performance were from (i) increased fees for the enlarged AUM largely from Suntec REIT's 1/3 interest in Marina Bay Financial Centre and (ii) $18.5 million performance fee relating to ARA Harmony Fund.
"ARA proposed a final dividend of 2.7 cents (full year dividend of 5 cents or c55% payout ratio), which is expected to be sustainable in the coming years. a revised SOTP-based target price of $1.74 as we include recent Fortune REIT acquisition in our earnings forecasts. MAINTAIN BUY."
Company Name: ARA ASSET MANAGEMENT LIMITED
| Research House: DBS Vickers | Price Call: BUY | Target Price: 1.74 |
DBS Vickers Securities in a Feb 22 research report says: "ARA reported 4Q11 PATMI of $13.2 million (-48%% y-o-y) bringing FY2011 PATMI to $68.2 million (+7%), in line with expectations. Performance would have been stronger at $73.3 million (+15% y-o-y) if not for $6.1 million mark-to-market loss for acquired Suntec REIT units.
"Contribution to its strong performance were from (i) increased fees for the enlarged AUM largely from Suntec REIT's 1/3 interest in Marina Bay Financial Centre and (ii) $18.5 million performance fee relating to ARA Harmony Fund.
"ARA proposed a final dividend of 2.7 cents (full year dividend of 5 cents or c55% payout ratio), which is expected to be sustainable in the coming years. a revised SOTP-based target price of $1.74 as we include recent Fortune REIT acquisition in our earnings forecasts. MAINTAIN BUY."
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