DBS Vickers starts Ascendas Hospitality Trust at Buy with a $0.95 target price. “As the first hospitality trust with both a REIT and an active business trust structure, A-HTRUST offers investors a higher beta proxy to major source of consumption growth in Asia - corporate and leisure travel.”
It says the portfolio is well-located, spanning key Asia-Pacific growth markets and its collaboration with international hotel operator Accor Asia Pacific will help propel the initial portfolio as well as offering a potential growth pipeline. AHT's FY13-14 yield of 7.8%-8.1% is attractive at around 200 bps above the S-REIT sector, it says. The stock is up 0.6% at $0.89.
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