Stock Name: AscendasIndT
Company Name: ASCENDAS INDIA TRUST
DBS Vickers Securities in a Jan 27 research report says: "Ascendas India Trust's (a-itrust) reported revenue and net property income (NPI) of $30.6 million (+2% y-o-y) and $17.5 million (+3% y-o-y). In INR terms, underlying operational performance was robust, with topline/NPI each growing by 19% y-o-y to INR 1.23 billion/INR 0.7 billion.
"Progressive recognition of rental income from new buildings (Zenith, Park Square ad Voyager) was the major contributor. Distributable income was lower by 12%% y-o-y to $11.6 million (DPU of 1.5 cents), due to a stronger S$ and higher interest expenses incurred for its developments. Post acquisition, gearing is estimated to head towards 29%, still comfortable in our view.
"The recent strengthening of the INR-S$, if sustained, should be a bright spot for 4Q results. a-itrust offers attractive FY2012-2013F prospective yields of 9.5-9.8%. Target price of 87 cents based on DDM. MAINTAIN BUY."
Company Name: ASCENDAS INDIA TRUST
| Research House: DBS Vickers | Price Call: BUY | Target Price: 0.87 |
DBS Vickers Securities in a Jan 27 research report says: "Ascendas India Trust's (a-itrust) reported revenue and net property income (NPI) of $30.6 million (+2% y-o-y) and $17.5 million (+3% y-o-y). In INR terms, underlying operational performance was robust, with topline/NPI each growing by 19% y-o-y to INR 1.23 billion/INR 0.7 billion.
"Progressive recognition of rental income from new buildings (Zenith, Park Square ad Voyager) was the major contributor. Distributable income was lower by 12%% y-o-y to $11.6 million (DPU of 1.5 cents), due to a stronger S$ and higher interest expenses incurred for its developments. Post acquisition, gearing is estimated to head towards 29%, still comfortable in our view.
"The recent strengthening of the INR-S$, if sustained, should be a bright spot for 4Q results. a-itrust offers attractive FY2012-2013F prospective yields of 9.5-9.8%. Target price of 87 cents based on DDM. MAINTAIN BUY."
