Ascott Residence Trust's (ART) 3Q17 results were within expectations. Revenue rose 2.4% to S$126.9m or 25% of our full-year forecast, mainly due to the additional revenue of S$4.9m from the acquisitions of DoubleTree by Hilton Hotel New York and two services residences in Germany, which was partially offset by the decrease in revenue of S$1.9m from the divestments in Japan and China.
On a same store basis, revenue remained flat YoY. DPU fell 28% YoY to 1.69 S cents, mainly due to the enlarged unit base after the rights issue launched back in March.
Pending further details, we place our Hold rating and fair value of S$1.10 under review.
Source: OCBC Research - 24 Oct 2017
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Created by kimeng | Dec 29, 2022
Created by kimeng | Dec 29, 2022