Singapore Stock Market News
Ascott Residence Trust - Private placement completed
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Publish date: Tue, 29 Jan 2013, 01:20 PM
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ART has just completed a private placement to raise S$150m, at
S$1.305 per unit, implying c.1x P/BV. The placement is likely
opportunistic in view of positive share price movement. We see
potential for sizeable acquisitions, but accretion could be small.
We factor in the placement and
S$300m of acquisitions, raising
DPUs in FY14-15. The DPU for FY13
falls due to the time lag between
placement and contributions from
potential acquisitions. The
DDM-based target price inches up
(discount rate 8.2%). We maintain
Neutral. Larger-than-expected or
higher yielding acquisitions are
potential re-rating catalysts.
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