Singapore Stock Market News
Ascott Residence Trust - Much-anticipated acquisitions
StockFanatic
Publish date: Fri, 03 May 2013, 10:49 AM
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Hot on the heels of its private placement in Feb, ART's S$287m buying
spree in China and Japan was not a surprise, with the amount also
within our previous assumption of S$300m. With its gearing at 49%,
the acquisitions should enhance its FY12 pro forma DPU by 3%.
We tweak our DPUs and DDM-based
target price (discount rate: 7.8%)
after raising our FY13 acquisition
assumption to S$380m on a better
acquisition outlook, but lower NPI
yields for acquisitions to 5.8% from
6.5%. Maintain Neutral. Accretive
acquisitions could act as catalysts.
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