Singapore Stock Market News
Ascott Residence Trust - Rights to acquire
StockFanatic
Publish date: Tue, 05 Nov 2013, 12:09 PM
StockFanatic
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Welcome to Stockfanatic Singapore stock market and regional market news. This is a platform to share Singapore stock market and regional news to investors / man in the street. Investors can also look forward to analyst reports and brokers recommendations. Stockfanatic's Singapore stock market and regional news blog, home of investors one stop news station.
ART has proposed a 1-for-5 rights issue to raise proceeds of up to
S$253.7m. The funds will be used to improve financial flexibility and
enhance ability to pursue potential acquisitions. At 22.5% discount to
its last traded price (0.72x P/BV), we view this negatively.
We reduce our FY14-15 DPU by 12%
and 13% to factor in an enlarged
share base and reduced interest costs.
Our DDM-based target price (at
discounted rate of 8.6%) drops 12.2%
to S$1.15. We downgrade ART to
Underperform from Neutral and view
yield destructive acquisition as
de-rating catalyst.
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