Ascott Reit Updated Target Price following Q1 2011 result release

Ascott Reit Updated Target Price following Q1 2011 result release:

Brokerage	Recommendation	Target Price (S$)	Date
CIMB	OUTPERFORM	1.35	21/04/11
OCBC	BUY	1.34	21/04/11
DBS Vickers	BUY	1.38	21/04/11

Latest updates at Stock Target Price.

Related Posts

• Ascott Reit Q1 2011 Quarterly Earnings Report

Ascott Reit Q1 2011 Quarterly Earnings Report

Ascott Reit Q1 2011 Quarterly Earnings Report:

• Press Release
• Financial Results
• Presentation Slides

Key Points

• Distribution per unit (DPU) for the period is 2.14 cents.
• Ascott Reit’s revenue for first quarter 2011 increased by S$23.8 million or
  55% to S$67.3 million as compared to first quarter 2010. 
• Gross profit was correspondingly higher by 81% at S$36.4 million. 
• The increase in revenue and gross profit were mainly due to the contribution of S$27.7 million and S$17.1 million respectively from the 28 properties acquired by Ascott Reit on 1 October 2010, partially offset by the decrease of S$4.7 million and S$1.4 million in revenue and gross profit respectively from the divestment of Ascott Beijing and Country Woods.
• NAV per unit of S$1.26 as at 31 Mar 2011.
• Gearing of 41.1% as at 31 Mar 2011.

Author's Note

The DPU for the reporting quarter is 2.14 cents. There will be no distribution for this quarter as the Reit has a semi-annual distribution policy.


The DPU was 2.16 cents in the previous quarter.

Related Posts

• Ascott Reit Q4 2010 Quarterly Earnings Report
• Ascott Reit Q3 2010 Quarterly Earnings Report
• Results Release 
• DPU Information Page

CMT, Ascott Reit, MIT - Date of Result Release for Q1 2011

Updated date of Result Release for Q1 2011:

CapitaMall Trust APR 20

Ascott Reit APR 20
MapletreeInd APR 26

Latest Update at Results Release.

Ascott Reit Q4 2010 Quarterly Earnings Report

Ascott Reit Q4 2010 Quarterly Earnings Report:

• Press Release
• Financial Results
• Presentation Slides

Key Points

• Distribution per unit (DPU) for the period is 2.16 cents.
• Ascott Reit’s revenue for 4Q 2010 increased by S$26.7 million to S$72.8 million, an increase of 58% compared to 4Q 2009. 
• Gross profit was S$39.3 million, 80% higher than 4Q 2009. 
• The increase in revenue and gross profit were mainly due to the contribution of S$30.3 million and S$19.2 million respectively from the 28 properties acquired by Ascott Reit on 1 October 2010, partially offset by the decrease in revenue and gross profit of S$4.6 million and S$1.6 million respectively from the divestment of Ascott Beijing and Country Woods Jakarta.
• On 13 September 2010, ARTML launched an equity fund raising by way of a private placement and non-renounceable preferential offering. In order to ensure fairness to holders of Ascott Reit units prior to the issuance of the private placement new units, ARTML declared, in lieu of the scheduled distribution, an advanced distribution of the distributable income for the period from 1 July 2010 up to 21 September 2010, the day immediately prior to the date on which the private placement new units were issued. 
• The advanced distribution of 1.74 cent per unit was paid on 19 November 2010. The next distribution therefore will comprise the distributable income from 22 September 2010 to 31 December 2010. Semi-annual distributions will resume thereafter.
• DPU for the period from 22 September 2010 to 31 December 2010 is 2.27 cents.
• Book Closure Date is on 31 January 2011.
• Payment Date is on 28 February 2011.
• Gearing of 40.3% as at 31 December 2010.

Author's Note
The DPU for the period from 1 Oct 2010 to 31 Dec 2010 is 2.16 cents. The actual distribution for this round will be 2.27 cents as it will include DPU for the period from 22 Sep 2010 to 30 Sep 2010. DPU of 2.27 cents will be paid on 28 Feb 2011. Book closure is on 31 Jan 2011.

The DPU was 1.85 cents in the previous quarter.

Related Posts

• Ascott Reit Q3 2010 Quarterly Earnings Report
• Results Release 
• DPU Information Page

Ascott, FCT, Starhill, First Reit, Suntec, Plife, CDL H-Trust - Updated Target Price

Updated Target Price:

REIT	Brokerage	Recommendation	Target Price (S$)	Date
AscottReit	DBS Vickers	BUY	1.380	07/01/11
FrasersCT	OCBC	HOLD	1.580	11/01/11
Starhill Gbl	Kim Eng	BUY	0.800	11/01/11
First Reit	OCBC	BUY	0.840	07/01/11
Suntec	OCBC	HOLD	1.550	06/01/11
PLife	CIMB	OUTPERFORM	1.960	05/01/11
CDL H-Trust	Phillip Securities	BUY	2.380	05/01/11

Latest updates at Stock Target Price.

A-Reit, Ascott Reit, AIMSAMPI Reit - Date of Result Release for Q4 2010

Updated date of Result Release for Q4 2010:

A-Reit  JAN 17
Ascott Reit  JAN 21 (AM)
AIMSAMPI Reit JAN 25

Latest Update at Results Release.

Updated Target Price by DBS

Updated Target Price by DBS:

REIT	Brokerage	Recommendation	Target Price (S$)	Date
CacheLog	DBS Vickers	BUY	1.74	17/12/10
FrasersCT	DBS	BUY	1.11	17/12/10
MapleTreeLog	DBS Vickers	BUY	1.01	17/12/10
CDL H-Trust	DBS Vickers	BUY	2.28	17/12/10
CapitaMall	DBS Vickers	BUY	2.09	17/12/10
PLife	DBS Vickers	BUY	1.84	17/12/10
AscottReit	DBS Vickers	BUY	1.38	17/12/10

Latest updates at Stock Target Price.

Updated Target Price by OCBC for various Reits

Updated Target Price by OCBC:

REIT	Recommendation	Target Price (S$)	Date
AscendasReit	HOLD	2.210	10/12/10
AscottReit	BUY	1.380	10/12/10
CapitaComm	HOLD	1.520	10/12/10
CapitaMall	HOLD	2.050	10/12/10
FrasersComm	BUY	0.180	10/12/10
FrasersCT	HOLD	1.500	10/12/10
LippoMapleTrust	BUY	0.590	10/12/10
MapleTreeLog	BUY	1.000	10/12/10
Starhill Gbl	BUY	0.660	10/12/10
Suntec	HOLD	1.500	10/12/10

 
Latest updates at Stock Target Price.

Ascott Reit - Updated Target Price following Q3 2010 result release

Updated Target Price for Ascott Reit following Q3 2010 result release:

DBS Vickers	BUY	S$1.38	25/10/10
OCBC	BUY	S$1.38	25/10/10
CIMB	UNDERPERFORM	S$1.24	25/10/10
Kim Eng	BUY	S$1.38	26/10/10

 
Latest updates at Stock Target Price.

Related Posts
Ascott Reit Q3 2010 Quarterly Earnings Report

Smaller REITs more attractive on price-to-book ratio: analysts - 25 OCT 2010

Source

SINGAPORE : Singapore's real estate investment trusts (REITs) have risen more than 140 per cent since March 2009 and their value could go up by another 60 per cent, according to analysts.

REITs are currently offering juicy yields, which may start looking less attractive to investors when Singapore government bond yields start to climb higher.

Even then, analysts said there still are some standout performers among REITs that are offering value at current prices.

Singapore REITs are gearing up to acquire more properties.

Leverage ratios - which measure how indebted a REIT is in relation to its assets - have continued to fall this year.

Leverage is now at an average 28 per cent. This shows the REITs are well capitalised and in a better position to buy new properties with debt.

Loy Wee Khim, associate director, Corporate & Infrastructure Ratings, Standard & Poor's, said: "Most of the REITs are also thinking of where they are coming from - a low position because of the recapitalisation during the downturn.

"I think they are ready to acquire new assets to enhance their portfolio, so we find that most of them have the appetite to increase their gearing to below 40 per cent or 40 per cent level."

But OCBC Research said valuations of some REITs are now a tad too rich.

OCBC analysts said investors should shy away from the bigger REITs that are trading at premiums to their book value and focus on some of the smaller ones which are trading at a discount.

Meenal Kumar, an investment analyst at OCBC Investment Research, said: "From the perspective of long-term investors, we're actually calling to avoid the first tier large-cap REITs and instead, focus on what we call the forgotten, but still credible REITs.

"And by credible, I mean strong balance sheets, strong sponsors and of course importantly, high absolute yields. And also they should be trading at most, at parity to book value, but ideally at a discount to book value. And in terms of some of our top picks, we like Starhill Global REIT and Ascott Residence Trust."

Similarly, CIMB has recommended smaller REITs in the industrial space, such as Cache Logistics, as bigger players such as A-REIT are trading at a 30 per cent premium to book value.

Ascott Reit Q3 2010 Quarterly Earnings Report

Q3 2010 results for Ascott Reit:

• Press Release
• Financial Statements
• Presentation Slides

Key Points

• DPU for the reporting quarter is 1.85 cents. 
• On 1 October 2010, Ascott Reit completed the acquisition of 3,347 apartment units in 28 properties in Singapore, Vietnam, France, United Kingdom (UK), Germany, Belgium and Spain. Ascott Reit’s enlarged portfolio now comprises 65 properties with 6,681 apartment units in 12 countries and 23 cities across Asia Pacific and Europe.
• On 13 September 2010, ARTML launched an equity fund raising by way of a private placement and non-renounceable preferential offering. In order to ensure fairness to holders of Ascott Reit units prior to the issuance of the private placement new units, the Manager declares, in lieu of the scheduled distribution, an advanced distribution of the distributable income for the period from 1 July 2010 up to 21 September 2010, the day immediately prior to the date on which the private placement new units are issued. 
• The advanced distribution for the period from 1 July 2010 up to 21 September 2010 will be 1.74 cents per unit.
• Books closure for the advanced distribution was on 21 September 2010 and will be paid on 19 November 2010.
• The next distribution will comprise the distributable income from 22 September 2010 to 31 December 2010. Semi-annual distributions will resume thereafter.
• Gearing of 32.2% as at 30 September 2010. Excluding the proceeds from the private placement tranche of the equity fund raising in September 2010, which was used to part fund the acquisition of properties in October 2010, the Group’s gearing was 41.1%.
• The net asset value (“NAV”) per Unit was S$1.22 as at 30 September 2010.

Author's Note
The advanced DPU of 1.74 cents from the period from 1 July 2010 up to 21 September 2010 will be paid on 19 Nov 2010. Books closure was on 21 Sep 2010, which is already over at the time of this report. The DPU will be paid on 19 Nov 2010.

The next distribution will comprise the distributable income from 22 September 2010 to 31 December 2010. Semi-annual distributions will resume thereafter. Normally the reit will distribute the semi-annual DPU for the period from 1 Jun to 31 Dec after the quarterly earnings report for the last quarter of the year.

DPU for the reporting quarter is 1.85 cents. On 22 September 2010, 419,660,000 new units were issued under the private placement tranche of the equity fund raising to part fund the acquisition of the 28 properties, which was completed on 1 October 2010. Excluding the private placement new units, the DPU for 3Q 2010 would be 1.93 cents, representing an increase of 1% as compared to 3Q 2009.

DPU was 1.87 cents in the previous quarter.

Related Posts  
Ascott Reit Completes Target Acquisitions and Divestment & Use Of Proceeds - 1 OCT 2010
Ascott Reit issues 67,858,000 preferential offering new units - 7 OCT 2010
REIT Financial News - 20 AUG 2010: Ascott REIT buying 28 serviced residences for S$970m

Updated Target Price for Ascott Reit

Updated Target Price for Ascott:

OCBC

BUY

S$1.38

12/10/10

Latest updates at Stock Target Price.

Ascott Reit - Date of Result Release for Q3 2010

Updated date of Result Release for Q3 2010:
Ascott Reit   Oct 22

Latest Update at Results Release.

Ascott Reit issues 67,858,000 preferential offering new units - 7 OCT 2010

Ascott Reit issues 67,858,000 preferential offering new units. See press release.

Key Points

• Further to the earlier announcement on 4 October 2010 on the results of the Preferential Offering, the Manager wishes to announce that 67,858,000 Preferential Offering New Units were allotted and issued today. The total number of Units in issue of Ascott REIT as of 7 October 2010 (including the Preferential Offering New Units) was 1,107,098,074.
• The Preferential Offering New Units issued will rank pari passu in all respects with the existing Units, including the right to Ascott REIT’s distributions for the period from 22 September 2010, being the date on which New Units were issued pursuant to the Private Placement, to 31 December 2010 as well as distributions thereafter.
• The 67,858,000 Preferential Offering New Units allotted and issued today will be listed for quotation on the Main Board of the SGX-ST at 9.00 a.m. on 8 October 2010.
• The entire amount of the proceeds of the Preferential Offering of approximately $72.6 million has been utilised and set aside as follows:
• $56.3 million has been utilised to part fund the Target Acquisitions;
• $8.5 million has been utilised and set aside for payment of underwriting expenses and professional and other fees and expenses; 
• $7.8 million has been set aside for other general corporate and working capital purposes.
  
  
  

Ascott Reit Completes Target Acquisitions and Divestment & Use Of Proceeds - 1 OCT 2010

Ascott Reit Completes Target Acquisitions and Divestment & Use Of Proceeds. See press release.

This is a follow up of the previous announcement of Acquisitions and Divestment in August 2010.

Key Points

• The Reit has completed (directly or indirectly through the acquisition of shareholding interests) the acquisition of 28 serviced residence properties comprising one in Singapore, one in Vietnam, 17 in France, four in the United Kingdom, two in Belgium, two in Germany and one in Spain.
• The Reit has completed the divestment of its entire interest in Ascott Beijing.
• With the completion of the Transactions:


• Somerset Hoa Binh (S) Pte Ltd, Ascott Netherlands, Citadines Holborn, and their subsidiaries have become subsidiaries of Ascott REIT;
• Hemliner Pte Ltd and its subsidiary have ceased to be subsidiaries of Ascott REIT;
• the principal investment strategy of Ascott REIT has been expanded to include investments primarily in real estate and real estate-related assets which are income-producing and which are used, or predominantly used, as serviced residences or rental housing properties in any country in the world.


• After deducting the proceeds of the Divestment, $458.2 million of the consideration for the Target Acquisitions has been paid to the Vendor Companies with the proceeds from the Private Placement and drawdown of bank facilities. The balance of S$143.0 million will be settled after the completion of the Preferential Offering.
• The entire amount of the proceeds of the Private Placement of approximately $453.2 million has been utilised as follows, as stated in the
  Offer Information Statement:


• $444.5 million has been utilised to part fund the Target Acquisitions;
• $8.7 million has been utilised for payment of underwriting, expenses and professional and other fees and expenses.

Updated Target Price for Ascott Reit, CapitaMall Trust, FrasersCT, LippoMapleTrust, MapletreeLog, Starhill Global, SUNTEC Reit by OCBC

Updated Target Price by OCBC:

AscottReit	BUY	S$1.33	30/09/10
CapitaMall	HOLD	S$2.01	30/09/10
FrasersCT	HOLD	S$1.49	30/09/10
LippoMapleTrust	BUY	S$0.52	30/09/10
MapleTreeLog	BUY	S$0.90	30/09/10
Starhill Gbl	BUY	S$0.65	30/09/10
Suntec	HOLD	S$1.44	30/09/10

Latest updates at Stock Target Price.

Updated Target Price for Ascott Reit

Updated Target Price for Ascott Reit:

Kim Eng

BUY

S$1.38

22/09/10

Latest updates at Stock Target Price.

Stock Target Price - Updated Target Price for Ascott Reit following its announcement of acquisition and divestment

Updated Target Price for Ascott Reit following its announcement of acquisition and divestment:

OCBC	BUY	S$1.33	23/08/10
CIMB	OUTPERFORM	S$1.35	23/08/10

 
Latest updates at Stock Target Price.

REIT Financial News - 20 AUG 2010: Ascott REIT buying 28 serviced residences for S$970m

i) PROPOSED ACQUISITIONS AND DIVESTMENT
ii) APPROVAL IN-PRINCIPLE FOR THE LISTING OF NEW UNITS
See:

• Press Release
• Report
• Presentation Slides

Key Points

• Acquiring 28 serviced residences from its parent company, The Ascott, for S$969.6 million. 
• With the acquisition, its assets will double to about S$2.85 billion.
• it will become the sixth largest REIT in Singapore in terms of assets after its acquisition.
• Of the 28 properties to be acquired, 26 are in Europe, 1 in Singapore, and 1 in Vietnam (Hanoi).
• The Trust expects its annualised distribution per unit to rise some 4.8 per cent to 7.74 cents in its 2011 financial year. 
• It will also be selling a serviced apartment, Ascott Beijing, to its parent for S$214 million. 
• The divestment is 66 per cent above the property's valuation of S$181.8 million as at June 30 and will realise a gain of approximately S$106.2 million.
• To part finance the acquisitions, the Reit intends to raise approximately S$560.6 million through an equity fund raising which will comprise a non-renounceable preferential offering to existing unitholders and a private placement. 
• The proposed equity fund raising is expected to increase the Reit's free float by approximately 73% from S$385.3 million to S$665.3 million.
  
   
  

Stock Target Price - Updated Target Price for Ascott Reit following its announcement of Divestment of Jakarta Property

Updated Target Price for Ascott Reit following its announcement of Divestment of Jakarta Property:

Kim Eng

BUY

S$1.35

10/08/10

 
Latest updates at Stock Target Price.