Thursday, September 12, 2013

AIMS AMP Capital Industrial REIT : Set for Next Growth Phase (S&P)

AIMS AMP Capital Industrial REIT
Price: SGD1.49 Date: September 10, 2013
52-week Share Price Range (SGD) 1.36 - 1.87

Set for Next Growth Phase
Experienced management with strong sponsors: AIMS AMP Capital Industrial REIT (the Trust) has an experienced management team which is committed to deliver stable distributions and long-term capital growth to unitholders. Its two sponsors also have a strong track record in fund management and an established presence in a number of regional countries, which the Trust can tap on for future growth.

Prudent capital management: The Trust extended its debt maturity to 3.1 years as at end-FY13 (Mar) from 2.5 years a year ago through a Multicurrency Medium Term Note (MTN) Program. This should diversify its source of funding and strengthen its capital structure for the future. The Trust has no debt due for refinancing until October 2015. In addition, it raised SGD110.0 mln equity via a private placement in April 2013, which reduced its aggregate leverage to 25.4% as at June 30, 2013. The Trust is now well-positioned for the next phase of growth.

Developing under-utilized assets: The Trust will continue its strategy to reposition its portfolio by transforming existing assets to larger and higher quality assets through redevelopment and asset enhancement. Currently, it is focusing on the redevelopment of 103 Defu Lane 10 (which increases the built plot ratio to 2.5 from 1.2). Besides this, the Trust will commence construction for Phase 2E and Phase 3 of 20 Gul Way (which increases the built plot ratio to 2.0 from 1.4) in September 2013 (taking approximately 17 months with estimated cost of SGD77.2 mln).

Growing distribution per unit: We project the Trust’s distribution per unit (DPU) to grow by 4.5% and 7.1% to 11.2 cents and 12.0 cents for FY14 and FY15 respectively, on the back of expected contribution from the redevelopment of 103 Defu Lane 10 and 20 Gul Way.

Key risks: Demand for warehouses and factories in Singapore and the region could be affected adversely by a global epidemic or sharply slower global economic growth. Meanwhile, any downturn in Singapore’s economy or industrial property market will have a dampening impact on the Trust’s business prospects, as all its industrial properties are located in Singapore.

Source/Extract/Excerpts/来源/转贴/摘录: S&P Capital IQ Equity Research
Publish date: 10/09/13

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