Wednesday, January 29, 2014

Ascott Residence Trust- Awaiting acquisitions (DBSV)

Ascott Residence Trust
BUY S$1.24
STI : 3,133.76
Price Target : 12-Month S$ 1.33 (prev. S$ 1.42)

•4Q13 results in line; NAV lifted by stable property valuations
•Awaiting the acquisition kicker
•Maintain BUY; S$1.33 TP (based on DCF metric) has been adjusted for rights issue

4Q13 results in line. Gross revenue and profit came in at S$83.9m (+11% y-o-y) and S$41.6m (+8% y-o-y), respectively. Topline growth was driven by contribution from an expanded portfolio which offset the income vacuum from divested properties. Portfolio RevPAU was 7% lower y-o-y at S$129/night. Distributable income grew 15% y-o-y to S$26.3m but DPU fell 34% due to an enlarged share base after the 1-for-5 rights issue.


NAV inches up to S$1.37/unit. The trust also booked S$74m revaluation gain mainly from Somerset Grand Fortune Garden, while valuations for its serviced residences were stable/firm or higher. These nudged up NAV to S$1.37/unit.

Continues to pursue acquisitions. Armed with a strong war chest and available debt headroom given low gearing of 34%, management will continue to pursue growth through acquisitions. They see opportunities within the region (China, Malaysia) and in Australia and Europe, likely to come from its sponsor Ascott Group. We have factored in acquisitions worth S$350m @ 6.0% yield in our forecasts, assuming a target post acquisition gearing of c.40%.

Maintain BUY, S$1.33 TP adjusted for rights issue. We believe the stock will re-rate when there are clear acquisition targets, and we expect management to deliver on that front soon. Our TP has been adjusted for the enlarged share base post-rights issue and acquisitions.





Source/Extract/Excerpts/来源/转贴/摘录: DBSV-Research,
Publish date: 22/01/14

No comments:

Post a Comment

Warren E. Buffett(沃伦•巴菲特)
Be fearful when others are greedy, and be greedy when others are fearful
别人贪婪时我恐惧, 别人恐惧时我贪婪
投资只需学好两门课: 一,是如何给企业估值,二,是如何看待股市波动
吉姆·罗杰斯(Jim Rogers)
“错过时机”胜于“搞错对象”:不会全军覆没!”
做自己熟悉的事,等到发现大好机会才投钱下去

乔治·索罗斯(George Soros)

“犯错误并没有什么好羞耻的,只有知错不改才是耻辱。”

如果操作过量,即使对市场判断正确,仍会一败涂地。

李驰(中国巴菲特)
高估期间, 卖对, 不卖也对, 买是错的。
低估期间, 买对, 不买也是对, 卖是错的。

Tan Teng Boo


There’s no such thing as defensive stocks.Every stock can be defensive depending on what price you pay for it and what value you get,
冷眼(冯时能)投资概念
“买股票就是买公司的股份,买股份就是与陌生人合股做生意”。
合股做生意,则公司股份的业绩高于一切,而股票的价值决定于盈利。
价值是本,价格是末,故公司比股市重要百倍。
曹仁超-香港股神/港股明灯
1.有智慧,不如趁势
2.止损不止盈
成功者所以成功,是因为不怕失败!失败者所以失败,是失败后不再尝试!
曾淵滄-散户明灯
每逢灾难就是机会,而是在灾难发生时贱价买股票,然后放在一边,耐性地等灾难结束
  • Selected Indexes 52 week range

  • Margin of Safety

    Investment Clock

    World's First Interactive Investment Clock