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Ascendas REIT (HOLD; Target Price: S$2.60) A-REIT’s 4Q13 results were in line, with topline and net property income growth of 8.2 per cent and 5.2 per cent to S$145.4 million and S$100.1 million, respectively. This was largely due to contributions from its new investments, supported by an organic 2.7 per cent uplift in its portfolio...
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Ascendas REIT (HOLD; Target Price: S$2.63) Ascendas REIT (A-REIT) reported its 4QFY13 results. NPI came in at S$100.1 million, up 5.2 per cent YoY. This is in line with our NPI projection of S$100.7 million. However, distributable income of S$68.8 million falls short of our expectation of S$77.4 million, dropping 5.5 per cent YoY amid...
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Ascendas REIT (HOLD; Target Price: S$2.60) Ascendas REIT (A-REIT) announced the proposed acquisition of The Galen at 61 Science Park Road from Singapore Science Park Ltd, a wholly-owned subsidiary of Ascendas Land (S) Pte Ltd. The purchase consideration was S$126.0 million, representing a marginal discount to the independent valuations of S$126.8 million-S$127.0 million by JLL...
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Ascendas REIT (NEUTRAL; Target Price: S$2.73) Ascendas REIT (AREIT SP) recently proposed the placement of 140 million new shares (with an upsize option of 20 million new units) at price range of S$2.50 to S$2.55, posting a discount of 3.8 per cent – 5.7 per cent from Thursday’s closing price. Assuming all 160 million units...
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Ascendas REIT (HOLD; Target Price: S$2.60) Ascendas REIT (A-REIT) has raised gross proceeds of S$406.4 million through a private placement to institutional and other investors last Friday. The number of new units to be issued was up-sized from 140 million units to 160 million units (7.1 per cent of total units outstanding) due to positive...
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Ascendas REIT (HOLD; Target Price: S$2.30) A-REIT’s 3QFY13 result was in line. Topline and net property income grew 14 per cent and 11 per cent, respectively, driven by a larger portfolio, while organic growth remained steady at 4.8 per cent. Rental reversions remained strong (+18.5 per cent) and outpaced the slight dip in portfolio occupancy...
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Ascendas REIT (NEUTRAL; Target Price: S$2.67) Ascendas REIT (AREIT) reported 3QFY13 DPU of 3.62 S-cents (+4.0 per cent YoY), equivalent to 26.2 per cent of our FY13 DPU estimate. Revenue and net property income came in at S$145.2 million and S$104.7 million respectively. The rise in NPI by 11.5 per cent YoY was mainly due...
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Ascendas REIT (BUY; Target Price: S$2.60) AREIT’s business/science park portfolio constitutes 38 per cent of our FY3/14 GAV and gross revenue. We noted that there is an onslaught of 7 million sqft of new known supply in 2012-2015. The majority of this supply (81 per cent) is in the central region (One North and Mapletree...
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Ascendas REIT (NEUTRAL; Target Price: S$2.67) Ascendas REIT (AREIT) reported 2QFY13 DPU of 3.53 S-cents, equivalent to 25.2 per cent of our FY13 DPU estimate. Revenue and net property income came in at S$143.3 million and S$102.9 million respectively. The rise in NPI by 13.6 per cent YoY was mainly due to additional contribution of...
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Ascendas REIT (HOLD; Target Price: S$2.43) Ascendas REIT (A-REIT) released its 2QFY13 results Wednesday. NPI grew by 13.6 per cent YoY to S$102.9 million, while distributable amount rose by 12.2 per cent YoY to S$79.1 million. The strong performance was mainly due to the completion of development projects and new acquisitions. DPU for the quarter...
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Ascendas REIT (HOLD; Target Price: S$2.28) Ascendas REIT (A-REIT) has been actively involved in capital recycling activities YTD in a bid to optimise its portfolio yield. Following the proposed sale of 6 Pioneer Walk in June, we note that A-REIT had on August 24 announced the divestment of another property, Block 5006 Techplace II, for...
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Ascendas REIT (HOLD; Target Price: S$2.27) For 1QFY13, we note that A-REIT turned in a commendable set of results, with DPU rising 10.3 per cent YoY to 3.53 S-cents despite an enlarged unit base post private placement. Operationally, A-REIT’s portfolio occupancy rate also improved to 94.6 per cent from 94.3 per cent in 4QFY12. For...
