DBS Vickers Securities in a Jan 27 research report says: "Ascendas India Trust's (a-itrust) reported revenue and net property income (NPI) of $30.6 million (+2% y-o-y) and $17.5 million (+3% y-o-y). In INR terms, underlying operational performance was robust, with topline/NPI each growing by 19% y-o-y to INR 1.23 billion/INR 0.7 billion.
"Progressive recognition of rental income from new buildings (Zenith, Park Square ad Voyager) was the major contributor. Distributable income was lower by 12%% y-o-y to $11.6 million (DPU of 1.5 cents), due to a stronger S$ and higher interest expenses incurred for its developments. Post acquisition, gearing is estimated to head towards 29%, still comfortable in our view.
"The recent strengthening of the INR-S$, if sustained, should be a bright spot for 4Q results. a-itrust offers attractive FY2012-2013F prospective yields of 9.5-9.8%. Target price of 87 cents based on DDM. MAINTAIN BUY."
"Progressive recognition of rental income from new buildings (Zenith, Park Square ad Voyager) was the major contributor. Distributable income was lower by 12%% y-o-y to $11.6 million (DPU of 1.5 cents), due to a stronger S$ and higher interest expenses incurred for its developments. Post acquisition, gearing is estimated to head towards 29%, still comfortable in our view.
"The recent strengthening of the INR-S$, if sustained, should be a bright spot for 4Q results. a-itrust offers attractive FY2012-2013F prospective yields of 9.5-9.8%. Target price of 87 cents based on DDM. MAINTAIN BUY."
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