Ascott Residence Trust: 2Q10 results. Marginal improvement overall. Revenue +3% to $44.4m, driven by revenue per available unit (REVPAU) growth of 5% yoy to S$125/day, as demand increased in both Singapore and China, thanks to strong economic growth in both countries. Ascott’s Shanghai serviced residences also benefitted from the World Expo 2010. DPU +4% to 1.87cts, translates to annualized yield of 6%...
2H10 expected to be higher, as two newly renovated properties in Singapore begin contributing to rental income. Stock trades at $1.24, a 10% discount to NAV/unit of $1.38.
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