Ascott Residential Trust: Announced 3Q10 results slightly below median consensus but still in-line with expectations, with rev at 46.5m, up 4.6% QoQ and 5% YoY, however DPU for 3Q10 at 1.85c was down 4% YoY and 1% QoQ, attributed to recent private placement tranche of 419.66m new units to fund acquisition of 28 properties.....
REIT noted that RevPau increased 7% in 3Q10 YoY led mainly by the 37% RevPau growth amg its SG properties due to the successful launch of refurbished units of Somerset Grandhill and Liang Court. Highlights that with addition of Europeans properties, grp’s income stability is enhanced through diversification and that deal would be abt 3% accretive to unitholders.....
Latest results brings 9mth DPU to 5.38c, with management forecasting a DPU of 1.84c for 4Q10 bringing FY10DPU to 7.22c representing a yield of 5.92% and FY11 DPU at 7.74c (6.4% yield). At current levels, grp trades at 0.91x P/B vs CDL hospitality Trust of 1.43x and yield of 4.7x. CLSA had earlier noted that it expects 3Q10 results to be below consensus and full year estimates, but anticipates a ramp-up in earnings as the acquisitions start kicking in from 4Q10.
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