Ascendas H-Trust

Ascendas H-Trust: DBSV initiates coverage on Ascendas HospitalityTrust (A-HTRUST) with a BUY recommendation and targetprice of $ 0.95. Note that as the first hospitality trust with both a REITand an active business trust structure, A-HTRUST offersinvestors a higher beta proxy to major source of consumptiongrowth in Asia – corporate and leisure travel. A-HTRUST has awell-located portfolio spanning key growth markets in the AsiaPacific. Its collaboration with Accor Asia Pacific, a well-knowninternational hotel operator, will help to rejuvenate and propel its initial portfolio to new heights, in addition to offering apotential pipeline for growth. A-HTRUST offers an attractiveFYP13F-14F yield of close to 7.8-8.1%, 200 bps above the SREITsector.