Ascott REIT: CIMB takes a deeper look, and reinforces its non-consensus Hold call.
-The good is that serviced residence is a resilient accommodation model, and provides stable income for unit holders through master leases and management contracts with guaranteed income
-The bad is that DPU has not moved in lock-step with asset expansion due to gearing.
-The ugly is that exposure to UK and Europe could cause overhang on the stock.
-The house has Hold call with higher TP of $1.16 from $1.14.
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