Ascendas REIT: Results came in slightly below forecast caused by higher retained income, softer occupancy and higher operating costs. However signs of a bottoming out in occupancy rates and rentals indicate a stronger 2H11 performance….
2Q Rev and Net Property Income rose 8.5% and 3.5% YoY respectively, but declined 2.2% and 3.9% QoQ. Combined DPU for 1H11 now currently at 6.67c, translating to an annualized yield of 6.3%, on track to meet FY11 estimates of 13.7c DPU……
Deutsche Bank has Buy call with $2.33 TP based on DDM. Expect management plans to undertake $97m of Asset Enhancement Initiatives to boost yield (est +8.5%) and medium term growth. Grp currently trades at 1.34x P/B vs peers Cambridge Industrial of 0.95x and MIT of 1.19x P/B.
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