ARA: Generally as expected results. Co reported total rev of $27.2m +19.0%yoy -53.3%qoq and net profit of $14.8m +19.0%yoy -42.3%qoq. Rev was driven by 1/3 stake in MBFC and acquisition of 6 Changi North for Cache. Prev quarter was a high base due to acquisition fees in MBFC stake...
New contributions to be expected from 30% stake in Hui Xian REIT’s mgr for next quarter and fee income from ADF II. Co has also declared a 1 for 10 bonus issue and expects to maintain full yr DPS of 4.8c despite the bonus issue. Macq maintains Outperform at TP$1.90 and CIMB maintains Outperform at TP$2.08.
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