Ascendas India Trust: 2Q12 DPU -9% YoY to 1.54cts from 1.7cts. Distributable income -9% to $11.8m from $13.02m, total property income +6% to $31.4m from $29.61m as a result of income contribution from new buildings and higher recovery of utilities costs.
JP Morgan maintain Neutral, and reduce TP to $0.86 from $0.90, Underlying portfolio performance stable despite headwinds. Operational performance faring well, DPU growth from new completions still some time away, Phoenix Infocity acquisition likely to conclude soon. Revise down FY12/13 DPU estimates by 5-8%.
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