Thursday 22 October 2015

Ascendas REIT - Maybank Kim Eng 2015-10-23: Beat Expectations

Ascendas REIT - Maybank Kim Eng 2015-10-23: Beat ExpectationsAscendas REIT ASCENDAS REAL ESTATE INV TRUST A17U.SI 

Ascendas REIT - Beat Expectations 

  • 2Q results beat expectations on the back of stronger than expected rent reversions from business parks. 
  • FY16-18 DPU forecasts raised by 4-6%. Growth will largely be due to new Australian logistics assets. 
  • Yield target tightened by 25bp to 7%, TP raised 9.6% to SGD2.28. Maintain HOLD. 
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