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PR Newswire
27-04-2015, 04:15 PM
Ascott Residence Trust: 1Q15 results missed our expectations
Ascott Residence Trust (ART) reported its 1Q15 results which missed our expectations. Revenue grew 12.0% YoY to S$90.0m, but formed 22.3% our full-year forecast, as portfolio RevPAU dipped 8% to S$114/day. DPU inched up by 0.6% YoY to 1.76 S cents and made up just 20.8% of our FY15F estimate. As at 31 Mar 2015, 80% of ART’s total borrowings are on fixed interest rates. Looking ahead, management has plans to grow its asset portfolio size from S$4.1b to S$6.0b by 2017. We will speak with management and provide more details thereafter. Maintain BUY on ART, but we will likely revise our S$1.49 fair value estimate downwards. (Wong Teck Ching Andy)
Ascott Residence Trust (ART) reported its 1Q15 results which missed our expectations. Revenue grew 12.0% YoY to S$90.0m, but formed 22.3% our full-year forecast, as portfolio RevPAU dipped 8% to S$114/day. DPU inched up by 0.6% YoY to 1.76 S cents and made up just 20.8% of our FY15F estimate. As at 31 Mar 2015, 80% of ART’s total borrowings are on fixed interest rates. Looking ahead, management has plans to grow its asset portfolio size from S$4.1b to S$6.0b by 2017. We will speak with management and provide more details thereafter. Maintain BUY on ART, but we will likely revise our S$1.49 fair value estimate downwards. (Wong Teck Ching Andy)