CapitaLand Ascott Trust (CLAS)

[greengiraffe]

http://www.businesstimes.com.sg/companie...ghts-issue

Ascott's Q3 DPU drops 11% on one-off items, rights issue
Revenue up 9% to S$93.7m on the back of additional income from new properties

By
Lee [email protected]@LeeMeixianBT
7 Nov5:50 AM
Singapore

ASCOTT Reit on Thursday reported a distribution per unit (DPU) of 2.11 Singapore cents for the third quarter ended Sept 30, 2014 - an 11 per cent drop from the 2.37 Singapore cents paid a year ago, which included one-off items of about S$1.5 million.

If the one-off items

Ascott Residence Trust’s top line grew 8.9 percent to $93.7 million in the three-month period ended 30 September, driven by acquisitions in Japan and China as well as stronger demand from corporate and leisure sectors in the UK. Subsequently, amount distributable to unitholders grew 7.8 percent to $32.3 million and the trust declared a distribution per unit of $0.0211. For the nine months, turnover and amount distributable to unitholders expanded 12.7 percent and 4.5 percent to $262.2 million and $92.5 million respectively.

[greengiraffe]

http://www.businesstimes.com.sg/real-est...s-in-china

Ascott bags five new management contracts in China
This brings its China portfolio to 12,000 apartment units; next target is 20,000 units by 2020

By
Nisha [email protected]@Nisha_BT
BT_20141111_NRASCOTT11JFI3_1360284.jpg Ascott's Somerset Xingqing Yinchuan and Citadines Xingqing Yinchuan are to open in 2018 in Yinchuan, China's growing tourism and business hub.
11 Nov5:50 AM
Singapore

CAPITALAND'S serviced residence business The Ascott has landed contracts to manage five additional properties in China, boosting its portfolio to 12,000 apartment units in the populous country.

In a statement to the Singapore Exchange on Monday, CapitaLand announced that

[kayhian]

source: OCBC market pulse

Ascott Residence Trust: Inorganic driven growth

Ascott Residence Trust (ART) reported a 8.9% YoY increase in its 3Q14 revenue to S$93.7m, but DPU fell 11.0% to 2.11 S cents, as 3Q13 included one-off items amounting to S$1.5m. Adjusting for this and a rights issue exercise, ART’s DPU would have increased 14.7% YoY and was within our expectations. Growth was driven largely by acquisitions made in 2014. Looking ahead, management expects its portfolio to remain resilient despite the macroeconomic uncertainties. It will also pro-actively monitor its FX risk and enter into more forward contracts if necessary. We incorporate ART’s recent accretive acquisitions in our model, and raise our fair value estimate from S$1.33 to S$1.37. We reiterate BUY on ART, and recommend the stock as our preferred pick within the hospitality REITs sector. ART is trading at an undemanding forward P/B ratio of 0.9x, while FY14F and FY15F distribution yields are attractive at 6.6% and 7.0%, respectively. (Wong Teck Ching Andy)

[greentea]

http://businesstimes.com.sg/companies-ma...eve-target

Ascott continues global expansion, on track to achieve target
By Angela Tan [email protected]
15 Jan 9:43 AM
CAPITALAND'S serviced residence business unit, The Ascott Limited (Ascott), will continue its global expansion, with a target to open more than 20 properties this year....On Thursday, Ascott said it was opening its first serviced residences in Cyberjaya, Malaysia; Sri Racha, Thailand, and Hai Phong, Vietnam....

[kayhian]

SERVICED residence player Ascott Residence Trust reported an adjusted distribution per unit (DPU) of 1.76 cents for its fourth quarter ended Dec 31, 2014, up 13 per cent from 1.56 cents a year ago. The adjustments took into account a rights issue in end-2013 and one-off items.

Higher distributable income was due to higher revenue as a result of acquisitions, and lower finance costs.

The real estate investment trust (Reit), which pays distributions semi-annually, will distribute 4.264 cents per unit for its second half of 2014, including a return of capital of 1.112 cents per unit.

Adjusting for a rights issue and one-off items, Ascott will pay out 7.61 cents per unit for 2014, up 6 per cent from 7.19 cents a year ago.

This works out to a yield of 6 per cent on its last traded price of S$1.27.

Net asset value at end-2014 was S$1.37, up from S$1.35 cents a quarter ago. This means the Reit is trading at a price-to-book ratio of 0.93 times.

[kayhian]

The plunge in oil prices has created a "challenging operating environment going into 2015", according to Ascott Residence Trust yesterday.

The serviced apartment operator reported that its properties in locations hit by the sharp fall in the price of crude recorded lower revenue in the fourth quarter of last year.

Turnover was weaker at its two outlets in Indonesia - Ascott Jakarta and Somerset Grand Citra Jakarta - as 25 per cent of their clientele are from the oil and gas sector.

Fourth-quarter revenue from these properties fell 6 per cent to US$2.9 million (S$3.9 million) compared with the same quarter a year earlier, although it was up 1 per cent for the 12 months to US$12.5 million.

It could become a similar story at the newly acquired property in Malaysia, Somerset Ampang Kuala Lumpur, where about 30 per cent of the customers are from the energy, oil and gas sector.

While the oil shock hit Ascott's turnover late last year, it was still not enough to offset the impact of the trust's new acquisitions, said its manager, Ascott Residence Trust Management (ARTM).

ARTM chairman Lim Jit Poh said in a statement: "Ascott Reit made remarkable achievements in 2014, ending the year with a strong quarter. We acquired nine quality assets with over 1,800 units across seven cities for a total of $559.1 million."

Gross revenue rose 13 per cent in the fourth quarter to $95 million and rose by the same amount in the full year to $357.2 million.

Full-year distribution rose by 9 per cent to $125.6 million, thanks in part to these acquisitions.

Distribution per unit (DPU) for the three months to Dec 31 was 1.76 cents, up 13 per cent from 1.56 cents the previous year after adjustment for the effects of a rights issue and excluding one-off items.

DPU for the full year, again adjusted, was 7.61 cents, 6 per cent ahead of the 7.19 cents a year earlier.

The Reit manager added that it would take steps to diversify its client base in Indonesia and Malaysia, and that its outlook for this year remained "cautiously optimistic".

Ascott Reit units closed 1.5 cents up at $1.285 yesterday.

[email protected]

[kayhian]

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)

[thor666]

http://www.valuebuddies.com/showthread.p...#pid115250

http://business.asiaone.com/news/ascott-...e-s6b-2017

As per Greengiraffe's post on asset recycling.

Gearing post acquisition is 39.5%. Capitaland mandate to ascott reit: 6b assets by 2017. Those vested, expect rights issue soon... Prepare funds or release shares as best choices.

Sent from my D5503 using Tapatalk

[thor666]

[IMG][Image: e564c4e4ffa5c541b53fcdebd3a69e06.jpg][/IMG]

Ascott gearing hit 40.1%, assets 5bil post acquisition.

Sent from my D5503 using Tapatalk

[MINX]

[IMG][Image: e564c4e4ffa5c541b53fcdebd3a69e06.jpg][/IMG]

Ascott gearing hit 40.1%, assets 5bil post acquisition.

Sent from my D5503 using Tapatalk

I must say Ascott Reit is one of the most aggressive Reit in terms of acquisition . Let's hope all these acquisitions will make a positive impact on their DPU, finally. They've been buying many new assets over the past few years, but sad to say, the DPU is not moving in the right direction.