Ascendas REIT

Re: Ascendas REIT

Postby behappyalways » Tue Oct 02, 2018 4:50 pm

Ascendas REIT enlarges UK portfolio with $459 mil acquisition of logistics properties
https://www.theedgesingapore.com/ascend ... properties
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Re: Ascendas REIT

Postby behappyalways » Sun Oct 06, 2019 1:54 pm

Ascendas REIT acquires suburban office in Australia for $104.4 mil
https://www.theedgesingapore.com/capita ... a-1044-mil
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Re: Ascendas REIT

Postby behappyalways » Tue Nov 05, 2019 5:15 pm

Ascendas REIT to acquire 30 business park properties from CapitaLand for $1.66 bil; launches rights issue at $2.63 per unit to raise $1.31 bil
https://www.theedgesingapore.com/capita ... hes-rights
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Re: Ascendas REIT

Postby winston » Mon Apr 20, 2020 10:18 am

not vested

Defensive But Unattractive Valuation
Neutral (Maintained)
Target Price (Return): SGD3.00 (3.8%)
Price: SGD2.89
Market Cap: USD7,354m
Avg Daily Turnover (SGD/USD) 64.8m/46.1m

Maintain NEUTRAL with a lower TP of SGD3.00 from SGD 3.10, 4% upside with c.6% yield.

AREIT’s diversified portfolio of 200 industrial assets across three different geographies is expected to stay resilient despite recessionary outlook posed by the COVID-19 pandemic.

Its key strengths are an experienced management team, a strong sponsor and good operational track record.

While we like AREIT’s asset quality and management strategy, the current valuation of 1.3x 2020F P/BV is not attractive enough.

Source: RHB

https://research.rhbtradesmart.com/atta ... 552b44.pdf
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Re: Ascendas REIT

Postby winston » Wed Apr 29, 2020 9:43 am

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Ascendas REIT: Looks good for now, but mindful of challenges ahead

Ascendas REIT’s (AREIT) 1Q20 operational updates were encouraging, as portfolio occupancy rose 0.6 ppt QoQ to 91.7% and average portfolio rental reversion of +8.0% was achieved for leases renewed.

Besides fully passing on the property tax rebates to its tenants in Singapore, AREIT will also provide additional rent relief to its F&B/retail/amenities and food factory tenants (<4% of Singapore portfolio by rental income) for the months of Apr and May.

SMEs contribute less than 20% of its revenue in Singapore.

In Australia, management has suspended rent collection from retail/F&B tenants (<1% of Australia portfolio by rental income) from Apr until restrictions are lifted.

To-date, no rent rebates have been given in the UK and US, and none of AREIT’s tenants in all its markets have indicated that they intend to pre-terminate in the near term, although the leasing environment has become challenging.

Although we like AREIT’s strong financial position and diversified portfolio, we see the need to pare our FY20 and FY21 DPU forecasts by 3.1% and 4.5%, respectively.

This is to account for softer occupancy and rental assumptions, coupled with a weaker AUD relative to the SGD. Our fair value estimate declines from S$3.59 to S$3.52. BUY.

Source: OCBC
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Re: Ascendas REIT

Postby winston » Thu Apr 30, 2020 11:08 am

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Strength in diversity

Portfolio occupancy improved 0.8% q-o-q to 91.7%

AREIT reported positive rental reversion of 8.0% for its portfolio

Minimal provisions for F&B and retail tenant rebates; income retention not necessary at this juncture

Maintain BUY with a TP of S$3.45

Source: DBS

https://researchwise.dbsvresearch.com/R ... =fdfhdkhab
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Re: Ascendas REIT

Postby winston » Mon Jun 29, 2020 10:11 am

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ASCENDAS Reit (A-Reit) estimates that rent waivers provided to its tenants in Singapore year to date amount to less than S$20 million.

The actual amount to be disbursed will depend on tenants' eligibility assessment by the authorities.

This amount is in addition to the Singapore government’s property tax rebates and cash grants which the trust will fully pass through to eligible tenants.

Source: Phillips
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Re: Ascendas REIT

Postby winston » Thu Jul 09, 2020 9:23 am

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Ascendas REIT (AREIT SP, NEUTRAL, TP: SGD3.00)

A Solid Industrial Player

Company Update

Keep NEUTRAL and TP of SGD 3.00, 9% downside.

Ascendas REIT remains one of the most defensive industrial REITs with its diversified portfolio and predominant exposure to the business parks sector, which is expected to stay resilient.

While we continue to like it for its asset quality and management, the current valuation is not attractive enough (1.5x P/BV) in our view.

We recommend investors accumulate on pullbacks.

Source: RHB

https://research.rhbtradesmart.com/atta ... a0ec89.pdf
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Re: Ascendas REIT

Postby winston » Fri Jul 24, 2020 3:21 pm

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What’s New

1H20 operating and financial metrics remain resilient

Brighter reversionary prospects a bright spot; organic growth outlook stable.

Acquisitions is a catalyst to reaccelerate growth momentum.

Riding on multiple tailwinds; BUY, lift TP to S$4.0

Source: DBS

https://researchwise.dbsvresearch.com/R ... =ffhhgkhab
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Re: Ascendas REIT

Postby winston » Fri Jul 24, 2020 3:28 pm

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Ascendas REIT (AREIT SP) - Slight miss but rental reversions guidance lifted

Ascendas REIT (AREIT) reported its 1H20 results which came in slightly below our expectations.

DPU fell 10.8% to 7.27 S cents.

Operationally, AREIT delivered solid rental reversions of 4.3% for its entire portfolio in 2Q20 (1H20: +5.4%).

Singapore, Australia and US, saw positive rental reversions of 4.0%, 16.6% and 16.2%, respectively.

Management raised its guidance for rental reversions from flattish to positive low single digits for FY20.

We continue to like AREIT’s portfolio geographical diversification and asset class mix, and see room for inorganic growth opportunities ahead given AREIT’s healthy aggregate leverage ratio of 36.1%.

Furthermore, we believe equity funding conditions are also more favourable for AREIT as compared to its last US Business Park portfolio acquisition in Nov last year.

We view acquisitions as a key re-rating catalyst for AREIT’s share price.

After adjustments, we lift our fair value estimate to S$3.92 (previously S$3.52). BUY.

Source: OCBC
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