by winston » Tue Apr 19, 2011 10:54 am
Not vested
RESEARCH ALERT-DMG cuts Ascendas REIT to S$2.00 vs S$2.20
SINGAPORE, April 19 (Reuters) - DMG & Partners has cut its target price for Singapore-listed Ascendas Real Estate Investment Trust , which owns industrial assets, to S$2.00 from S$2.20, but kept its neutral rating.
STATEMENT: DMG cut its target price for Ascendas REIT to account for the company's recent private placement of 206 million new shares at S$1.94 each. [ID:nL3E7EV04I] The brokerage said following the placement, Ascendas REIT's gearing will decline to 25.1 percent from 35 percent, which implies S$1 billion ($801 million) room to borrow more that will allow the REIT to undertake more acquisition and development projects.
Ascendas REIT said on Monday its fourth quarter distribution per unit jumped 19.8 percent to 3.27 Singapore cents, up from 2.73 Singapore cents a year ago, helped by higher gross revenue as new projects were completed. [ID:nSNZ997CGm]
At 0231 GMT, shares of Ascendas REIT were 0.51 percent higher at $1.98 with 5.9 million shares changing hands. The stock has fallen 4.22 percent since the start of the year.
Source: Reuters
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