Ascendas REIT - Strength Through Diversification
- Ascendas REIT (SGX:A17U) reported 2H21 gross revenue of S$640.5m (+21.3 y-o-y) and net property income of S$475.2m (+22.4% y-o-y), underpinned by contributions from new acquisitions in Australia, US and Europe, as well as positive rental reversions.
- Ascendas REIT's 2H/FY21 DPU of S$0.07598/S$0.15258 in line, at 49.1%/98.7% of our FY21 forecast.
- Ascendas REIT's portfolio occupancy improved across the board, by 1.5% points h-o-h to 93.2% at end-FY21 while rental reversions averaged +4.5%. Management reiterated that it expects to achieve low single-digit positive rental reversions in FY22F.
- We trim our FY22-23F DPU by 2-2.1% post results. As such, our DDM-based target price for Ascendas REIT declines to S$3.20.
Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @ https://www.itradecimb.com.sg/.
LOCK Mun Yee CGS-CIMB Research | EING Kar Mei CFA CGS-CIMB Research | https://www.cgs-cimb.com 2022-02-08 2022-02-08
Previous report by CGS-CIMB:
2021-11-15 Ascendas REIT - Transforming 1 Science Park Drive
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