In a Tuesday report, DBS Group Research is maintaining a “buy” call on ART with a revised target price of $1.25.
SINGAPORE (July 25): Ascott Residence Trust reported 2Q18 DPU of 1.84 cents. Adjusting for the realised forex gain of $11.9 million, 2Q18 DPU would have registered 13% y-o-y improvement, mainly due to four acquisitions in 2017: Ascott Orchard Singapore, two properties in Germany, and DoubleTree by Hilton Hotel New York.
Gross profits from master leases grew 28% y-o-y, mainly due to inorganic contribution from Ascott Orchard Singapore acquired in Oct 2017. The acquisition nearly trebled 2Q18 gross profit in Singapore to $4.6 million. Excluding the effect of acquisition, same-store gross profit in Singapore would have rose 13% y-o-y.
