PhillipCapital’s Natalie Ong has maintained her “buy” call and target price of $1.17 on Ascott Residence Trust despite a weaker set of 2HFY2020 results.

ART reported a 39.5% y-o-y drop of revenue to $161.4 million, down from its 2HFY2019 figure of $266.5 million. Gross profit also dropped by more than half, from $130.3 million to $61 million. 

FY2020’s distribution per unit of 3.03 cents also came in below PhillipCapital’s expectations, at 75% of its forecast. Ong noted capital distribution from divestment gains formed 47.8% of DPU.


To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook