Ascott Residence Trust (ART)

ART raised to 'buy' by UOB KayHian for disciplined recycling of capital

SINGAPORE (Apr 12): UOB KayHian is raising Ascott Residence Trust (ART) to “buy” with $1.46 target price given it has been disciplined when it comes to recycling capital.

Ascott Residence Trust (ART) invests in income-producing assets used as serviced residences, rental housing and other hospitality assets.

In Jan, it sold premier serviced residence Ascott Raffles Place at $353 million which represents an attractive exit yield of 2% and a divestment gain of $134 million.

Ascott Residence Trust started at 'buy' by Phillip on income stability, inorganic growth

SINGAPORE (Apr 9): Phillip Securities has started Ascott Residence Trust (ART) at ‘buy’ with $1.36 target as the REIT offers income stability and inorganic growth.

ART is an owner-operator of serviced residences with 79 properties totalling 11,430 keys spanning 14 countries.

About 85% of gross profit comes from eight key markets of United States, Japan, UK, France, Vietnam, Singapore, China and Australia.

ART’s serviced residences outside the US are managed under three core brands – Ascott, Citadines and Somerset.

SGX hones ability to scrutinise asset valuations, pressures auditors — will it close the ‘trust deficit’?

SINGAPORE (Feb 4): On Jan 25, Singapore Exchange Regulation (SGX RegCo) briefed several journalists about its plans to play a more active role in determining the scope of statutory audits of locally listed companies, and beef up its capabilities to scrutinise the value of corporate assets.

Consensus keeps Ascott Residence Trust at 'hold' but DBS has it at 'buy'

SINGAPORE (Jan 30): Despite Maybank Kim Eng and consensus maintaining Ascott Residence Trust (ART) given its disappointing DPU performance over the past few years, DBS Group Research is maintaining its “buy” call on the REIT.

While acknowledging the Street’s concerns, DBS analyst Mervin Song says what drives ART’s share price is the REIT’s strategy of selling properties that have limited growth potential and recycling the proceeds into better-yielding assets.

2019 will be a good year for hospitality, but risks from trade tensions remain: OCBC

SINGAPORE (Jan 16): OCBC Investment Research is maintaining “overweight” on Singapore’s hospitality sector as it sees value in some of the hospitality REITs under its coverage at their current unit prices.

OUE Hospitality Trust (OUE HT), Far East Hospitality Trust (FEHT) and Ascott Residence Trust (ART) are OCBC’s top “buy” picks with fair value estimates of 79 cents, 67.5 cents and $1.18, respectively.

Ascott Residence Trust (ART) upgraded to 'buy' by OCBC on 'impressive' sale of Raffles Place property

SINGAPORE (Jan 14): OCBC Investment Research is upgrading Ascott Residence Trust (ART) to “buy” from “hold” given the serviced residences REIT managed to sell Ascott Raffles Place Singapore at significantly above its book value.

Ascott REIT divests Ascott Raffles Place for $353.3 mil; 64% above book value

Is Ascott Residence Trust's Raffles Place divestment a bane or a boon?

SINGAPORE (Jan 10): OCBC Investment Research is upgrading its call on Ascott Residence Trust (Ascott REIT) to “buy” from “hold” upon raising its fair value estimate for the REIT to $1.18.

The move comes after adjusting for its divestment of Ascott Raffles Place Singapore at 2 Finlayson Green for $353.3 million – representing a 64.3% premium to the property’s valuation of $215 million as at end-2018.

Ascott REIT divests Ascott Raffles Place for $353.3 mil; 64% above book value

SINGAPORE (Jan 9): Ascott Residence Trust (Ascott REIT) on Wednesday entered into a sale and purchase agreement to divest Ascott Rafles Place Singapore for a consideration of $353.3 million.

The buyer is said to be investor Cheong Sim Lam, whose family developed International Plaza and the Hyatt Regency Singapore.

Located at 2 Finlayson Green, the consideration is at a 64% premium over the independent valuation of the property of $215 million as at Dec 31.

Organic weakness and lower than expected income from recent buys to blame for ART's disappointing 1Q

SINGAPORE (Apr 19): Analysts were slightly disappointed with Ascott Residence Trust’s 1Q results which came in weaker than expected.

Revenue increased by $1.5 million or 1.4% y-o-y to $112.8 million mainly due to $8.3 million additional revenue from last year’s acquisitions, offset by a $4.0 million decrease in revenue from divestments and another $2.8 million from existing properties.

Last year, ART had acquired two German assets in May, its third US property in August, and Ascott Orchard Singapore in Oct.

Ascott Residence Trust's rally still has legs, says DBS

SINGAPORE (Jan 29): DBS Research Group is maintaining its "buy" call on Ascott Residence Trust (ART) with a revised target price of $1.34.

After the completion of the recent rights issue to fund the acquisition of Ascott Orchard Singapore, ART's unit price has since rallied by over 10% but DBS believes the rally still has legs.

"With the Singapore hospitality market expected to stage a multi-year recovery from 2018, based on historical correlations, the positive sentiment on the sector should lift all boats including ART," says analyst Mervin Song.

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