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AREIT India
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Pinnacle
Master |
24-Oct-2007 08:49
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a-iTrust achieves strong half-year DPU of 2.95 Singapore cents, 17% above half-year forecast The Board of Directors of Ascendas Property Fund Trustee Pte Ltd (the ?Trustee-Manager?), the trustee-manager of Ascendas India Trust (?a-iTrust?), is pleased to announce a Distribution per Unit (?DPU?) of 2.95 Singapore cents for the half year ended 30 September 2007. Summary of a-iTrust Results (For 1HFY2007/08 ended 30 Sep 07) 1H FY 2007/08 Total Property Income, S$ million 48.5 Net Property Income, S$ million 28.7 Distributable Income, S$ million 22.2 DPU, S$ cents 2.95 In accordance with the listing prospectus, while a-iTrust was listed on 1 August 2007, unitholders will receive income distribution for the financial year 1 April 2007 to 31 Mar 2008. The prospectus dated 24 July 2007 had set out a DPU forecast of 5.6 Singapore cents for the financial year from 1 April 2007 to 31 March 2008. a-iTrust delivered a strong set of results for the first half of the year ended 30 September 2007. Net property income was S$28.7 million or 66% higher than the same period last year, and 18% higher than its forecast for the period. Distributable income for the half year was S$22.2 million or 17% above forecast. DPU was 2.95 Singapore cents, which represented an annualized yield of 5.0% over the Initial Public Offer price of S$ 1.18 per unit. The Trustee-Manager expects the trust to deliver the forecast performance for the second half of the year, and hence, given the first half?s results, is confident of at least meeting its DPU forecast of 5.6 Singapore cents for the full year, barring any unforeseen circumstances. Net asset value (?NAV?) as at 30 September 2007 was S$ 869.6 million or S$ 1.16 per unit, which was higher than the pro forma NAV of S$ 1.05 per unit disclosed in the Capitalization and Indebtedness section of the prospectus dated 24 July 2007. A key contributor to the sound results was the strong operational performance of aiTrust?s assets, underpinned by the quality of the assets and the booming Indian economy. Higher revenue and cost control had boosted operational performance and cash flows. Chief Executive Officer of the Trustee-Manager, Mr. Jonathan Yap said, ?We are pleased to report a strong set of results which has benefited from the vibrant Indian ITITES sector, resounding support from the user-clients and Trustee-Manager?s proactive asset and portfolio management. We remain focused to build on the momentum and deliver returns to unitholders.? A Well Diversified Portfolio with High Occupancy India is the world leader and centre for IT and ITES outsourcing with about 60% global market share and the cities a-iTrust invest in, namely Bangalore, Chennai and Hyderabad have a combined 64% of India?s IT and ITES revenue. a-iTrust has a diversified portfolio of four IT Parks in those cities. Over the first half year, 700,000 sq. ft. of space within the portfolio of operating buildings was renewed or leased, at higher average rental rates than before. The overall occupancy rate of a-iTrust?s portfolio was 99% as at 30 September 2007. a-iTrust?s portfolio spreads across a number of sub-sectors such as software development, business process off-shoring, research and development, and data centres. Presently, no single tenant accounts for more than 6% of the total monthly base rental. Portfolio to Grow through Organic Growth and Three-Pronged Acquisition Strategy The two completing buildings in the a-iTrust?s portfolio, namely Crest, the 2nd building at International Tech Park Chennai (?ITPC?) and Vega, the 5th building at The V had enjoyed strong pre-commitment of 73% and 72% of space respectively, and marketing of the balance space is in progress. The leased space is being progressively handed over to tenants for fitting-out, and income contribution is expected to commence in 2H FY2007/2008. These 2 buildings will add another 1.1 million sq. ft. of space to aiTrust?s current portfolio of 3.6 million sq. ft. of completed space, increasing a-iTrust?s total lettable space by more than 30% to 4.7 million sq. ft. of space. There is additional 1.5 million sq. ft. of new space being planned for construction commencement in this financial year. Thereafter, there is still a development potential of 2.7 million sq. ft. within a-iTrust portfolio. a-iTrust enjoys a right of first refusal from Ascendas Land International Pte Ltd. (?ALI?) to acquire substantially income producing business space. ALI owns Cybervale, (comprising of 4 completed/ potential buildings with a total built up of 1.1 million sq. ft.), an IT Park spreading over 18.5 acres of land within Mahindra World City, an IT Special Economic Zone (?SEZ?) in Chennai. The first building (250,000 sq ft) of Cybervale, named ?Lakeside? has recently been completed and is fully leased out. The development of 2 of the 3 remaining potential buildings are in different stages of implementation. The Trustee-Manager intends to explore with ALI on the acquisition of Cybervale upon its stabilisation. a-iTrust also has a similar right of first refusal from Ascendas India Development Trust (?AIDT?). AIDT has committed equity of S$ 500 million and target investment size of S$ 1 billion. AIDT has already identified investments with about 7 million sq. ft. of development potential and is currently pursuing more opportunities. AIDT will make such announcements at the appropriate stage. The Trustee-Manager is also concurrently pursuing acquisition opportunities from the market. |
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Pinnacle
Master |
23-Oct-2007 23:50
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No worry. This one will give both capital and dividend gain. Hold on to it for long. |
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sarahlkh
Senior |
23-Oct-2007 23:44
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posting dividends :) |
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sarahlkh
Senior |
23-Oct-2007 14:44
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this one is not moving lei? |
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Pinnacle
Master |
14-Sep-2007 09:46
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DBS Vickers BUY S$1.43 Story: Ascendas India Trust (?a-iTrust?) is a provider of business space solutions. It offers investors a unique opportunity to participate in the burgeoning Indian real estate market. a-iTrust?s initial portfolio of four IT park assets are spread over the key IT (?Information technology?) and ITES (?IT enabled services?) outsourcing centers of Hyderabad, Chennai and Bangalore. With its highly recognized Ascendas brand name, these properties are able to attract diverse and high quality tenants comprising leading MNCs from IT, financial and internet services, as well as R&D industries. Point: a-iTrust is well-positioned to leverage on India?s domination in the IT and ITES outsourcing segment, which underpins demand for IT business space. a-iTrust will also benefit from its established sponsor, Ascendas Land International, in terms of sourcing for third party acquisitions. The REIT-like investment and capital structure characteristics also give greater flexibility to a-iTrust with regards to restrictions on property development activities. Relevance: Based on DDM Valuation, we arrive at a target price of S$1.83 assuming: i) pipeline of two buildings (Total Super Built Area (?SBA?): 530,000sq ft) at The CyberVale from the Sponsor, ii) pipeline from Ascendas India Development Trust (worth around S$250m), iii) ?in-built? development pipeline of two completing developments, three proposed developments, and iv) full utilisation of the 20% cap on property development activities on a-iTrust?s 24 acres of development land. India: burgeoning growth in IT/ITES sector. India has been the world leader for IT/ITES outsourcing for the past decade. This sector had been the star performer in India, the second fastest growing economy in the world. With its portfolio of four IT parks situated in key locations for ITrelated industries in Hyderabad, Chennai and Bangalore, a-iTrust is poised to leverage on the strong IT demand. These industries are both human resource and technology intensive, which will boost demand for a-iTrust?s business space. Hence, a-iTrust provides a unique opportunity for investors to tap into the upside in the Indian real estate market. Sponsor with a strong track record. Apart from its macroeconomic factors, a-iTrust will also benefit from its established sponsor, Ascendas Land International, in terms of sourcing for third party acquisitions. aiTrust possesses two Right of First Refusal (?ROFR?) agreements with Ascendas Land International and Ascendas India Development Trust (the ?Development Trust?). With an in-built pipeline of completing and proposed developments as well as landbank earmarked for future development, a-iTrust can potentially utilise these assets to increase its portfolio size by approximately 85%. Business trust with REIT-like investment and capital structure characteristics. Unlike REITs, a-iTrust enjoys greater flexibility with regards to restrictions on property development activities. Thus, it offers a strong value proposition as a Business Trust with an in-built development pipeline from its existing landbank. |
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sarahlkh
Senior |
10-Sep-2007 23:01
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bad timing... but pretty sure that this will catch in due course. |
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Pinnacle
Master |
07-Sep-2007 08:54
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Citigroup has initiated coverage of Ascendas India Trust |
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huatchai
Member |
04-Aug-2007 00:01
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It is such a pity this counter is launched at such timing. I travel to India quite often and can personally attest to the crazy rising rentals there. Hence, I believe the forecasted yield is very conservative. Moreover, they have yet to factor in the valuation of the buildings there and the land bank they have for further development as compared to other developers trying to obtain land. I predict when the market stabilises this counter could go up quite a bit. |
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bunbun
Senior |
02-Aug-2007 23:25
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i also dint short! hahaha. u think tmr will be another yo-yo session for ascendas indt? |
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nickyng
Supreme |
02-Aug-2007 17:20
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nah...din short..infact switch to contra...gain <1k for yester and today...hee yours ?? |
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bunbun
Senior |
02-Aug-2007 17:13
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nick, how was your shorting? |
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imall29
Member |
02-Aug-2007 15:07
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It will be difficult to short this counter below its IPO price. In fact, it is very risky to short this counter. Over 30 millions shares in the open market and it is not a penny stock. Price goes up and down like yoyo. Just my 2 cents ...... |
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nickyng
Supreme |
02-Aug-2007 14:56
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well..rules are by urself...can be flexible as long as objective achived ! :) |
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KiLrOy
Master |
02-Aug-2007 14:52
Yells: "I buy only what I can see." |
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Er.. you just broken your own rule .. ? |
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nickyng
Supreme |
02-Aug-2007 14:50
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guys..i am working at it SHORTING !! pls be appreciative hor....hee...treat me kopi after u made kopi $$ ok? :) |
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bunbun
Senior |
02-Aug-2007 14:38
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go nicky go! :) since this counter proves u wrong, short it! i can join u too... ;) |
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Pinnacle
Master |
02-Aug-2007 14:35
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Nicky, show us your full strength and power... short it below IPO price... 
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nickyng
Supreme |
02-Aug-2007 14:16
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no lah...my rule is never SHORT REITs...rather no excitement..hee but this burger prove me wrong :) |
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KiLrOy
Master |
02-Aug-2007 13:43
Yells: "I buy only what I can see." |
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Stop loss at 1.22 for 8% risk on capital invested at 1.33. |
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Pinnacle
Master |
02-Aug-2007 13:39
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I thought you are working hard on it. |
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