Ascott Residence Trust

  • TickerART
Jonathan Koh
  • Jonathan Koh

Singapore Daily - Thursday, September 16, 2021

KEY HIGHLIGHTS Update Ascott Residence Trust (ART SP/BUY/S$0.98/Target: S$1.16): Benefitting from recovery in Europe and expansion in long-stay assets. Upgrade to BUY. TRADERS’ CORNER UMS Holdings (UMSH SP): Trading Buy Ifast Corp (IFAST SP): Trading Buy

Jonathan Koh ... (+2)
  • Jonathan Koh
  • Lucas Teng Yao Yang

Ascott Residence Trust (ART SP) - 1H21: Gradual recovery though headwi...

ART’s 1H21 DPU was in line with expectations. Revenue was up 15% hoh, while RevPAU continued to show a sequential improvement (+18% qoq) though occupancy remains fairly steady. Domestic leisure travel and recovering corporate travel are bright spots. However, certain geographies such as Australia could face near-term weakness from COVID-19 measures. Maintain HOLD with an unchanged target price of S$1.09.

Jonathan Koh ... (+2)
  • Jonathan Koh
  • Lucas Teng Yao Yang

Ascott Residence Trust (ART SP) - Recovering domestic leisure demand

ART saw RevPAU increase 10% qoq despite a resurgence of COVID-19 cases in certain geographies. Australia saw a recovery in demand for domestic leisure while Singapore also saw RevPAU increase qoq with block bookings from government contracts set to continue till 2Q21. While domestic leisure and corporate travel is expected to pick up in subsequent quarters, the return of international travel demand will be a key. Maintain HOLD with a target price of S$1.09.

Peerawat Dentananan ... (+22)
  • Peerawat Dentananan
  • Jonathan Koh
  • Loke Pei Hao
  • Jacquelyn Yow Hui Li
  • Leow Huey Chuen
  • Joohijit Kaur Jaztar Singh
  • John Cheong Ming Chern
  • Johnny Yum Chung Man
  • Keith Wee Teck Keong
  • Malaysia Research Team
  • Vincent Khoo Boo Aik
  • Stevanus Juanda
  • Raphon Prima
  • Arandi Ariantara
  • Carol Dou Xiao Qin
  • Jayson Kong
  • Eric Wang Zhen
  • Neo Chen Wentao
  • Sandra Huang Jieqiong
  • Ken Lee
  • Tham Mun Hon
  • Cherrie Tan Yue
AKRA AKR Corporindo ... (Oil & Gas)
UNTR UNITED TRACTORS (Basic Resources) ... (+15)

Regional Morning Notes - Monday, November 02, 2020

GREATER CHINA Economics PMI: Beating expectations, but still a mixed bag. Results China Construction Bank (939 HK/BUY/HK$5.35/Target: HK$6.46): 3Q20: In line; qoq improvement in NIM a key positive. Estun Automation (002747 CH/BUY/Rmb22.16/Target: Rmb26.00): 3Q20: Missed estimates, but positive outlook remains intact. Fuyao Glass Industry Group (3606 HK/BUY/HK$32.85/Target: HK$39.00): 3Q20: Core earnings spiked 83% yoy, beating estimates. Raise target price to HK$39.00; upgrade to BUY. Ganfeng Lithium-H (1772 HK/HOLD/HK$46.10/Target: HK$45.00): 3Q20: Margins squeezed amid weak lithium market; f...

Jonathan Koh ... (+2)
  • Jonathan Koh
  • Loke Pei Hao

Ascott Residence Trust (ART SP) - 3Q20: Gradual pick-up; Not out of th...

ART saw an overall recovery (RevPAU: +27% qoq) in its global portfolio, supported by domestic demand and government buyouts. China, Singapore and Vietnam properties were relatively resilient (ie smaller yoy RevPAU declines), while its Japan, the UK and US properties were more affected by the loss of international demand. ART’s diversified exposure and cash flow continue to position it well to tide through the storm. Maintain HOLD with a lower target price of S$0.91. Entry price: S$0.83.

Jonathan Koh
  • Jonathan Koh

Singapore Daily - Thursday, September 16, 2021

KEY HIGHLIGHTS Update Ascott Residence Trust (ART SP/BUY/S$0.98/Target: S$1.16): Benefitting from recovery in Europe and expansion in long-stay assets. Upgrade to BUY. TRADERS’ CORNER UMS Holdings (UMSH SP): Trading Buy Ifast Corp (IFAST SP): Trading Buy

Jonathan Koh ... (+2)
  • Jonathan Koh
  • Lucas Teng Yao Yang

Ascott Residence Trust (ART SP) - 1H21: Gradual recovery though headwi...

ART’s 1H21 DPU was in line with expectations. Revenue was up 15% hoh, while RevPAU continued to show a sequential improvement (+18% qoq) though occupancy remains fairly steady. Domestic leisure travel and recovering corporate travel are bright spots. However, certain geographies such as Australia could face near-term weakness from COVID-19 measures. Maintain HOLD with an unchanged target price of S$1.09.

Jonathan Koh ... (+2)
  • Jonathan Koh
  • Lucas Teng Yao Yang

Ascott Residence Trust (ART SP) - Recovering domestic leisure demand

ART saw RevPAU increase 10% qoq despite a resurgence of COVID-19 cases in certain geographies. Australia saw a recovery in demand for domestic leisure while Singapore also saw RevPAU increase qoq with block bookings from government contracts set to continue till 2Q21. While domestic leisure and corporate travel is expected to pick up in subsequent quarters, the return of international travel demand will be a key. Maintain HOLD with a target price of S$1.09.

Peerawat Dentananan ... (+22)
  • Peerawat Dentananan
  • Jonathan Koh
  • Loke Pei Hao
  • Jacquelyn Yow Hui Li
  • Leow Huey Chuen
  • Joohijit Kaur Jaztar Singh
  • John Cheong Ming Chern
  • Johnny Yum Chung Man
  • Keith Wee Teck Keong
  • Malaysia Research Team
  • Vincent Khoo Boo Aik
  • Stevanus Juanda
  • Raphon Prima
  • Arandi Ariantara
  • Carol Dou Xiao Qin
  • Jayson Kong
  • Eric Wang Zhen
  • Neo Chen Wentao
  • Sandra Huang Jieqiong
  • Ken Lee
  • Tham Mun Hon
  • Cherrie Tan Yue
AKRA AKR Corporindo ... (Oil & Gas)
UNTR UNITED TRACTORS (Basic Resources) ... (+15)

Regional Morning Notes - Monday, November 02, 2020

GREATER CHINA Economics PMI: Beating expectations, but still a mixed bag. Results China Construction Bank (939 HK/BUY/HK$5.35/Target: HK$6.46): 3Q20: In line; qoq improvement in NIM a key positive. Estun Automation (002747 CH/BUY/Rmb22.16/Target: Rmb26.00): 3Q20: Missed estimates, but positive outlook remains intact. Fuyao Glass Industry Group (3606 HK/BUY/HK$32.85/Target: HK$39.00): 3Q20: Core earnings spiked 83% yoy, beating estimates. Raise target price to HK$39.00; upgrade to BUY. Ganfeng Lithium-H (1772 HK/HOLD/HK$46.10/Target: HK$45.00): 3Q20: Margins squeezed amid weak lithium market; f...

Jonathan Koh ... (+2)
  • Jonathan Koh
  • Loke Pei Hao

Ascott Residence Trust (ART SP) - 3Q20: Gradual pick-up; Not out of th...

ART saw an overall recovery (RevPAU: +27% qoq) in its global portfolio, supported by domestic demand and government buyouts. China, Singapore and Vietnam properties were relatively resilient (ie smaller yoy RevPAU declines), while its Japan, the UK and US properties were more affected by the loss of international demand. ART’s diversified exposure and cash flow continue to position it well to tide through the storm. Maintain HOLD with a lower target price of S$0.91. Entry price: S$0.83.

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