Applying the brakes on Ascott Residence Trust

SINGAPORE (July 21): Religare has downgraded its rating for Ascott Residence Trust (ART) to “hold”, with a target price of $1.22.

This comes as the REIT reported a 2% increase in its 2Q16 DPU of 2.09 cents compared to a year ago. With the exception of a one-off foreign exchange gain from the selling of its Beijing project, the adjusted DPU would be 1.95 cents, reflecting a 7% decline on a y-o-y basis.

(See Ascott Residence Trust’s 2Q DPU rises 2% to 2.09 cents on acquisitions)

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