Financial Data
Year Rev Net Income DPU
2013 8 - 8.2c (est)
2012 303.841 mil 99.698 mil 8.76c
2011 288.653 mil 96.166 mil 8.53c
2010 207.223 mil 57.714 mil 7.54c
2009 175.522 mil 45.207 mil 7.32c
2008 192.381 mil 53.659 mil 8.78c
2007 154.837 mil 45.069 mil 7.70c
2006 89.811 mil 24.577 mil 5.24c * 9 months
Other Data (as at 30 Jun 2013)
Debt
- Current: 239.652 mil
- L.Term: 1077.418 mil
- Total: 1317.070 mil
Div Yield: 7% (est)
NAV: $1.21
Shares Issued: 1,261,596,000
Business Model
A real estate investment vehicle that invest in property for hospitality purpose. Currently has a very big portfolio of 81 properties in Asia and Europe.
Opinion
Ascott REIT has distribute 4.081c for the first 1/2 of the year. While the remain half, we can expect another 4c. Given that its NAV is $1.21, we can expect a full value of $1.25-1.28 for FY 13. For the second half of their FY, they need to tackle their debt as their Cash on-hand show they need to raise additional cash to pay off their current debt. Thus, probably they will be using bonds to pay their big amount.
Conclusion
Given that Ascott is trading at ard $1.25 on 26 Sept 2013, they are fully valued. I would like to see further downside of 10% (below $1.15) to the counter before entering. This is to ensure we have a margin of safety and any downside risk is limited.
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