Ascendas REIT (AEMN.SI -1L -S$1.98)
Market Cap S$M 3,704.88
Target: S$2.28
Results below expectations due to one-off item - For 4QFY10, A-REIT reported a DPU of 2.73 cents, bringing the total DPU for FY10 to 13.1 cents vs consensus estimates of 13.5 cents and our estimate of 13.3 cents. 4QFY10 DPU were slightly below expectation due to the higher-than-expected finance cost as A-REIT expensed S$9.1m for the cost incurred for the issuance of collateral loan. QoQ, A-REIT revenue fell by 1% while NPI fell by 6% on higher property expenses. On a FY basis, revenue grew 4.3% while NPI grew 7.9%.
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