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Sunday, July 7, 2019

Ascendas Reit

Ascendas reit is giving an average dpu of 0.15766 for the past five years .
Yield is about 4.95%.
NAV is 2.13
P/B is 1.50.



I think the fair value is about 2.72 - 2.86.

Browsing through their Cash flow statements for past 5 years, They are paying out more than their FCF. Which means they are having negative FCF most of the time. I think is good to be cautious!

As at 31 March 2019, aggregate leverage stood at 36.3% (31 December 2018: 36.7%, 31 March 2018: 34.4%). Weighted average all-in cost of borrowing was maintained at 3.0%. About 83.0% of Ascendas Reit’s borrowings are on fixed rates for an average term of 3.6 years. The debt maturity profile remains well-spread. The weighted average tenure of debt outstanding was further extended to 4.0 years. A high level of natural hedge in Australia (75.5%) and the United Kingdom (100%) is maintained to minimise the effects of adverse exchange rate fluctuations. Ascendas Reit continues enjoy the A3 credit rating by Moody’s.




TA wise, It has retested the all time high of 3.18, looks like we may see a retracement happening soon!

Short term wise, I think it may likely go down to revisit 2.88 then 2.80 with extension to 2.56 level.

Not a call to buy or sell.

Pls dyodd.



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