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Strategies & Market Trends : 50% Gains Investing
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From: Dale Baker2/2/2009 11:40:11 AM
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*Wendy Koh of Citigroup reiterated her buy on Ascendas India Trust, A-ITrust, the Singapore REIT we recommend. She acted despite Citi downrating the parent Ascendas financial services group, whose troubles do not directly feed into the funds it manages. She noted Jan. 9 that Q3 results met expectations with revenues up 7% and higher rents and new openings raising net property 9% year over year. Helping too was a drop in the cost of electricity thanks to the lower oil price. Dividend per unit at S 2.02 cents was up 35% and met her forecast.



ACNDF.PK occupancy rate on opened Indian commercial properties is 99%, actually up marginally from Q2. Renewed leases are running 86%. These are very healthy levels and indicate that India is not in the same kind of slump as other markets. Meanwhile a bunch of new sites are being developed in Chennai (formerly Madras) Phase III for 1.5 mn sq. ft.; Bangalore retail mall renewal of 500,000 sq. ft this year and next.



She notes that the sponsors from the fund manager have greatly increased their own stake in Ascendas India, from 17^% to just under 25%. Cash she says at about S$ 35 mnaccounts for 10% of the current low Ascendas India price. Moreover, much of the currency risk is hedged.



With all that, Ms. Koh reiterated her buy on ACNDF ?as a defensive play in Indian property) which yields nearly 15%.
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