【AscottREIT A68U 交流专区】雅诗阁公寓信托 ASCOTT RESIDENCE TRUST

icy97

Ascott REIT to acquire yield accretive Madison Hamburg for $59m
http://www.theasset.com/article/22807.html

Fri, 28 Sep 08:48
Ascott Residence Trust (Ascott Reit) has entered into a sale and purchase agreement to acquire a prime property in the thriving German city of Hamburg for 37.5 million euros (or about S$59.4 million). The 166-unit Madison Hamburg is Ascott Reit’s first acquisition in Hamburg.

Lim Jit Poh, Ascott Residence Trust Management chairman, said: “This is an attractive opportunity which is in line with Ascott Reit’s strategy to expand in Asia, London, Paris and key cities in Germany. Germany is Europe’s largest and strongest economy and Hamburg is the second largest city and tourism market in the country. Home to the third busiest port in Europe, the city is a thriving commercial and transport hub where many multinational companies like Airbus Deutschland, Philips and Shell are based. Ascott Reit’s entry into Hamburg will further enhance its diversification across property and economic cycles.”

Ronald Tay, ARTML’s chief executive officer, said: “Madison Hamburg is a prime asset with a strategic location. The acquisition is yield accretive to Ascott Reit as Madison Hamburg is expected to deliver a stable Ebitda yield of 7.0% compared to its funding cost. We will be acquiring Madison Hamburg with an existing master lease, comprising a fixed and variable rent. The fixed component alone amounts to 80% of the total annual rent and will further contribute to Ascott Reit’s income stability. Madison Hamburg will continue to be managed by a veteran local operator, Marlies Head, who has been managing the property since it opened in 1993.”

Ascott Reit currently owns two serviced residences in Germany – Citadines Kurfürstendamm Berlin and Citadines Arnulfpark Munich. Ascott Reit’s assets in Germany will make up 10% of its total European portfolio value of S$1.2 billion, upon completion of the acquisition of Madison Hamburg.

icy97

Ascott REIT achieves 3Q DPU of 2.24 cents
http://www.theedgesingapore.com/the-daily-edge/business/40750-ascott-reit-achieves-3q-dpu-of-224-cents.html

Tue, 23 Oct 21:04   
Ascott Residence Trust (Ascott REIT) said it achieved higher revenue of $77.4 million in 3Q 2012, an increase of 6% from $73 million in 3Q 2011.

Gross profit in 3Q 2012 grew 2% to $40.7 million compared to the same period last year. Revenue increased mainly due to the contribution from the newly acquired Citadines Shinjuku Tokyo and Citadines Karasuma-Gojo Kyoto, and stronger performance from Ascott Reit’s serviced residences in China and United Kingdom. Unitholders’ distribution for 3Q 2012 rose 1% to $25.6 million and distribution per unit (DPU) is 2.24 cents.

Lim Jit Poh, Ascott Residence Trust Management Limited’s (ARTML) Chairman, said: “Ascott Reit’s earnings will further improve following the addition of three prime assets to our portfolio. The acquisition of Ascott Raffles Place Singapore and Ascott Guangzhou has been completed and we expect the acquisition of Madison Hamburg to be completed by the end of 2012. We will continue to focus on yield accretive acquisitions in countries where we operate and explore opportunities in Asia as well as London, Paris and key cities in Germany.”

Ronald Tay, ARTML’s Chief Executive Officer, said: “Revenue per available unit (RevPAU) increased to $148 in 3Q 2012 mainly driven by better performance of our serviced residences in China and United Kingdom. In China, RevPAU grew 15% largely due to stronger demand for the refurbished apartments of Somerset Olympic Tower Tianjin. We also had more business from customers on project assignments and expatriates who have relocated to China.”

icy97

雅诗阁公寓信托的4Q12每单位派息提高9%至2分
http://www.sharesinv.com/zh/articles/36995/

2013年01月24日
雅诗阁公寓信托(Ascott Residence Trust)在截至2012年12月31日的第四季度派息增加10%至2,280万元。每单位派息从上一年同期的1.83分提高9%至2分。4Q12的收入维持在7,590万元，但全年收入微增5%至3亿零380万元，主要由于刚刚收购的产业带来贡献及位于中国、英国和菲律宾的服务式公寓的表现提高。公司宣布为截至2012年12月31日的6个月派发每单位4.238分的股息，并将于2月28日派发。

启示：展望未来，公司有信心能维持收入，由于亚洲经济持续增长，而来自欧洲组合的收入也保持稳定。此外，公司说将继续为产业进行装修，并指出，伦敦馨乐庭Trafalgar Square(Citadines Trafalgar Square)及雅诗阁雅加达(Ascott Jakarta)均迎来热烈反应。

icy97

Ascott Residence Trust's placement likely opportunistic: CIMB
http://www.theedgesingapore.com/the-daily-edge/business/42506-arts-placement-likely-opportunistic-cimb.html

Tue, 29 Jan 15:09  
Ascott Residence Trust’s placement of 114.9 million new units at $1.305/unit to raise $150 million is likely opportunistic given positive share-price movement, CIMB says. But it adds, while it sees the potential for sizable acquisitions, accretion appears limited given the high funding cost. With management guiding for a focus on Asia, CIMB expects China and India are the two likely target markets, given management’s negative outlook on Vietnam.

“With property yields at 5%-6% in China tier-two cities and 9%-10% in India, a mix of China and India assets is possible in our view, boosting portfolio yield.” It has factored in $300 million worth of acquisitions for 2013 at an average 6.5% portfolio yield.

“We maintain Neutral on likely limited accretion, though potential for increased exposure to Asia is a positive. Re-rating catalysts could come from larger acquisitions and/or higher yielding asset mix in the portfolio acquired.” It raises its target to $1.39 from $1.37 after raising FY14-15 DPU forecasts on the placement and expected acquisitions. The unit is down 3.5% at $1.37.

icy97

雅诗阁公寓信托斥资2亿8,740万元收购中国及日本物业
http://www.sharesinv.com/zh/articles/38620/

2013年05月02日
雅诗阁公寓信托(Ascott Residence Trust)签署了有条件协议，以2亿8,740万元收购位于中国的3个服务式住宅及位于日本的11个供出租的住宅产业。公司将分别向雅诗阁服务式住宅(中国)基金(Ascott Serviced Residence (China) Fund)(雅诗阁(The Ascott Limited)持有36.1%股权)和雅诗阁收购位于上海和沈阳，以及苏州的3个产业。在日本，公司将向ACRJ3(公司持有88.9%股权)收购11个供出租的住宅产业。公司的公寓单位数目将继而增加1,576个，其目前拥有7,060个单位。公司的资产值也将从28亿元提高11%至31亿元。

启示：公司表示，上述收购料将令其FY12的每单位派息从8.76分提高2.9%至9.01分。在中国和日本收购这些良好的资产也将把公司亚洲组合占总资产值的比例从59%扩大至63%。亚洲仍旧是公司取得增长的一大动力。


Ascott REIT to acquire stakes in 3 serviced residences in China and 11 rental housing properties in japan
http://www.theedgesingapore.com/the-daily-edge/business/43695-ascott-reit-to-acquire-stakes-in-3-serviced-residences-in-china-and-11-rental-housing-properties-in-japan.html

Thu, 2 May 13:15  
Ascott Residence Trust Management Limited, the manager of Ascott Residence Trust (Ascott REIT) is planning to acquire interests in three serviced residence properties in China and 11 rental housing properties in Japan.

To seek unitholders’ approval for the proposed acquisitions, an extraordinary general meeting will be held on May 30 at 10.30 a.m. at the STI Auditorium, 168 Robinson Road, Level 9, Capital Tower, Singapore 068912.

icy97

Name of Announcer *	ASCOTT RESIDENCE TRUST MANAGEMENT LIMITED (AS MANAGER OF ASCOTT RESIDENCE TRUST)
Company Registration No.	200516209Z
Announcement submitted on behalf of	ASCOTT RESIDENCE TRUST
Announcement is submitted with respect to *	ASCOTT RESIDENCE TRUST
Announcement is submitted by *	Kang Siew Fong / Doris Lai
Designation *	Joint Company Secretaries
Date & Time of Broadcast	02-Aug-2013 19:23:25
Announcement No.	00177

>> ANNOUNCEMENT DETAILS

The details of the announcement start here ...

Announcement Title *	PAYMENT OF MANAGEMENT FEES BY WAY OF ISSUE OF UNITS IN ASCOTT RESIDENCE TRUST
Specific shareholder's approval required? *	No
Description *	The attached announcement issued by Ascott Residence Trust on the above matter is for information.

Attachments

ART_Mgnt_Fees.pdf

icy97

Name of Announcer *	ASCOTT RESIDENCE TRUST MANAGEMENT LIMITED (AS MANAGER OF ASCOTT RESIDENCE TRUST)
Company Registration No.	200516209Z
Announcement submitted on behalf of	ASCOTT RESIDENCE TRUST
Announcement is submitted with respect to *	ASCOTT RESIDENCE TRUST
Announcement is submitted by *	Kang Siew Fong / Doris Lai
Designation *	Joint Company Secretaries
Date & Time of Broadcast	14-Aug-2013 07:02:48
Announcement No.	00014

>> ANNOUNCEMENT DETAILS

The details of the announcement start here ...

Announcement Title *

Ascott Residence Trust - Presentation Slides on CapitaLand Debt Investors Day by Mr Ronald Tay, CEO 14 August 2013

Description

The attached announcement issued by Ascott Residence Trust on the above matter is for information.

Attachments

CL_DebtInvestorDay.pdf

icy97

雅诗阁公寓信托将以6亿2,800万人民币脱售中国服务式公寓的81个单位
2013年10月21日
http://www.sharesinv.com/zh/articles/42136/

雅诗阁公寓信托(Ascott Residence Trust)通过其全资子公司Somerset FG与个别买家签署分层买卖协议，以脱售其在北京盛捷福景苑高级服务公寓(Somerset Grand Fortune Garden)的81个单位。该产业总共拥有221个单位。公司拟脱售的其中81个单位的估值为6亿2,800万人民币(约1亿2,810万元)，总楼面面积为1万5,780平方米，余下的地契为55年。按公司未审计的财报显示，该81个单位截至2013年6月30日的账面值为4,820万元，因此脱售价将带来7,990万元的溢价额。脱售收益将用于为日后的收购提供资金。倘若脱售交易是在公司的上个财年完成，公司的每单位派息及净资产值将从实际的0.0876元和1.35元分别提高至0.0891元和1.38元。

启示：北京盛捷福景苑高级服务公寓其他单位的业主之一在这之前脱售了其手上的100个单位，公司继而认为更难于管理该产业，因此决定把自己拥有的81个单位脱售。另一方面，脱售这些单位也为公司释放产业投资回报，同时也能把脱售净收益投资于获益率更高的资产。

icy97

Ascott REIT'S 3Q unitholders' distribution up 17% to $30 mil
Publish date: Fri, 25 Oct 11:07
http://www.theedgesingapore.com/the-daily-edge/business/45997-ascott-reits-3q-unitholders-distribution-up-17-to-30-mil-.html

Ascott Residence Trust’s (Ascott REIT) said unitholders’ distribution surged 17% to $30 million for 3Q 2013 compared with the same period last year. Distribution per unit (DPU) for 3Q 2013 grew 6% to 2.37 cents.

Revenue increased 11% quarter-on-quarter to $86.1 million in 3Q 2013. This was primarily due to contributions from 17 new properties acquired in the second half of 2012 and June 2013. The new properties are located in China, Germany, Japan and Singapore. In line with the increase in revenue, gross profit grew 10% to $44.8 million in 3Q 2013.

Ronald Tay, ARTML’s Chief Executive Officer, said: “For 3Q 2013, Unitholders’ distribution surged 17% and we achieved strong revenue growth of 11%. Revenue for China and Germany rose 130%1 and 220%1 respectively. This was largely due to contributions from our newly acquired Ascott Guangzhou, Citadines Biyun Shanghai, Citadines Xinghai Suzhou, Somerset Heping Shenyang and Madison Hamburg. Revenue for Japan was up by 36% because of the rental housing properties we acquired in June 2013, and higher demand from corporate and leisure travellers.”

Tay added: “We will continue to invest on asset enhancement initiatives in 2013 and 2014 to drive organic growth. In Belgium, revenue increased 13%1 following the refurbishment of Citadines Sainte-Catherine Brussels. We completed the first phase of refurbishment for both Citadines Toison d’Or Brussels and Somerset Xu Hui Shanghai in 3Q 2013, lifting average daily rates by 20% and 35% respectively for the renovated apartments. The renovation of five properties is on track. They are Ascott Jakarta, Ascott Makati, Somerset St Georges Terrace Perth, Citadines Toison d’Or Brussels and Citadines Ramblas Barcelona.”

icy97

Ascott Reit to raise $204 mln through rights issue
Source: Reuters   |   Publish date: Tue, 5 Nov 10:18
http://www.theedgesingapore.com/the-daily-edge/business/46151-ascott-reit-to-raise-204-mln-through-rights-issue.html

Ascott Residence Trust (Ascott Reit) is seeking to raise $253.7 million through a rights issue to capitalise on new opportunities.

It has launched an underwritten renounceable issue to existing unit-holders, who will be offered 253.7 million rights units at a ratio of one unit for every five units already held as at the book closure date.

icy97

Ascott REIT unitholders’ distribution rises 15% to record high of $114.8 mil for FY 2013 but DPU falls
Source: The Edge   |   Publish date: Wed, 22 Jan 00:00
http://www.theedgesingapore.com/the-daily-edge/business/46999-ascott-reit-unitholders-distribution-rises-15-to-record-high-of-1148-mil-for-fy-2013-but-dpu-falls.html

Ascott Residence Trust’s (Ascott REIT) unitholders’ distribution rose 15% year-on-year to a record high of $114.8 million for FY 2013.

However, due to the effects from the rights issue in December 2013, Distribution per unit (DPU) for FY 2013 fell 4% to 8.40 cents, which represents a 6.9% yield based on the closing price of $1.21 on 31 December 2013.

Excluding the effects from the rights issue, DPU for FY 2013 would be a historical high of 9.03 cents.

Revenue increased by 4% to $316.6 million in FY 2013 compared to FY 2012 mainly due to contributions from new properties acquired in 2012 and 2013. The new properties are located in China, Germany, Japan and Singapore. In line with the increase in revenue, gross profit increased 1% to $161.2 million in FY 2013.

Lim Jit Poh, Ascott Residence Trust Management Limited’s (ARTML) Chairman, says: “Ascott REIT has delivered strong returns to Unitholders in 2013. In all four quarters, we achieved double-digit growth in Unitholders’ distribution mainly due to our strategic acquisitions of quality assets. Our rights issue was 1.6 times oversubscribed in December 2013 and we also commenced the strata sale of 81 units in Somerset Grand Fortune Garden Beijing. When fully sold, the proceeds will enable us to fund future acquisitions and further enhance Unitholders’ returns. We will actively seek acquisitions in gateway cities in China, Japan, Malaysia, Australia and Europe.”

“The International Monetary Fund (IMF) expects the global economy to grow in 2014. In line with IMF’s outlook, we expect the performance of Ascott Reit’s properties to remain stable. Ascott Reit’s extended stay business model and geographical diversification will continue to provide income stability,” adds Lim.

Ronald Tay, ARTML’s Chief Executive Officer, says: “Ascott REIT will further capture organic growth through asset enhancement programmes. Average daily rates for the renovated apartments at Ascott Jakarta grew 20%. At Ascott Raffles Place Singapore, we are converting 35 studios into one-bedroom apartments to maximise the use of space due to the demand from long stay guests. We have rebranded Somerset St Georges Terrace Perth into a Citadines property and are on track to complete the refurbishment of Citadines Ramblas Barcelona and Citadines Toison d’Or Brussels. In 1H 2014, we will begin the refurbishment of Somerset Olympic Tower Tianjin and the second phase of renovation for Somerset Xu Hui Shanghai.”

horses

大家对这个股有什么看法吗？

icy97

文： 2014年02月21日 每日头条
http://www.sharesinv.com/zh/articles/44970/

雅诗阁公寓信托(Ascott Residence Trust)将以4亿6,830万人民币(9,730万元)收购中国大连的一个服务式公寓。收购价比估值低，并料收购将于7月31日完成。假设把该产业并入FY13业绩，FY13的每单位派息将提高至0.0853元。


Ascott REIT to acquire first Dalian property for $119 mil
Source: The Edge   |   Publish date: Thu, 20 Feb 19:35  
http://www.theedgesingapore.com/the-daily-edge/business/47338-ascott-reit-to-acquire-first-dalian-property-for-119-mil.html

Ascott Residence Trust (Ascott REIT) has agreed to acquire its first serviced residence in Dalian for RMB571 million ($118.6 million) from Winner Sight Investments Limited for an EBITDA yield of 5.5%. The accretive acquisition is expected to increase FY 2013 distribution per unit by 1.5% from 8.40 cents to 8.53 cents.

The 195-unit serviced residence provides convenient access to the city and Dalian Zhoushuizi International Airport. It is a 25-minute drive from Dalian North Railway Station and within walking distance to the metro station as well as amenities such as supermarket, international schools and hospital.

Part of a mixed-use development that also comprises an office tower and a retail podium, the serviced residence offers a range of one to three-bedroom apartments and penthouses. Facilities at the property include a gymnasium, business centre, swimming pool, spa and children’s play area.
Lim Jit Poh, Ascott Residence Trust Management Limited’s (ARTML) Chairman, says: “This is Ascott REIT’s first acquisition after our successful rights issue in December 2013 which raised $253.7 million. It demonstrates our ability to redeploy the funds by investing in yield accretive assets. While this acquisition in Dalian is from a third party, we are also looking at potential acquisitions from our sponsor, The Ascott Limited (Ascott), in key cities in China, Japan, Australia, Malaysia and Europe.”

In China, Ascott Reit currently owns seven serviced residences with more than 1,200 apartment units across Beijing, Guangzhou, Shanghai, Shenyang, Suzhou and Tianjin.

icy97

每日头条 | 2014年03月21日
http://www.sharesinv.com/zh/articles/45563/

雅诗阁公寓信托(Ascott Residence Trust)将以63亿日元(约7,840万元)收购日本福冈市一个供出租的住宅物业。估计该物业将把公司的FY13派息从0.0840元推高至0.0858元。

icy97

雅诗阁公寓信托受看涨的原因
Tradeable | 2014年03月28日
http://www.sharesinv.com/zh/articles/45683/

文 : 林思杰（译：麦美莹）

公司简介

雅诗阁公寓信托(Ascott REIT)(SGX: A68U)的保荐人是雅诗阁(The Ascott Ltd)，后者是凯德集团(CapitaLand)(SGX: C31)的全资子公司。

雅诗阁公寓信托是一个服务公寓投资信托，它主要投资于可以带来收入的房地产及房地产相关资产。

公司的组合包含了大约68个产业的7,427 公寓单位，它们遍布于12个国家的25个城市。 公司的服务公寓是以雅诗阁(Ascott)、馨乐庭(Citadines)及盛捷(Somerset)等品牌经营，它们大多位于新加坡、北京、上海、广州、东京、伦敦、巴黎及柏林等大城市。

这些地理位置让公司可以接触不同的经济周期，因此它可以持续获得稳定的收入及资产估值。公司的稳定收入进一步获得支撑是因为部分产业签订了：
1. 主租约及
2. 含有最低保证收入的服务公寓合约

这写合约主要是来自其欧洲组合



雅诗阁公寓信托组合的地理位置

新加坡REIT简介

房地产投资信托(REIT)通常会把它们最少90%的收入分派给单位持有者，从而获得新加坡政府的税务优惠。

大部分在新加坡交易所挂牌的REIT会投资于酒店与住宿、工业与办公楼、住宅、零售及医疗保健等产业。

对投资者而言，REIT提供一个机会让他们在大型及多元产业组合中拥有股份，但不需要付出庞大的资金。

本地的26个REIT的每年平均总回报率为1.4%，中位数为1.1%。平均指示性股息获益率为6.3%，中位数为6.4%。

产业价格通常会随着通胀上升。新加坡REIT往往被视为一个可以保护投资者免受通胀负面影响的投资工具。

公司的业务模式

公司通过3个模式来经营其服务住宅:
1.主租约
2.拥有最低保证额的管理合约
3.管理合约

公司59.2%的房地产资产是属于永久契约，这些资产为公司带来大约45.7%的总收入。永久地契确保公司在未来可以持续获得收入来源。

公司的最新发展

公司在FY13派发每股0.07元的股息。它在过去3年持续派发平均每股0.071元的股息，显示它的财政稳健。

公司最近宣布以大约7,840万元收购在日本福冈的一个租赁房屋产业。公司的管理层认为这项收购让公司可以在稳定的日本市场扩大其足印。

日本的平均产业价格依然低于其在1991年高峰期的71%。可是，位于大城市附近的地价不断攀升。

公司可能是以一个便宜的价格买入一个正在增长中的资产。日本年轻人由于不容易取得房屋贷款，因此越来越多年轻人租住房屋。

公司在短期内可以从租赁市场中受惠，而长期而言，它可以从产业的资本收益中受惠。

基本面

• 资产回报率(ROA): 3.21%
  

投资者大约可以从ROA这个数字知道公司怎样有效地把其所拥有的资金来投资于净收入。公司的ROA为3.21%，显示它不但有能力把资金转换为稳健的净收入来源，同时证明其资产持续取得不错的表现。

• 估值分析
  

• 股息获益率: 6.00%
  

公司的股息获益率低于行业平均数0.3%。
如果与海峡时报指数的股息获益率(2.85%)相比，公司的表现高出基准指数许多。

• 流动比率: 1.91
  

如果公司在这一刻宣布破产，它在偿还其短期债务后，它依然拥有90%的流动资产可以分配给其股东。
这或许清楚显示公司的偿债能力没有问题，这点可能很重要，尤其是如果在不遇见的情况下公司被要求偿还其短期债务。

• 本益比对照
  

#看涨
从公司的财务报告来看，我们不难发觉公司是被低估。基于其打了折的股价账面值(P/B)与企业价值(EV)比，我认为公司的估值大概被低估了20%。从中至长期而言，我对这只股的表现看好。

为取得更大的回报，投资者不妨先静观其变，看看其股价是否会获得更大的折扣。

icy97

每日头条 | 2014年04月25日
http://www.sharesinv.com/zh/articles/46423/

雅诗阁公寓信托(Ascott Residence Trust)在1Q14录得收入增加16.2%至8,040万元，由于其欧洲物业的表现提高、欧元兑新元升值及刚刚收购的日本物业带来贡献。毛利提高16%。公司宣布派发每单位0.0175元的股息。


Ascott REIT announces Q1 DPU at 1.75 cts
Source: The Edge   |   Publish date: Thu, 24 Apr 08:37
http://www.theedgesingapore.com/the-daily-edge/business/48087-ascott-reit-announces-q1-dpu-at-175-cts.html

Ascott Residence Trust’s (Ascott REIT) revenue for 1Q 2014 surged 16% to $80.4 million compared to 1Q 2013.

This was largely due to contributions from new properties acquired in 2013 and stronger contribution from existing properties mainly from the United Kingdom, France, Germany and Vietnam. In line with the increase in revenue, gross profit jumped 16% to $39.2 million in 1Q 2014.

Ascott REIT achieved unitholders’ distribution of $26.7 million and distribution per unit (DPU) of 1.75 cents for 1Q 2014.

The DPU for 1Q 2014 is 5% higher than the adjusted DPU of 1.67 cents for 1Q 2013, which was adjusted for the effects from Ascott REIT's rights issue in December 2013 and excluded a one-off realised foreign exchange gain of $8.1 million in 1Q 2013.

icy97

深入探讨雅诗阁公寓信托
企业摘要 | 2014年05月26日
文 : Jonathan Kho（译：麦美莹）
http://www.sharesinv.com/zh/articles/47102/

很多人都知道雅诗阁公寓信托(Ascott Residence Trust，以下简称ART)的负债比率相当高，而其大部份的资产是分布在海外市场，对我这个避险投资者来说，可能会觉得这只股的风险有点过高。

可是，作为一个明智投资者， 我觉得ART的基本面可能不是显而易见，现在，就让我们对这只股作深入的探讨。

作为一个酒店房地产投资信托(REIT)，你可能会认为ART的收入会随着旅游数字及经济增长而波动。可是，尽管近几年来我国的房地产业不稳定及因条例管制而令增长受限，但ART的回报率一直在上升。



ART的表现受到两个优势支持：资产分布在不同地域及长期居留业务模式

资产分布在不同地域
与其同行不同的是，ART的业务分布在全球12个国家的32个城市，大部份是在欧洲及亚洲，提供了9,082个住宿单位，总资产值达到37亿元。ART总共有82个产业，市值为18亿元。



长期居留业务模式
ART是专门提供服务公寓单位给企业旅客的REIT，这些旅客的逗留期间一般上是较长及较稳定，跟那些短期住在酒店的观光旅客，不大相同。此外，ART也拥有主租约及为其带来最低限度保证收入的服务公寓管理合约， (占总收入的51%)



鉴于ART的51%收入是由主租约及拥有最低保证收入的管理合约组成(这些合约的平均余下年期为5年)，ART的收入因此不会出现大幅的波动，我们从其稳定增加的每单位派息(DPU)及租金回报率便可见一斑。



估值
ART目前是以1.20元交易，大约是其净资产值(NAV)的12%折扣，比起其酒店同行相对便宜。



负债
尽管ART的估值比其酒店同行便宜许多，但其负债比率却比其竞争者来得高。

鉴于其净负债股本比达到47%及利息覆盖率为6.6倍，这可能说明了为何其估值偏低。尽管ART的信贷评级为Baa3 (投资级别)，但高企的债务仍 有点令人担忧。



但在进一步分析ART的债务结构后，情况变得比较乐观。

这些比率并没有反映到其80%的债务是仅以平均3%的固定利率借入！

此外，其大部份债务将会在2018年才到期，因此ART不会受到近期可能加息的影响。



投资优势

• ART受到大股东的强力支持，因此在经济低迷期间，它不大可能受到银行或资本市场的支配
  

• 如果雅诗阁将来出售产业，公司将获得优先购买权
• 尽管新加坡的产业市场不稳定及上升空间有限，但由于公司的产业分布在不同地域，确保了稳定的收入来源
• 长期居留模式
• 债务结构稳健，80%为定期低利率，其中大部份在2018年之后才到期
• 估值便宜，为其净资产值的12%折扣
• ART 持续把100%可分配收入派作股息
• 7%的股息获益率十分吸引，高于大部份同行
  

投资风险

• 环球旅游业或许走下坡，这可能会是由于中东呼吸系统综合症（MERS）蔓延或遇上经济放缓导致
• 利率预期将会升高，ART可能需要在较高利率下进行再融资
  

《股市资讯》的看法
在细看ART的基本面后，我们得悉其债务稳健。再加上其7%的获益率十分诱人，而其估值为其净资产值的12%折扣，十分便宜，因此它是投资环球酒店业的不错选择。

还有，我们不要忘记，ART是房地产巨子凯德集团(CapitaLand)的子公司。

icy97

斥资4.4亿 雅诗阁产托购马中3公寓
财经新闻 财经  2014-07-09 11:02
http://www.nanyang.com/node/633756?tid=462

（吉隆坡8日讯）雅诗阁产业信托（Ascott Reit）已签署有条件协议，以1亿7390万新元（约4亿4480万令吉）在吉隆坡、中国武汉及西安，收购3项服务公寓。

该信托以1亿7500万令吉，向The Ascott收购位于吉隆坡安邦207个单位的盛捷服务公寓（Somerset）。

此外，将分别以2亿5200万人民币（约1亿2900万令吉）及2亿7000万人民币（约1亿3880万令吉），向中国雅诗阁服务公寓基金，收购武汉的馨乐庭沌口（Citadines Zhuankou）及西安馨乐庭高新（Gaoxin）服务公寓。

雅诗阁公寓信托管理公司（ARTML）主席林日波表示，这是在大马首个收购的服务公寓。

“很多跨国企业已在国内成立办公室，而2013年外来直接投资（FDI）按年增25%，至388亿令吉。这个趋势预计将会增加，因政府的亲商政策，把大马打造成一个经商及投资环境友好的地点。”

ARTML总执行长郑罗纳德（译音）表示，吉隆坡是主要的商业中心，且是国际旅客到大马的闸道。

“政府正把大马打造成亚洲举办会议、大会及展览会的领先地点。”

他补充，吉隆坡的先进基建、优质的设施，及具竞争力的经商成本将会继续吸引跨国企业设立业务，且吸引外籍人士及旅客住用服务公寓。

在收购者三项优质资产，该信托将会有接近1万个公寓单位，且会把资产规模扩大至40亿新元（约102亿令吉）。

icy97

雅诗阁入股QSA 20%
财经 天下  2014-10-24 09:46
http://www.nanyang.com/node/657511?tid=462

（新加坡23日讯）新加坡服务公寓业主和运营商雅诗阁（Ascott）以2880万澳元（约8266万令吉）收购澳洲最大规模服务公寓企业Quest Serviced Apartments（简称QSA）的20%股权。

《联合早报》报道，QSA在澳洲拥有112个物业。

雅诗阁预计，未来五年会通过后者，投资5亿澳元（约14亿令吉）收购当地的产业。

同时，雅诗阁公寓信托（Ascott Reit）也将以8300万澳元（约2.4亿令吉）的价格，向QSA收购在悉尼的三个服务公寓；这是前者首次在澳洲新南威尔斯收购物业。