Brokers' take

Ascott Residence Trust | Hold Target price: S$1.16 April 19 close: S$1.14 CGS CIMB Research, April 18

While first quarter is the seasonally weakest, we consider 1Q18 distribution per unit (DPU) of 1.35 Singapore cents (+15 per cent year-on-year), which formed 19 per cent of our full-year forecast, to be a slight miss.

Adjusting for the realised forex gain of S$1.6 million, 1Q18 DPU would have registered a 9 per cent yoy improvement.