Aims Amp - Phillip Securities

AAC recorded 2Q2011 revenue of $16.8 million ( +42.1% YOY), net property income of $12 million ( +3% YOY) and distributable income available to unitholders of $8.3 million (+55.2% YOY). AAC will payout 97.5% of distributable income, and DPU for the quarter was 0.3968 cents (-79% YOY). In 4Q2010, when AAC added properties to its portfolio. Results exclude contribution from the October acquisition ; so, we expect subsequent quarters to show improvement. We forecast 2H2011E DPU to 1.785 cents, or a yield of 8%. We revise up our price target slightly to 24 cents derived from a DDM model.