- Downgrade CapitaLand Ascendas REIT (SGX:A17U) to HOLD as it’s fairly valued, and lowering DDM-based target price to S$2.75 (3% upside).
- While we like CapitaLand Ascendas REIT’s diversified footprint and long operating history, we think its biz. parks may experience transitional vacancies as tenants adopt the hybrid work and manager repositions the assets. Positive reversions and improving occupancy in Singapore may mitigate some of the impact.
- - Read this at SGinvestors.io -
Resilient operating metrics
- CapitaLand Ascendas REIT's 3Q22 update shows improved portfolio occupancy of 94.5% vs 91.7% a year ago. This was led by Singapore where occupancy rose by ~3ppt on a same-store basis. Portfolio rent reversion was 5.4% (Singapore +4.4%) for the quarter and 8% for 9M22.
- - Read this at SGinvestors.io -
Repositioning assets, M&As
- Read more at SGinvestors.io.
Above is the excerpt from report by Maybank Research.
Clients of Maybank Securities may be the first to access the full report in PDF @ https://www.ketrade.com.sg/.
Krishna Guha Maybank Research | https://www.maybank-ke.com.sg/ 2023-02-10
Read also Maybank's most recent report:
2023-08-01 CapitaLand Ascendas REIT - Weak Results; Downside Risk To Occupancy Persists.
Previous report by Maybank:
2023-05-17 CapitaLand Ascendas REIT - Fortifying Leadership In Business Space With Accretive Deals But Fairly Valued.
Price targets by 5 other brokers at CapitaLand Ascendas REIT Target Prices.
Listing of research reports at CapitaLand Ascendas REIT Analyst Reports.
Relevant links:
CapitaLand Ascendas REIT Share Price History,
CapitaLand Ascendas REIT Announcements,
CapitaLand Ascendas REIT Dividends & Corporate Actions,
CapitaLand Ascendas REIT News Articles
