CapitaLand Ascendas REIT - UOB Kay Hian 2023-08-03: 1H23 In Line; BUY For Excellence In Execution

CapitaLand Ascendas REIT - 1H23 In Line; BUY For Excellence In Execution

Published:
CapitaLand Ascendas REIT (SGX:A17U) | SGinvestors.ioCapitaLand Ascendas REIT (SGX:A17U)

Growth from acquisitions in Singapore and the US.

  • Gross revenue grew 7.7% y-o-y in 1H23 with contributions from three newly-acquired properties in Singapore in 1H23 (622 Toa Payoh Lorong 1 – high-tech industrial, 1 Buroh Lane – cold storage facility and The Shugart – business park property) and in the US during 2022.
  • - Read this at SGinvestors.io -
  • CapitaLand Ascendas REIT's 1H23 DPU declined by 2.0% to 7.719 cents due to enlarged unit base following the private placement in May 23. See CapitaLand Ascendas REIT's distribution dates.

Stable occupancies in Singapore, Australia and UK/Europe.

  • - Read this at SGinvestors.io -
  • Occupancy rate for the US declined 3.2ppt y-o-y to 92.1% due to lower occupancies recorded at business space properties in Raleigh.

Strong positive rental reversion from Singapore.

  • CapitaLand Ascendas REIT recorded positive rental reversion of +18.0% for leases renewed in multi-tenant buildings during 2Q23 (Singapore: +19.5%, US: +11.0% and Australia: +12.9%).
  • In Singapore, CapitaLand Ascendas REIT registered exceptionally strong rental reversion of +39.1% for logistics properties due to limited supply and adoption of just-in-case supply chain management. Rental reversion for business space & life science was equally impressive at +17.9%.

Coping with higher cost of debt.

  • Read more at SGinvestors.io.




Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @ https://www.utrade.com.sg/.




Jonathan KOH CFA UOB Kay Hian Research | https://research.uobkayhian.com/ 2023-08-03



Read also UOB's most recent report:
2024-02-05 CapitaLand Ascendas REIT - Continues To Generate Strong Positive Rental Reversions In 2H23.

Previous report by UOB:
2023-11-02 CapitaLand Ascendas REIT - 3Q23 In Line.

Price targets by 4 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





Advertisement

You May Also Like




SGX Stock / REIT Search

Advertisement

Most Read

Trust Bank God Of Fortune Referral Code PGKPSWAE Trust Bank Referral Code 🧧

Advertisement