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

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.
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  • 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.

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  • 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.

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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 @

Jonathan KOH CFA UOB Kay Hian Research | 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


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