- CapitaLand Ascott Trust (SGX:HMN) reported another set of robust results at its 3Q23 business update, as gross profit for the period grew 13% y-o-y to reach 103% of 3Q19 pro forma levels.
The wanderlust continues
- - Read this at SGinvestors.io -
- Notwithstanding the fact that 3Q23 growth has moderated from 1Q23 and 2Q23 levels on the back of higher base effects, CapitaLand Ascott Trust's 9M23 gross profit posted a decent 23% y-o-y growth, as increase in revenue more than offset higher operating and financing costs.
Further positive momentum likely to be driven by occupancy
- In 3Q23, CapitaLand Ascott Trust’s portfolio revenue per available unit (RevPAU) grew 17% y-o-y and 3% q-o-q to S$154, reaching 102% of pre-COVID 3Q19 pro forma levels.
- - Read this at SGinvestors.io -
- Performance in China and Vietnam continued demonstrate positive q-o-q recovery momentum, with same-store RevPAU at 80% and 84% of 3Q19 levels respectively (2Q23: 78% and 83% of 2Q19 levels respectively).
Credit metrics remain healthy
- Read more at SGinvestors.io.
Above is the excerpt from report by OCBC Investment Research.
Clients of OCBC Securities may be the first to access the full report in PDF @ https://www.iocbc.com/.
Ada Lim OCBC Investment Research | https://www.iocbc.com/ 2023-10-31
Read also OCBC's most recent report:
2024-07-26 CapitaLand Ascott Trust - Summer Vibes.
Previous report by OCBC:
2024-04-24 CapitaLand Ascott Trust - Electric Touch.
Price targets by 3 other brokers at CapitaLand Ascott Trust Target Prices.
Listing of research reports at CapitaLand Ascott Trust Analyst Reports.
Relevant links:
CapitaLand Ascott Trust Share Price History,
CapitaLand Ascott Trust Announcements,
CapitaLand Ascott Trust Dividends & Corporate Actions,
CapitaLand Ascott Trust News Articles