- Portfolio RevPAU grew 17% y-o-y and 3% q-o-q to S$154 in 3Q23, which is 2% above pre-pandemic levels. CapitaLand Ascott Trust's key markets in Japan (+198% y-o-y), Australia (+18% y-o-y) and the US (+12% y-o-y) registered the strongest sequential growth in RevPAU on a same-store basis.
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- CapitaLand Ascott Trust provides 2024 distribution yield of 6.7%. Maintain BUY. Target price: S$1.25.
CapitaLand Ascott Trust (CLAS)'s 3Q23 business update
- CapitaLand Ascott Trust (SGX:HMN) provided its 3Q23 business update, which is in line with our expectation.
Broad-based recovery.
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- Key markets in Japan (+198% y-o-y), Australia (+18% y-o-y) and the US (+12% y-o-y) registered the strongest sequential growth in RevPAU on a same-store basis, which exceeded pre-pandemic levels by 17%, 13% and 10% respectively.
- RevPAU for Singapore and the UK was also above pre-pandemic levels by 26% and 10% y-o-y respectively. Portfolio occupancy improved by 2ppt q-o-q to 77%.
- On a constant currency basis, RevPAU expanded by 9-22% y-o-y with the exception of Japan, which tripled y-o-y on the successful reopening to international leisure travel.
- Gross profit increased 13% y-o-y in 3Q23, which is slower than growth of 31% y-o-y in 1H23, due to a higher base with a steep recovery in 3Q22.
Japan: Boost from international leisure demand.
- Read more at SGinvestors.io.
