- CapitaLand Ascott Trust (SGX:HMN)'s 3Q23 gross profit rose 13% y-o-y to reach 103% of pre-COVID 3Q19 levels. 3Q23 portfolio RevPAU rose 17% y-o-y to S$154, reaching 102% of pre-COVID 3Q19 levels on the continued improvement in portfolio occupancy (77% vs 70% in 3Q22) and average daily rates (ADR).
- - Read this at SGinvestors.io -
- FY23e/FY24e DPU forecast for CapitaLand Ascott Trust is lowered by 6%/14% after accounting for the higher share base (+9%) from the equity fund-raising exercise, proposed acquisitions, and higher finance costs.
- Upgrade CapitaLand Ascott Trust from ACCUMULATE to BUY due to recent share price performance, DDM-based target price lowered from S$1.20 to S$1.04.
- - Read this at SGinvestors.io -
The Positives
3Q23 RevPAU grew 17% y-o-y.
- 3Q23 RevPAU grew 17% y-o-y to S$154 reaching 102% of pre-pandemic 3Q19 pro-forma RevPAU. Average daily rates (ADRs) remained above pre-COVID levels, while occupancy improved 2ppts q-o-q to 77% in 3Q23 (3Q22: 70%).
- All markets experienced RevPAU growth y-o-y, with Singapore, Australia, USA, UK, and Japan performing above pre-COVID levels.
- Read more at SGinvestors.io.
Above is the excerpt from report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full report in PDF @ https://www.stocksbnb.com/.
Darren Chan Phillip Securities Research | https://www.stocksbnb.com/ 2023-11-01
Read also Phillip's most recent report:
2024-11-01 CapitaLand Ascott Trust - Portfolio Reconstitution Efforts Bearing Fruit.Previous report by Phillip:
2024-07-29 CapitaLand Ascott Trust - Olympics To Support Stronger 2H24.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
