CapitaLand Ascott Trust - Phillip Securities 2023-11-01: Occupancy To Trend Upwards

CapitaLand Ascott Trust - Occupancy To Trend Upwards

CapitaLand Ascott Trust (SGX:HMN) | SGinvestors.ioCapitaLand Ascott Trust (SGX:HMN)
  • 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).
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  • 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.
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The Positives

3Q23 RevPAU grew 17% y-o-y.


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