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

• 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 SGinvestors.io
  
  

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  Previous report by Phillip:
  2023-07-31 CapitaLand Ascott Trust - Still Room For RevPAU Growth.

  Price targets by 4 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