- CapitaLand Ascott Trust (SGX:HMN)'s FY23 DPU of 6.57 cents (+16% y-o-y) beat our/Bloomberg consensus FY23F at 107.8/%115.4%. Excluding distribution of one-off realised exchange gains (FY22/23: S$29.1m/S$41.5m), DPU was 6.46 cents (+14% y-o-y), broadly in line at 106.1% of our FY23F. See CapitaLand Ascott Trust's distribution dates.
- - Read this at SGinvestors.io -
- On a same-store basis excluding new acquisitions, 2H23 revenue/gross profit was 8%/5% higher y-o-y.
Slowing RevPAU growth due to base effect
- 4Q/2H23 RevPAU rose 4%/10% y-o-y to S$161/157, with 4Q RevPAU reaching 103% of pre-COVID-19 pro forma RevPAU (3Q23: 102% of 4Q19 levels).
- - Read this at SGinvestors.io -
- 4Q23 portfolio occupancy came in at 77%, 92% of 4Q19 levels. While we think room rates appear toppish in several of CapitaLand Ascott Trust’s key markets, we expect RevPAU growth to continue into FY24F on the back of occupancy improvement.
Valuations held up well
- Read more at SGinvestors.io.
