- CapitaLand Ascott Trust (SGX:HMN) reported 2H DPU of S$3.8cts, +14% y-o-y. Full year DPU was 6.57cts, +16% y-o-y, 11%/14% ahead of our/cons est. Adj. for realized FX gains, 2H DPU of S$3.0cts. was flat y-o-y while FY DPU was +14% y-o-y.
Improved operations; boost from one-off gains
- - Read this at SGinvestors.io -
- Factoring in recent acquisition, share placement and a lower discount rate, our estimates for CapitaLand Ascott Trust are relatively unchanged while our DDM-based CapitaLand Ascott Trust's target price goes up by 10% to S$1.10.
Room rates support RevPAU growth
- - Read this at SGinvestors.io -
- 2H23 RevPAU of S$157 rose 10% y-o-y while FY23 full year RevPAU of S$148 rose 23.3% y-o-y. Specifically, 4Q23 RevPAU of S$161 rose 4% q-o-q/ y-o-y and is 3% above pre-pandemic level on a same-store basis.
- Growth in RevPAU was led by room rates while average occupancy was stable q-o-q at 77% for 4Q23 and is 8% below pre-pandemic level.
- Barring China and Vietnam, key markets of Australia, Japan, Singapore, UK and the US continued to report RevPAU above pre-pandemic level notwithstanding some slowdown in Singapore and Australian market. While China and Vietnam grew q-o-q, RevPAU remains ~12-14% below pre-pandemic levels.
Prudent capital management; focus on recycling
- Read more at SGinvestors.io.
Above is the excerpt from report by Maybank Research.
Clients of Maybank Securities may be the first to access the full report in PDF @ https://www.maybanktrade.com.sg/.
Krishna Guha Maybank Research | https://www.maybank-ke.com.sg/ 2024-01-29
Read also Maybank's most recent report:
2024-07-31 CapitaLand Ascott Trust - Delivering Resilience; Stability Amid Portfolio Reconstitution.
Previous report by Maybank:
2024-06-04 CapitaLand Ascott Trust - Boosting Stable Income Base.
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