CapitaLand Ascott Trust - OCBC Investment 2024-01-30: First Class

CapitaLand Ascott Trust - First Class

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

FY23 results came in above expectations on one-off items

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Robust financial performance underpinned by recovery in operational metrics

  • CapitaLand Ascott Trust’s 2H23 RevPAU rose 10% y-o-y to S$157, reaching 103% of 2H19’s pro forma RevPAU. Strong RevPAU performance throughout the year was underpinned by elevated average daily rates (ADR).
  • Portfolio occupancy stood at 77% in 4Q23, ~92% of pre-COVID levels. China and Vietnam continue to lag, with 4Q23 same-store occupancy at 86% and 88% of 4Q19’s pro forma levels, respectively, though recovery momentum in these markets remains positive.
  • As international flight capacity continues to increase and visa-free travel arrangements are implemented, management of CapitaLand Ascott Trust expects occupancy to continue to recover, lending support to RevPAU.

Credit metrics remain healthy

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Above is the excerpt from report by OCBC Investment Research.
Clients of OCBC Securities may be the first to access the full report in PDF @

Ada Lim OCBC Investment Research | 2024-01-30

Read also OCBC's most recent report:
2024-04-24 CapitaLand Ascott Trust - Electric Touch.

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


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