CapitaLand Ascott Trust - UOB Kay Hian 2024-01-30: Broad-based Growth In 2H23 with More Room For Recovery In Asia Pacific

• Portfolio RevPAU increased 4% y-o-y to S$161 in 4Q23, 3% above pre-pandemic levels. There is more upside for recovery as average portfolio occupancy was stable at 77% in 4Q23 and remains below pre-pandemic levels of 84%.
• CapitaLand Ascott Trust benefits from continued asset recycling and asset enhancements. It has completed renovation for The Robertson House, while works on seven other properties are ongoing.
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CapitaLand Ascott Trust's 2H23

• CapitaLand Ascott Trust (SGX:HMN) reported 2H23 DPU of 3.80 cents (+14% y-o-y), above our expectations. Excluding one-off items, such as realised exchange gain from the repayment of foreign currency loans and settlement of interest rate swaps, 2H23 DPU would be 3.00 cents (flat y-o-y), which is slightly ahead of our forecast of 2.83 cents.

Organic growth augmented by acquisitions.

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• Key markets Australia, Japan, Singapore, UK and the US generated higher RevPAU. Average portfolio occupancy was stable q-o-q at 77% in 4Q23, which remains below pre-pandemic levels of 84%.

Japan: Boost from international leisure demand.

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Jonathan KOH CFA UOB Kay Hian Research | https://research.uobkayhian.com/ 2024-01-30 SGinvestors.io

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