CapitaLand Ascendas REIT - CGS-CIMB Research 2024-02-07: Dragged By Higher Funding Cost

CapitaLand Ascendas REIT - Dragged By Higher Funding Cost

CapitaLand Ascendas REIT (SGX:A17U) | SGinvestors.ioCapitaLand Ascendas REIT (SGX:A17U)
  • CapitaLand Ascendas REIT (SGX:A17U) reported an 11%/4.6% y-o-y rise in 2H23 revenue/NPI to S$761.7m/S$514.3m, with contributions from new acquisitions and better performance of existing assets. However, distribution income dipped 1.9% y-o-y to S$326.9m, largely on the back of higher interest expenses.

2H/FY23 DPU below our estimates

FY24 funding cost at below 4%

  • CapitaLand Ascendas REIT saw a 3% expansion in portfolio value to S$16.92bn at end-FY23 due to new acquisitions. On a same-store basis, it experienced a 1.8% decline in asset values, largely coming from lower asset values in the US and Australia, partly offset by higher valuation in Singapore and UK/Europe.
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Portfolio rental reversion averaged +13.4% in FY23

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Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @

LOCK Mun Yee CGS-CIMB Research | Natalie ONG CGS-CIMB Research | 2024-02-02

Previous report by CGS-CIMB:
2023-10-30 CapitaLand Ascendas REIT - Resilient Operations.

Price targets by 4 other brokers at CapitaLand Ascendas REIT Target Prices.

Listing of research reports at CapitaLand Ascendas REIT Analyst Reports.

Relevant links:
CapitaLand Ascendas REIT Share Price History,
CapitaLand Ascendas REIT Announcements,
CapitaLand Ascendas REIT Dividends & Corporate Actions,
CapitaLand Ascendas REIT News Articles


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