CapitaLand Ascendas REIT - OCBC Investment 2024-02-06: Finding Ways To Create Value

CapitaLand Ascendas REIT - Finding Ways To Create Value

CapitaLand Ascendas REIT (SGX:A17U) | SGinvestors.ioCapitaLand Ascendas REIT (SGX:A17U)
  • CapitaLand Ascendas REIT (SGX:A17U) provided reported gross revenue of S$761.7m for its 2H23 results, an increase of 6.1% y-o-y. Net property income (NPI) rose by a smaller magnitude of 1.1% y-o-y to S$514.3m due to higher operating expenses, while DPU fell 3.6% y-o-y to S$0.07441 as a result of higher borrowing costs and an enlarged unit base.

Results within our expectations

Operating metrics were mostly resilient

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  • For Singapore, occupancy for all key segments stood above the industry averages (based on JTC statistics). CapitaLand Ascendas REIT’s US and Australia portfolios saw sequential declines in occupancy by 1.7 ppt and 0.3 ppt to 90.4% and 98.7%, respectively.

Solid rental reversions of 13.4% achieved which was above management’s guidance

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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 @

OCBC Research Team OCBC Investment Research | 2024-02-06

Previous report by OCBC:
2023-10-31 CapitaLand Ascendas REIT - Look Beyond The Noise.

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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