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

• 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

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• See CapitaLand Ascendas REIT's distribution dates.

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 an excerpt from a report by OCBC Investment Research.
Clients of OCBC Securities may be the first to access the full PDF report @ https://www.iocbc.com/.

Read also OCBC's most recent report:
2025-05-29 CapitaLand Ascendas REIT - Deepening Its Presence In Singapore.

Previous report by OCBC:
2025-04-29 CapitaLand Ascendas REIT - Still Strong Rental Reversions But Weaker Occupancy.

Price targets by 2 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 Dividend Payout Dates & Corporate Actions,
CapitaLand Ascendas REIT News