CapitaLand Ascendas REIT - UOB Kay Hian 2024-02-05: Continues To Generate Strong Positive Rental Reversions In 2H23

• CapitaLand Ascendas REIT continued to clock strong positive rental reversion of 15.2% in 4Q23 (Singapore: 16.9%, Australia: 21.8%, the US: 11.0%). Portfolio occupancy eased slightly by 0.3ppt q-o-q to 94.2% in 4Q23.
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• Maintain BUY with a target price of S$3.62. CapitaLand Ascendas REIT provides a resilient 2024 distribution yield of 5.3%.

CapitaLand Ascendas REIT's 2H23 results

• CapitaLand Ascendas REIT (SGX:A17U) reported DPU of 7.441 cents for 2H23 (-6.1% y-o-y), which is slightly below our expectations. See CapitaLand Ascendas REIT's distribution dates.

Growth via acquisitions and higher occupancies.

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• NPI increased 4.6% y-o-y despite higher utility expenses and property taxes in Singapore. Finance costs increased 26.5% y-o-y.

Strong rental reversion from multiple drivers.

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Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.

Read also UOB's most recent report:
2025-06-18 CapitaLand Ascendas REIT - Expanding Data Centre Footprint In Home Base Singapore.

Previous report by UOB:
2025-02-10 CapitaLand Ascendas REIT 2H24 - Stepping Up On Redevelopment Projects Locally & Abroad.

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