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:
2025-08-07 CapitaLand Ascendas REIT - Contributions From New Acquisitions To Flow Through In 2H25.

Previous report by UOB:
2025-06-18 CapitaLand Ascendas REIT - Expanding Data Centre Footprint In Home Base Singapore.

Price targets by 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