CapitaLand Ascott Trust - Phillip Securities 2024-02-09: Further Upside From Occupancy Growth

• CapitaLand Ascott Trust (SGX:HMN)'s FY23 DPU of 6.57 cents (+16% y-o-y) exceeded our expectations by 11.7% due to a one-off realised exchange gain. Excluding one-off items, adjusted DPU increased 14% y-o-y to 5.44 cents, which was 93% of our forecast.
• - Read this at SGinvestors.io -
• CapitaLand Ascott Trust remains our top pick in thesector owing to its mix of stable and growth income sources and geographical diversification.

The Positives

4Q23 RevPAU grew above pre-pandemic level

• - Read this at SGinvestors.io -
• RevPAU in Australia, Japan, Singapore, UK and USA continued to exceed pre-COVID 4Q19 levels on a same-store basis.
• Japan saw a spike in RevPAU by 90% y-o-y after its re-opening to independent leisure travellers in Oct 2022.
• Performance in China and Vietnam continued to improve, with RevPAU at 86% and 88% of 4Q19 levels respectively.

Proactive capital management.

• Read more at SGinvestors.io.

Above is an excerpt from a report by Phillip Securities Research.
Clients of Phillip Capital may be the first to access the full PDF report @ https://www.stocksbnb.com/.

Read also Phillip's most recent report:
2025-10-30 CapitaLand Ascott Trust 3Q25 - Committed To Maintaining Stable Dividends.

Previous report by Phillip:
2025-07-31 CapitaLand Ascott Trust - Committed To Stable DPU Despite Upcoming AEIs.

Price targets by other brokers at CapitaLand Ascott Trust Target Prices.

Listing of research reports at CapitaLand Ascott Trust Analyst Reports.

Relevant links:
CapitaLand Ascott Trust Share Price History,
CapitaLand Ascott Trust Announcements,
CapitaLand Ascott Trust Dividend Payout Dates & Corporate Actions,
CapitaLand Ascott Trust News