CapitaLand Ascendas REIT - Maybank Research 2024-04-23: Staying On The Sidelines

CapitaLand Ascendas REIT - Staying On The Sidelines

CapitaLand Ascendas REIT (SGX:A17U) | SGinvestors.ioCapitaLand Ascendas REIT (SGX:A17U)
  • While CapitaLand Ascendas REIT has an A-rated credit and a portfolio exposed to high-end manufacturing/R&D, a weaker operating trend and limited upside keep us on HOLD.

Healthy reversion, occupancy slipping

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  • Reversion guidance has been maintained at a mid-single-digit range.
  • Debt metrics were sequentially weaker with higher gearing and borrowing cost as well as a lower coverage ratio.

Operating trends: pluses & minuses

  • CapitaLand Ascendas REIT's portfolio occupancy was 93.3% in 1Q24, 90bps lower then 4Q23 and off from 94.4% a year ago. The decline was across its geographic footprint but primarily led by assets in the UK/Europe and Australia. Same-store occupancy in Singapore slipped slightly by 30bps q-o-q/10bps y-o-y to 92.2%.
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  • Management maintained rental reversion guidance for FY24 at a positive mid-single-digit range.

Debt metrics in a soft patch

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Above is the excerpt from report by Maybank Research.
Clients of Maybank Securities may be the first to access the full report in PDF @

Krishna Guha Maybank Research | 2024-04-23

Previous report by Maybank:
2024-02-02 CapitaLand Ascendas REIT - Limited Upside; Downgrade To HOLD.

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 Dividends & Corporate Actions,
CapitaLand Ascendas REIT News Articles


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