CapitaLand Ascendas REIT - OCBC Investment 2024-07-31: Stronger Rental Reversion Guidance

• CapitaLand Ascendas REIT (SGX:A17U)’s 1H24 results met our expectations. Gross revenue and net property income (NPI) rose 7.2% and 3.9% y-o-y to S$770.1m and S$528.4m respectively. This was driven by acquisitions and contribution from development projects, but partially offset by the loss of income from divestments and higher property operating expenses.
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Guidance for FY24 rental reversions lifted to positive high-single digit range following uplift of 11.7% in 2Q24

• CapitaLand Ascendas REIT achieved another quarter of double-digit rental reversions, which came in at +11.7% for 2Q24 and 13.4% for 1H24. This led management to raise its guidance for its FY24 rental reversions to be in the positive high-single digit range, versus mid-single digit previously.
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More time is needed to backfill vacancies.

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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