CapitaLand Ascott Trust - DBS Research 2024-07-29: Waiting For The Olympics Leap

• CapitaLand Ascott Trust (SGX:HMN) reported 1H24 results with a 11% y-o-y increase in top-line revenue to S$386.4mil (in line). Gross profit saw a similar increase, at 12% y-o-y to S$172.9mil.
• - Read this at SGinvestors.io -
• Excluding one-off items such as IR swaps, DPU for the period would be an adjusted 2.41 cents – flat compared to 1H23’s 2.44 cents.

Portfolio occupancy flat y-o-y at 75%, due to AEI disruptions, especially in the UK.

• - Read this at SGinvestors.io -
• Growth for the quarter was led by the Japan (+29% y-o-y in 2Q24) and US markets (+3% y-o-y in 2Q24) and neutralised a 7% y-o-y decline in UK RevPAU, where room inventory was disrupted due to AEI work. Singapore RevPAU has remained unchanged on a y-o-y basis at S$168, after factoring in a change in the portfolio profile locally to include a rebranded asset (The Robertson House) and the divestment of Citadines Mount Sophia (CMSS).
• Proceeds from the CMSS divestment, which was completed in 1Q24, have been partly recycled to increase stakes in the student housing asset Standard at Columbia (90% to full stake), and pare down debt with higher cost.

Capital management stable on high hedges in place.

• Read more at SGinvestors.io.

Geraldine WONG DBS Group Research | Derek TAN DBS Research | https://www.dbs.com/insightsdirect/ 2024-07-29 SGinvestors.io

---