CapitaLand Ascott Trust - Phillip Securities 2024-11-01: Portfolio Reconstitution Efforts Bearing Fruit

• Limited financial details were provided in this business update. CapitaLand Ascott Trust's 3Q24 gross profit rose 8% y-o-y, driven by stronger operating performance and portfolio reconstitution initiatives, which included S$350mil in acquisitions and S$500mil in divestments at premium to book value year-to-date. Excluding acquisitions and divestments, gross profit rose 2% y-o-y.
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• CapitaLand Ascott Trust remains our top pick in the sector with its geographically diversified portfolio, wide range of lodging asset classes, stable income base which has proven its resilience through COVID-19, and a strong sponsor.

The Positives

Portfolio RevPAU continues to improve despite the high base in FY23.

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• RevPAU for CapitaLand Ascott Trust’s five key markets in Australia, Japan, Singapore, the UK, and the USA continued to match or exceed pre-COVID 3Q19 levels. All key markets experienced mid-single-digit growth in RevPAU, except for Australia, where RevPAU fell by 11% due to a lighter events calendar in 3Q24, as the FIFA Women’s World Cup took place in 3Q23.
• RevPAU in Singapore grew 5% y-o-y, benefitting from The Robertson House rebranding and increased leisure demand during the F1 Singapore Grand Prix.

France saw a 11% jump in master lease revenue

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Darren Chan Phillip Securities Research | Liu Miaomiao Phillip Securities Research | http://www.poems.com.sg/ 2024-11-01 SGinvestors.io

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