CapitaLand Ascott Trust - UOB Kay Hian 2024-11-01: Steady Rise In RevPAU; Disciplined Capital Recycling

CapitaLand Ascott Trust - Steady Rise In RevPAU; Disciplined Capital Recycling

Published:
CapitaLand Ascott Trust (SGX:HMN) | SGinvestors.io
  • CapitaLand Ascott Trust reported growth in gross profit of 8% y-o-y in 3Q24, which met our expectations. Portfolio RevPAU expanded 3% y-o-y to S$158, which is 5% above pre-pandemic levels, driven by France, Japan, Singapore, the UK and the US. Portfolio occupancy improved 2ppt y-o-y to 79%.
  • - Read this at SGinvestors.io -

Growth from higher occupancies and acquisitions.

  • CapitaLand Ascott Trust's gross profit grew 8% y-o-y in 3Q24, comprising same-store growth of 2% y-o-y and boost from acquisitions of 6% y-o-y. Gross profit from master leases grew 4% y-o-y, while gross profit from longer-stay properties jumped 11% y-o-y.
  • - Read this at SGinvestors.io -

Singapore: Uplift from The Robertson House.

  • RevPAU for properties under management contracts increased 5% y-o-y on a same-store basis. The Robertson House completed renovations in 1Q24 and contributed to higher revenue. CapitaLand Ascott Trust benefitted from higher leisure demand during the F1 Grand Prix in Sep 24.
  • The acquisition of lyf Funan is DPU-accretive, being largely funded by proceeds from divestment of Citadines Mount Sophia and subject to unitholdersā€™ approval during EGM on 18 Nov 24.

Japan: Growth from weak JPY and summer holidays.

  • Read more at SGinvestors.io.




Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @ https://www.utrade.com.sg/.




Jonathan KOH CFA UOB Kay Hian Research | https://research.uobkayhian.com/ 2024-11-01



Previous report by UOB:
2024-10-14 CapitaLand Ascott Trust - Expert In Capital Recycling.

Price targets by 3 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 Dividends & Corporate Actions,
CapitaLand Ascott Trust News Articles





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