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 unitholders’ approval during EGM on 18 Nov 24.

Japan: Growth from weak JPY and summer holidays.

  • Read more at SGinvestors.io.



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



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



Read also UOB's most recent report:
2025-01-28 CapitaLand Ascott Trust - Portfolio Reconstitution Starting To Bear Fruit.

Price targets by 2 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 Dividend Payout Dates & Corporate Actions,
CapitaLand Ascott Trust News






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