CapitaLand Ascott Trust - Maybank Research 2025-01-30: Growing Core Distribution

• CapitaLand Ascott Trust reported 2H24 DPU of S$3.55 cents, -6.6% y-o-y. Core DPU (excluding FX gains) grew 2.7% y-o-y. FY24 CapitaLand Ascott Trust's distributuons of S$6.1 cents, -7.3% y-o-y.
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• Mid-single digit RevPAR growth enabled similar growth in revenue and gross profit on same-store basis. Financial metrics are stable.

Acquisitions & operation drive gross profit growth

• CapitaLand Ascott Trust's 2H24 revenue and gross profit of S$423.2m and S$198m grew 6% and 8% y-o-y, respectively. Stronger operating performance, acquisitions and completed asset enhancements were the drivers. Revenue and gross profit grew 4% y-o-y on a same-store basis.
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Resilient performance

• Portfolio RevPAU for 2H24 grew 6% to S$167 (4Q24 S$176, +9% y-o-y). RevPAU growth was a result of an increase in average daily rates and a higher average occupancy rate at 81%, compared to 77% in 4Q23.
• Among CapitaLand Ascott Trust's 6 key markets, Japan led RevPAU growth with a 37% increase while AU, SG and UK registered double-digit growth.

Continued portfolio reconstitution

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Krishna Guha Maybank Research | https://www.maybanktrade.com.sg/ 2025-01-30 SGinvestors.io

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