- CapitaLand Ascott Trust remains our top pick in the sector, supported by its geographically diversified portfolio, broad range of lodging asset classes, stable income base that demonstrated resilience through COVID-19, and a strong sponsor.
- - Read this at SGinvestors.io -
1H25 Results
- CapitaLand Ascott Trust's DPU of 2.53 cents for 1H25 (-1% y-o-y) was in line with our estimates at 42% of our FY25e forecast, with seasonally stronger performance expected in the second half of the year.
- - Read this at SGinvestors.io -
- Portfolio RevPAU rose 3% year on year to S$159, driven by higher average occupancy of 78% compared to 75% in 2Q24.
- Following six completed AEIs in FY24, three more were announced, with one completed in 2Q25. Four AEIs remain, including The Cavendish London, with a total CAPEX of ~S$205mil.
- The divestment of Somerset Olympic Tower Tianjin was completed in 2Q25 at a 50% premium to book value.
The Positives
Most key markets (accounting for 80% of gross profit) registered y-o-y growth in 2Q25.
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