- FY25 CapitaLand Ascott Trust's DPU of 6.10 Singapore cents was stable y-o-y, in line with our expectations. Income available for distribution rose 11% y-o-y to S$256.7mil, driven by stronger operating performance and portfolio reconstitution initiatives. After retaining S$23.2mil to fund asset enhancement initiatives (AEI) and working capital, total distribution to unitholders rose 1% y-o-y to S$233.5mil.
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- The current CapitaLand Ascott Trust's share price implies an FY26e dividend yield of 6.2%.
The Positives
All key markets registered y-o-y RevPAU growth on a same-store basis in 4Q25.
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- Japan’s performance was impacted by acquisitions and divestments, while the UK was affected by the winding down of The Cavendish London in preparation for AEI.
- On a same-store basis, Japan’s RevPAU rose 11% y-o-y, and the UK’s increased 10%. We expect low-single-digit RevPAU growth in FY26, supported by improving occupancy.
Strong financial position.
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