Broker Name: Maybank Research Pte Ltd
Date of Report: November 3, 2025
Excerpt from Maybank Research Pte Ltd report.
Report Summary
- CapitaLand Ascendas REIT reported a steady 3Q performance, marked by active portfolio and capital management, stable cost of debt, and ongoing redevelopments and asset enhancements.
- Portfolio occupancy slipped marginally to 91.3% due to new logistics assets and non-renewals in US business parks; rental reversion was strong (+7.6%), with full-year guidance raised to low double-digit percentage.
- Gearing increased to 39.8% due to SGD1.3 billion in acquisitions and SGD381 million divestments, while SGD1 billion was raised to refinance borrowings, including a 7-year SGD700 million green note at 2.343%.
- Maybank retains a BUY rating, raising the target price to SGD3.20 on the back of strong credit profile, diversified portfolio, and resilient exposure to R&D and value-added manufacturing sectors.
- Key risks highlighted include non-renewal of overseas leases, higher interest rates, and valuation pressures on older properties.
- CLAR maintains a strong ESG profile, with a 2030 Sustainability Master Plan, rising green financing, and board independence, while leveraging its sponsor’s pipeline for growth.
Above is an excerpt from a report by Maybank Research Pte Ltd. Clients of Maybank Research Pte Ltd can be the first to access the full report from the Maybank Research Pte Ltd website: https://www.maybank-keresearch.com
