Broker: Maybank Research Pte Ltd
Date of Report: April 27, 2026
Excerpt from Maybank Research Pte Ltd report.
Report Summary
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Stock: CapitaLand Ascott Trust (CLAS SP)
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Action: BUY
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Target Price: SGD 1.05 (21% upside from current price SGD 0.91)
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Most Important Idea: Distribution per unit (DPU) is expected to remain stable, supported by top-ups from divestment gains and interest savings, despite a weaker top line caused by asset closures and portfolio reconstitution. The flexible timeline for asset enhancements and prudent capital management help mitigate cost inflation and economic uncertainty.
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Key Highlights:
- Same-store portfolio RevPAU up 1% YoY with stable occupancy of 77%.
- Gearing at 38.9% with cost of debt at 2.8%; 78% of debt is hedged, ensuring stability.
- Potential risks include slower recovery in corporate/Chinese tourist demand and higher interest rates.
- Estimated DPU: 6.1-6.2 cents for FY25-FY28, with yields around 6.4%-6.9%.
- Maintain BUY; DDM-based TP unchanged at SGD 1.05.
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 : www.maybank.com/investment-banking
