Broker name: Maybank Research Pte Ltd
Date of report: February 2, 2026
Excerpt from Maybank Research Pte Ltd report.
Report Summary
- CapitaLand Ascott Trust (CLAS) reported stable performance, with FY25 distribution per unit (DPU) at SGD6.1 cents and guidance for stable DPU in FY26.
- Revenue and net property income grew 3.5% and 3.9% year-on-year, driven by higher occupancy and ongoing portfolio rebalancing, though partially offset by higher borrowing costs.
- RevPAU (Revenue per Available Unit) increased 3% year-on-year, mainly due to occupancy improvements.
- Portfolio value rose 1.7% on a same-store basis, supported by operational gains and asset enhancements.
- Gearing reduced to 37.7% with a low, stable cost of debt at 2.9%.
- Management continues to focus on proactive portfolio reconstitution and enhancing asset returns, maintaining a diversified global portfolio.
- Risks include slower corporate/Chinese tourist demand, interest rate increases, and FX volatility.
- Maybank maintains a BUY rating and a 12-month target price of SGD1.05, citing stable distribution, diversification, and strong management.
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
