Broker Name: CGS International
Date of Report: April 28, 2026

Excerpt from CGS International report.

Report Summary

• Stock: CapitaLand Ascott Trust (CLAS SP)
• Actionable Recommendation: Add – Maintain “Add” rating, indicating a positive outlook.
• Target Price: S\$1.13
• Current Price: S\$0.90
• Upside: 25.6%
• Dividend Yield (FY26F): 6.75%
• Key Highlights:
  • 1QFY26 core DPU declined year-on-year due to asset enhancement initiatives (AEI) and temporary closures, but operational performance remains resilient.
  • Distribution income is stable, supported by capital top-ups and past divestment gains to offset AEI impacts.
  • Portfolio is underpinned by master leases and living sector exposure, offering downside protection.
  • Ongoing AEIs (capex c.S\$180m) expected to complete between 2H26F and FY27F, likely to drive upside.
  • Cost of debt remains low (2.8%), with 78% debt on fixed rates and gearing at 38.9%.
  • ESG leadership: CLAS is best-in-class in sustainability, targeting 100% green certification by 2030.
• Implications:
  • Investors can expect a stable dividend yield and potential upside if AEIs are completed ahead of schedule.
  • Risks include unfavorable FX and prolonged travel disruptions.

Above is an excerpt from a report by CGS International. Clients of CGS International can be the first to access the full report from the CGS International website : https://www.cgs-cimb.com/