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CapitaLand Ascendas REIT Units A17U

Morningstar Rating
SGD 2.63 0.00 (0.00%)
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Company Report

CapitaLand Ascendas REIT: Mixed Business Update; Units Attractive

CapitaLand Ascendas REIT had a mixed first-quarter 2024. Occupancy rates fell across all geographies leading to a portfolio occupancy rate of 93.3% as of March 31, 2024, 0.9 percentage points lower than the previous quarter. Notably, the occupancy rate for its United States portfolio decreased to 89.5% from 90.4% in the previous quarter due to tenants who exited its business property in Raleigh and logistics property in Kansas City. The occupancy rate for its Australian properties fell the most on a quarter-on-quarter basis by 2.1 percentage points to 96.6% due to the lease expiry of a logistics property occupied by a single tenant in Sydney. Nevertheless, the occupancy rate remains healthy, in our view.

Price vs Fair Value

A17U is trading within a range we consider fairly valued.
Price
SGD 2.63
Fair Value
SGD 1.80
Uncertainty
Medium
1-Star Price
SGD 6.66
5-Star Price
SGD 4.19
Economic Moat
Cyb
Capital Allocation
Llgtgmkhk

Bulls Say, Bears Say

Bulls

Lower-than-expected industrial land supply would support rental growth for the trust's industrial assets in Singapore.

Bears

The Singapore dollar continues to strengthen, resulting in the foreign assets dragging the trust's overall returns.

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Trading Information

Previous Close Price
SGD 2.63
Day Range
SGD 2.622.64
52-Week Range
SGD 2.473.05
Bid/Ask
SGD 2.62 / SGD 2.63
Market Cap
SGD 12.04 Bil
Volume/Avg
4.9 Mil / 12.6 Mil

Key Statistics

Price/Earnings (Normalized)
20.06
Price/Sales
7.67
Dividend Yield (Trailing)
3.43%
Dividend Yield (Forward)
3.43%
Total Yield
3.43%

Company Profile

CapitaLand Ascendas REIT is a real estate investment trust focusing on the industrial and business space. As of Dec. 31, 2023, it held a SGD 16.9-billion portfolio of 227 properties across Singapore, Australia, Europe, and the US The property types encompass business and science parks, high-specification industrial properties, data centers, light industrial properties, and logistics and distribution centers. The trust is externally managed by Ascendas Funds Management, a subsidiary of CapitaLand Investment, which owns an 18% stake in the trust.
Sector
Real Estate
Industry
REIT - Industrial
Stock Style Box
Large Value
Total Number of Employees
67

Competitors

Valuation

Metric
A17U
BUOU
M44U
Price/Earnings (Normalized)
20.0619.1517.92
Price/Book Value
1.160.850.97
Price/Sales
7.678.699.13
Price/Cash Flow
16.2915.1815.87
Price/Earnings
A17U
BUOU
M44U

Financial Strength

Metric
A17U
BUOU
M44U
Quick Ratio
0.200.280.46
Current Ratio
0.240.290.60
Interest Coverage
1.69−0.835.75
Quick Ratio
A17U
BUOU
M44U

Profitability

Metric
A17U
BUOU
M44U
Return on Assets (Normalized)
1.05%−1.84%3.96%
Return on Equity (Normalized)
1.91%−2.92%7.85%
Return on Invested Capital (Normalized)
2.31%−1.21%5.13%
Return on Assets
A17U
BUOU
M44U
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ACDSF
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