CapitaLand Ascott Trust Stapled Units HMN

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SGD 0.90 0.01 (0.56%)

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As of May 3, 2024 9:01am Delayed Price Closed

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Company Report

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CapitaLand Ascott Trust: Return of International Concerts and Events Is a Boon

Xinfu Lee Apr 24, 2024

We maintain our fair value estimate for CapitaLand Ascott Trust at SGD 1.30 per stapled security after the in-line first-quarter business update. We think the trust is undervalued currently, trading at close to a 7% distribution yield for 2024. Although the tailwind of post-covid recovery is moderating, we expect the trust’s asset-enhancement pipeline of seven projects and redevelopment of Somerset Liang Court to drive near-term growth and add value to stapled securityholders.

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Price vs Fair Value

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HMN is trading at a 31% discount.

Price

SGD 0.90

May 3, 2024

Fair Value

SGD 2.70

Aug 3, 2023

Uncertainty

Medium

1-Star Price: SGD 3.74
5-Star Price: SGD 3.59
Economic Moat: Vhcnl
Capital Allocation: Bzdgygfc

Bulls Say, Bears Say

Bulls

CLAS has a strong sponsor with a large pipeline of lodging assets for acquisition.

Bears

The lodging industry is highly competitive, with online travel agencies like Expedia providing more pricing transparency and eroding ART’s pricing power and profitability.

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Trading Information

Previous Close Price: SGD 0.90
Day Range: SGD 0.89–0.91
52-Week Range: SGD 0.84–1.13
Bid/Ask: SGD 0.89 / SGD 0.90
Market Cap: SGD 3.38 Bil
Volume/Avg: 5.7 Mil / 4.9 Mil

Key Statistics

Price/Earnings (Normalized): 18.35
Price/Sales: 4.31
Dividend Yield (Trailing): 7.06%
Dividend Yield (Forward): 7.06%
Total Yield: 7.06%

Company Profile

CapitaLand Ascott Trust, or CLAS, is a hospitality trust focusing on serviced residences, hotels, rental housing and student accommodation. As of Dec. 31, 2023, the trust has a SGD 8.7-billion portfolio, consisting of 106 properties with more than 19,000 units in 45 cities across 16 countries globally. Its main markets include the United States, France, Japan, Singapore, the United Kingdom, Vietnam, China and Australia. The trust is a stapled unit comprising CapitaLand Ascott REIT, which is managed by manager CapitaLand Ascott Trust Management Limited and CapitaLand Ascott Business Trust, which is managed by trustee-manager CapitaLand Ascott Business Trust Management Pte. Ltd. Sponsor CapitaLand Investments Limited, owns around a 39% stake in CLAS.

Sector: Real Estate
Industry: REIT - Diversified
Stock Style Box: Mid Core
Total Number of Employees: 1,700
Website: https://www.capitalandascotttrust.com

Competitors

Valuation

Metric	HMN	HST	PEB
Price/Earnings (Normalized)	18.35	19.29	—
Price/Book Value	0.77	1.97	0.63
Price/Sales	4.31	2.48	1.21
Price/Cash Flow	12.33	8.64	6.93

Price/Earnings

HMN

HST

PEB

Financial Strength

Metric	HMN	HST	PEB
Quick Ratio	0.55	0.92	0.29
Current Ratio	0.91	1.07	0.30
Interest Coverage	3.37	4.81	0.32

Quick Ratio

HMN

HST

PEB

Profitability

Metric	HMN	HST	PEB
Return on Assets (Normalized)	3.01%	5.85%	0.64%
Return on Equity (Normalized)	6.08%	10.55%	1.34%
Return on Invested Capital (Normalized)	4.38%	7.02%	2.18%

Return on Assets

HMN

HST

PEB

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