CapitaLand Ascott Trust f.k.a. Ascott Trust *Official* (SGX:HMN)

[LongXia]

Waiting for Ah Scott to go over $1 convincingly, for normal service to resume……… meanwhile….

CapitaLand Ascott Trust to sell Citadines property for S$148 million https://www.businesstimes.com.sg/co...tt-trust-sell-citadines-property-s148-million​

 

[limster]

Waiting for Ah Scott to go over $1 convincingly, for normal service to resume……… meanwhile….

I prefer to buy first and then wait for it to go above $1, versus waiting until more than $1 to buy.

 

[DevilPlate]

I prefer to buy first and then wait for it to go above $1, versus waiting until more than $1 to buy.

I think he meant waiting to sell >$1 whahaha

 

[BMWguy]

wow just saw this in CNA news..

Singapore hospitality brand Ascott to be Chelsea FC's official global hotels partner

https://www.channelnewsasia.com/wat...ea-fcs-official-global-hotels-partner-4465316

 

[addict951]

@limster
Ascott moving up liao! As wif all REITs
Chiong ah!

 

[limster]

@limster
Ascott moving up liao! As wif all REITs
Chiong ah!

Happy to hear that. More of a relief to me. Excluding dividends collected, I am still in the red for this counter until it hits roughly $1.00 (if include dividends then green )

On the other hand, the SGX non-REITs I am sitting on pretty nice profits. Thats why I sold some Singtel today. decided to take some profit rather than wait for the simply terrible index to crash again.

 

[sellipad2]

same here also sold all my singtel and routed to mapletree commercial and capitland commercial

 

[DevilPlate]

Happy to hear that. More of a relief to me. Excluding dividends collected, I am still in the red for this counter until it hits roughly $1.00 (if include dividends then green )

On the other hand, the SGX non-REITs I am sitting on pretty nice profits. Thats why I sold some Singtel today. decided to take some profit rather than wait for the simply terrible index to crash again.

My average cost slightly lower…..js breakeven today

 

[sohguanh]

I get this stock below 90 cents. I think around $1 mark reader limster average down and he post a few on this.

 

[DevilPlate]

I get this stock below 90 cents. I think around $1 mark reader limster average down and he post a few on this.

Swee lah

I ave down till biggest single reit holding now….above $1, might trim some off lolol

 

[lzydata]

SINGAPORE - Singapore-listed CapitaLand Ascott Trust (Clas) will be fully compensated for the losses it suffered from an alleged white-collar crime in Australia, said its managers on Sept 20.

This came a day after news publications Australian Financial Review (AFR) and The Edge reported that the senior executive purportedly faked tax, insurance and legal documents in order to misappropriate funds.

Senior executive in Australia allegedly stole $2.38 million
https://www.straitstimes.com/busine...rust-in-australia-allegedly-stole-238-million

 

[Shion]

CapitaLand Ascott Trust plans to acquire lyf Funan Singapore for $263 million​

https://www.straitstimes.com/busine...-acquire-lyf-funan-singapore-for-1464-million

SINGAPORE - CapitaLand Ascott Trust (Clas) is proposing to acquire the 329-room lyf Funan Singapore from Ascott Serviced Residence Global Fund (ASRGF) for $263 million in a move that is expected to raise its quarterly dividends to investors, Clas said on Oct 1.

ASRGF is a private equity fund co-owned by Clas’ sponsor The Ascott Limited and the Qatar Investment Authority.

Located in Funan Mall, lyf Funan Singapore is the largest co-living property in South-east Asia, according to CapitaLand’s website.

Co-living is an emerging concept involving accommodation with communal facilities, such as shared kitchens and lounge areas, and social programmes that cultivate a sense of community among tenants.

lyf is a hospitality concept developed by Ascott for younger travellers.

Clas is expected to fork out funds totalling $146.4 million for lyf Funan Singapore.

The total consideration of $263 million includes an element of debt, which Clas is taking over.

The move will be largely funded by proceeds from its sale of Citadines Mount Sophia Singapore, which was completed in March for $148 million.

Following the transaction, Clas’ managers expect that the total payout to investors will increase by $3.5 million.

This means each investor could receive 1.5 per cent more in dividends compared with the 2023 financial year.

Clas’ gearing is expected to remain under 40 per cent after the proposed acquisition.

Its managers said the acquisition of lyf Funan Singapore is in line with a strategy of periodically reviewing and rebalancing the assets within its portfolio.

If approved at an extraordinary general meeting in November, lyf Funan Singapore will be Clas’ third acquisition in 2024.

In January, it bought Teriha Ocean Stage, a rental housing property in Fukuoka.

In June, it acquired the remaining 10 per cent stake in Standard at Columbia, a student accommodation in South Carolina in the US.

In contrast, Clas has sold six properties for $340 million so far in 2024, enabling it to lock in capital gains of $46.2 million, it said.

Acquiring lyf Funan Singapore would bring Clas’ total number of properties in Singapore to five and increase the proportion of Singapore assets in its total portfolio to 19 per cent versus 16 per cent.

Clas is geographically diversified, with each of its key markets currently comprising no more than 20 per cent of its total assets.

Clas’ share price ended the day flat at 97.5 cents on Oct 1.

 

[Tiny Shrimp]

anyone have anything good to say about CLAS?

 

[sohguanh]

anyone have anything good to say about CLAS?

It is close to my average buy in price waiting. Less than 90 cents to me ok if can less than 80 cents lagi better.

 

[Shion]

CapitaLand Ascott Trust gross profit rises 4% in Q1​

https://www.straitstimes.com/business/property/capitaland-ascott-trust-gross-profit-rises-4-in-q1

SINGAPORE - CapitaLand Ascott Trust’s (Clas) managers said in a business update on April 28 that the trust’s gross profit rose 4 per cent year on year in the first quarter of 2025.

Gross profit from new properties in the quarter replaced the drop in gross profit from divestments in 2024, the managers said, driven by stronger performance from properties the trust renovated last year. These new properties include lyf Funan Singapore, acquired on Dec 31, 2024, as well as Japan hotels ibis Styles Tokyo Ginza and Chisun Budget Kanazawa Ekimae, both bought on Jan 31, 2025.

Seventy per cent of profits in the quarter were from stable income sources, the managers said, with the remaining 30 per cent from growth income sources. Such stable income sources included management contracts of longer-stay properties such as rental housing and student accommodation, as well as master leases and management contracts with minimum guaranteed income. Growth income was contributed largely by management contracts of hospitality properties.

Excluding acquisitions and divestments, Clas’ gross profit was 1 per cent higher on a same-store basis, said the managers.

In most key markets in the trust’s portfolio, revenue per available unit (RevPAU) for Q1 2025 grew year on year, with its Australian, Singapore, British and American portfolios showing growth of between 1 per cent and 12 per cent. Its Japan portfolio, however, registered an 11 per cent contraction on the year.

In the US portfolio, making up 19 per cent of the trust’s total assets, hotel RevPAU in the quarter climbed 11 per cent on the year to reach US$160 (S$210), driven by strong leisure demand, an increased proportion of corporate bookings, as well as long weekends and major conventions.

While negative sentiments towards the US might dampen international leisure travel, the managers said that a higher proportion of domestic guests would mean the trust’s hotels remain less affected.

The trust’s Singapore portfolio, which made up a further 19 per cent of total assets, saw serviced residences (SRs) and hotel RevPAU in the quarter inch upwards by 1 per cent year on year to $183. On a same-store basis, however, RevPAU fell 3 per cent year on year.

This fall was due to fewer high-profile concerts, such as the one by Taylor Swift, or biennial events, such as the Singapore Airshow, under the meetings, incentives, conferences and exhibitions category that took place in Q1 2024, Clas’ managers said.

The portfolio’s performance was nevertheless mitigated by stronger operating performance from The Robertson House by The Crest Collection and long stays at SRs.

The managers expect that demand for corporate and relocation stays for the Singapore portfolio will be subdued in the second quarter of 2025, while transient demand could see an uplift during concert and event periods.

In Japan, the trust’s managers noted that the acquisition of two hotels – ibis Styles Tokyo Ginza and Chisun Budget Kanazawa Ekimae – would fully replace the income of four divested properties in the Japanese portfolio. The acquisitions would bring an accretive growth of 1.6 per cent to dividend per share on a pro forma basis from FY 2024, while raising blended net operating income by 4.3 per cent.

The managers noted that these hotels would be supported by leisure and business demand drivers, with ibis Styles Ginza Tokyo located in Tokyo’s shopping and entertainment district, while Chisun Budget Kanazawa Ekimae is situated in a popular site for domestic travel.

The trust reported a gearing ratio of 39.9 per cent, with an interest coverage ratio of 3.2 times. The trust said it is monitoring recent volatility and reviewing options for its $250 million perpetual securities, which reset on June 30, 2025, with a view towards managing its capital structure.

Recent macroeconomic uncertainties are likely to impact Clas through raised costs, lower lodging demand and volatility in interest rates and foreign currencies, the managers said.

Even so, the trust’s diversified portfolio and its stable income sources, which comprise 60 per cent to 70 per cent of gross profit, could mitigate this effect, they said.

Net asset value per stapled security was at $1.11, with total available funds standing at around $1.43 billion, said the managers.

The counter fell 0.6 per cent or half a cent on April 28 to close at 85 cents. THE BUSINESS TIMES

 

[Shion]

‘Undervalued’ CapitaLand Ascott Trust presses on with diversification for stability and growth​

Lodging trust has a tested playbook of operating in a spread of geographies and asset classes with disciplined capital management

https://www.businesstimes.com.sg/co...-presses-diversification-stability-and-growth

[SINGAPORE] The share price of CapitaLand Ascott Trust (Clas) – the largest lodging trust in the Asia-Pacific by total assets – is undervalued, said Serena Teo, the chief executive officer of the managers of the stapled group.

“Today, we trade at just under 0.8 times to book, and we’re offering a distribution yield of a high 6 per cent,” she said.

The S$0.885 closing price for the counter on Friday (Aug 29) is 79 per cent of the S$1.12 net asset value per stapled security as at Jun 30, 2025. The price also reflects 6.9 per cent distribution yield based on the S$0.061 distribution per stapled security (DPS) for the financial year ended Dec 31, 2024.

Teo, who became CEO of Clas’ managers in June 2022, has put her money where her mouth is.

Last year, she received 38 per cent of her total remuneration of S$1.16 million in Clas stapled securities. In February this year, she bought 500,000 stapled securities at S$0.895 each, amounting to S$447,500. This raised her direct interest in Clas to 0.018 per cent from 0.005 per cent.

Teo said Clas’ market capitalisation, at close to S$3.4 billion, is “probably what’s preventing us from being in the Straits Times Index (STI)”, when asked what it would take for the counter to be included in the benchmark index. “If the share price recovers to a level that is closer to the book value/NAV (net asset value), the market cap will go up… I think that would be when we’ll be able to enter the STI,” she added.

Clas began life as Ascott Residence Trust (ART), which was floated on the Singapore Exchange in 2006 as the first pan-Asian serviced residence real estate investment trust (Reit) with an initial portfolio value of S$856 million comprising 12 assets with more than 2,000 units in Singapore, China, Indonesia, the Philippines and Vietnam.

In late 2019, ART merged with Ascendas Hospitality Trust (AHT), a stapled group comprising a Reit and a business trust.

The combined entity, a stapled group, retained the ART name.

In September 2022, ART was renamed Clas.

Clas’ portfolio currently comprises serviced residences, hotels, rental housing and student accommodation across 104 properties with more than 19,000 units in 45 cities in 16 countries including Singapore, Australia, Japan, France, the UK and the US.

Out of the total portfolio value of about S$8 billion, hospitality assets (serviced residences and hotels) have a 83 per cent share; rental housing and student accommodation (or the living sector) account for the balance 17 per cent.

The group’s mid-term target is to grow the living sector share to 25-30 per cent of portfolio value, with the balance 70-75 per cent in hospitality assets.

Sometimes misunderstood​

“I think some people still feel that Clas is a hospitality-only type of portfolio. And there is a view that, compared with other asset classes, the revenue streams of hospitality products are seasonal and volatile,” noted Teo.

However, she said that Clas offers a “distinct value proposition of combining stability with growth”.

Clas’ living sector assets as well as management contracts with minimum guaranteed income (MGI) and master leases on some of its hospitality assets provide a stable income stream, which accounted for 66 per cent of Clas’ H1 2025 gross profit of S$182.5 million.

“This strengthens our portfolio resilience through market cycles, insulating Clas from seasonal fluctuations in the hospitality trade,” said Teo.

“On the other hand, our hospitality assets that are on management contracts (without MGI) enable us to capture upside from the strong travel demand,” she added. This is the growth income part of Clas’ business, which accounted for the balance 34 per cent of the gross profit in H1 2025.

Growing investor interest in lodging​

Asked about the potential competition to Clas from the expected listings of Centurion Accommodation Reit (which will hold purpose-built worker accommodation and purpose-built student accommodation assets) and the Coliwoo Group co-living business on the SGX, Teo said the planned flotations are in tandem with growing investor interest in lodging assets; this is also a bright spot for Clas.

Lodging assets beckon investors with strong sector fundamentals, underpinned by evolving mobility trends and growing living sector demand, Teo noted. “With investors recognising the growth potential of the lodging sector, we expect more liquidity as they seek quality investment opportunities,” she added.

“With almost 20 years of experience, Clas has grown to be the largest lodging trust in Asia-Pacific. Our global scale, diversification across geographies, asset classes and contract types, and support by our strong sponsor CapitaLand Investment set Clas apart from others,” said Teo.

The lodging asset classes that the stapled group has exposure to, cater to varying durations of stay – from the shorter stay of hotels to a slightly longer stay of serviced residences, followed by student accommodation and rental housing.

Leases at Clas’ 26 rental housing properties, all in Japan, are typically for two years. For student accommodation, the lease duration is typically for an academic year.

The longer-stay properties add stability and resilience to the portfolio, said Teo. “Our average length of stay in the entire portfolio comes in at about two months. It’s quite different from a portfolio that is fully hotel.”

Clas’ eight student accommodation assets in the US serve universities where 90 per cent of students, on a blended basis, are domestic.

“For whatever reason, if the international student demand is affected, there’s more than sufficient domestic demand to replace the international demand,” said Teo.

Scale opens doors​

While Teo does not have a target portfolio size for Clas, she acknowledges that size does matter.

Following the merger with AHT, the trust had sufficient scale to be included in the FTSE EPRA Nareit Global Real Estate Index Series (Global Developed Index) in June 2020.

That opened the door for Clas to have access to global investors, boosting trading liquidity in the counter. In 2024, the average daily trading volume for Clas stapled securities was about seven million.

“When you have a certain size, there are better economies of scale. There’s also better diversification, investor awareness and lender support,” said Teo.

Tested playbook​

“We have demonstrated a track record of creating value for stapled security holders through strategic portfolio reconstitution and timely redeployment of divestment proceeds into DPS-accretive opportunities.” These include embarking on higher-yielding acquisitions and asset enhancement initiatives (AEIs) and paring down high-interest debt.

“Since the start of 2024, we have divested more than S$500 million worth of properties and completed acquisitions of about S$560 million. And the acquisitions are all DPS accretive,” said Teo.

Growing Clas further will be about being “laser-focused on making sure we are able to increase the portfolio’s quality of earnings and deliver stable distributions to stapled security holders, being able to have that very disciplined capital management so that when the need arises, we have the ability to top up distributions to stapled security holders”.

During Covid – the most difficult period for the hospitality sector – the group had enough reserves through undistributed divestment gains to top up distributions in 2020 and 2021.

Another scenario when it would be appropriate to distribute some of the undistributed divestment gains is when there is an AEI that involves closing the property temporarily, Teo said.

 

[DevilPlate]

Current yield 6.7% quite decent.
Shall add some.