CapitaLand Ascott Trust (SGX:HMN) Valuation After Stronger Earnings And Softer Core Distributions

Simply Wall St.02-03

CapitaLand Ascott Trust (SGX:HMN) has drawn fresh attention after releasing full year 2025 results, with higher reported sales and net income alongside mixed distribution trends shaped by recent ...

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This suggests interest has picked up as investors weigh...","collect":0,"end_time":0,"defaultTopTitle":"simplywall.st","property":["earning"],"viewcount":null,"language":"en","relate_stocks":{"HMN.SI":"凯德雅诗阁信托","HMN":"霍勒斯曼恩"},"translate_title":"凯德雅诗阁信托（新交所股票代码：HMN）在盈利强劲和核心分配疲软后的估值","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"HMN.SI":1.5,"HMN":1.5},"content_text":"CapitaLand Ascott Trust (SGX:HMN) has drawn fresh attention after releasing full year 2025 results, with higher reported sales and net income alongside mixed distribution trends shaped by recent property tax adjustments. See our latest analysis for CapitaLand Ascott Trust. At around SGD0.98, the securities have edged higher in recent months, with a 30 day share price return of 2.08% and a 1 year total shareholder return of 17.24%. This suggests interest has picked up as investors weigh stronger reported earnings against softer core distributions. If this earnings update has you reassessing income names, it could be a good moment to broaden your search and check out fast growing stocks with high insider ownership. With reported earnings up, core payouts under some pressure and the stapled securities already showing a 1 year total return of 17.24%, you now have to ask: is CapitaLand Ascott Trust still mispriced, or is the market already baking in future growth? AdvertisementPrice-to-Earnings of 12.1x: Is it justified? On a P/E of 12.1x at a last close of SGD0.98, CapitaLand Ascott Trust screens as good value compared to both its peers and the wider Hotel and Resort REITs industry. The P/E multiple simply tells you how much investors are paying for each dollar of earnings, which is especially useful for income oriented real estate vehicles where profit and distributions matter. For HMN, that 12.1x P/E sits against earnings that have grown 36.9% over the past year and have turned positive over the last 5 years, although the latest figures also include a sizeable one off gain of SGD227.4m that lifts reported profit. Where it gets interesting is the comparison. HMN trades on a lower P/E than both the peer average of 28x and the Global Hotel and Resort REITs industry average of 13.6x, even though its recent earnings growth has outpaced the industry and its current net profit margin of 37.1% is higher than last year. Our fair P/E estimate of 12.4x is very close to the current multiple. This points to a level the market could move towards if sentiment shifts or earnings normalise away from one off items. Explore the SWS fair ratio for CapitaLand Ascott Trust Result: Price-to-Earnings of 12.1x (UNDERVALUED) However, you also have to weigh the 29.8% annual net income decline and pressure on core distributions if property tax adjustments or other one off items persist. Find out about the key risks to this CapitaLand Ascott Trust narrative. Another View: Our DCF Signal While the 12.1x P/E suggests HMN is reasonably priced versus peers, our DCF model indicates a larger value gap. At SGD0.98 against an estimated future cash flow value of SGD2.11, HMN screens as significantly undervalued. This raises a simple question: is the market underpricing future cash flows or overstating the risks? Look into how the SWS DCF model arrives at its fair value. HMN Discounted Cash Flow as at Feb 2026Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out CapitaLand Ascott Trust for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 887 undervalued stocks based on their cash flows. If you save a screener we even alert you when new companies match - so you never miss a potential opportunity.  Build Your Own CapitaLand Ascott Trust Narrative If you see the numbers differently or want to stress test your own view, you can build a personalised HMN story in just a few minutes, starting with Do it your way. A great starting point for your CapitaLand Ascott Trust research is our analysis highlighting 3 key rewards and 4 important warning signs that could impact your investment decision. Looking for more investment ideas? If CapitaLand Ascott Trust has you thinking differently about value and income, do not stop here. Broaden your watchlist now with a few focused screens.  Spot potential income candidates by reviewing these 12 dividend stocks with yields > 3% if you prioritise yield alongside fundamentals. Back your growth instincts by scanning these 24 AI penny stocks where companies are tied to artificial intelligence themes across different parts of the market. Hunt for possible mispricings by checking these 887 undervalued stocks based on cash flows which may highlight ideas trading below their estimated cash flow value.   This article by Simply Wall St is general in nature. We provide commentary based on historical data\n    and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your\n    financial situation. We aim to bring you long-term focused analysis driven by fundamental data.\n    Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material.\n    Simply Wall St has no position in any stocks mentioned.New: AI Stock Screener & AlertsOur new AI Stock Screener scans the market every day to uncover opportunities.• Dividend Powerhouses (3%+ Yield)• Undervalued Small Caps with Insider Buying• High growth Tech and AI CompaniesOr build your own from over 50 metrics.Explore Now for FreeHave feedback on this article? Concerned about the content? Get in touch with us directly. 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