To The Moon

$CapLand Ascott T(HMN.SI)$ Basic Profile & Key Statistics Key Indicators Performance Highlight Revenue and gross profit improved YoY mainly due to higher revenue from existing properties and contributions from new properties. Distribution and DPS improved YoY mainly due to a higher amount of realized exchange gain. Without this one-off gain for both periods, the DPS is the same YoY. Revenue per Available Unit The RevPAU in 4Q has reached 103% of pre-COVID level. Acquisition The acquisition of 3 properties in London, Dublin and Jakarta was completed in Nov 2023, while the acquisition of rental housing in Japan was completed in Jan 2024. Divestment The divestment of 4 properties in France was completed in Sep 2023. The divestment of 3 properties in Japan is targeted to be completed by 1Q 2024. As for the divestment of 2 properties in Australia, 1 was completed on 31 Jan while another is targeted to be completed in 3Q 2024. On 2 Feb, CLAS announced for divestment of Citadines Mount Sophia Singapore, which is targetted to be completed in 1Q 2024. Development The redevelopment of Somerset Liang Court Singapore is expected to be completed in 2H 2025. Asset Enhancement Initiative Riverside Hotel Robertson Quay has rebranded and undergoing renovation which is targeted to be completed by 1Q 2024. In addition, AEIs for multiple properties are ongoing where majority is expected to be completed by 2Q 2024. Related Parties Shareholding The REIT manager holds a relatively high number of shares, whereas the sponsor and directors of the REIT manager hold a relatively low number of shares. Lease Profile WALE is relatively long with a well-spread lease expiry. Debt Profile WADM is relatively long with well-spread debt maturity. While the cost of debt is low, the proportion of unsecured debt is also low. In contrast, the proportion of hybrid securities is relatively high. Diversification Profile The overall diversification profile is outstanding. Key Financial Metrics The operating distributable income margin is on the lower side. DPU Breakdown TTM Distributable Income Breakdown:89.6% from Operation10.4% from Management Fees Paid in Units Trends Uptrend: DPU from Operation, Property Yield, Operating Distributable Income Margin Slight Uptrend: Adjusted Interest Coverage Ratio Downtrend: NAV per Unit, Operating Distributable Income on Capital Relative Valuation Dividend Yield - Above +1SD for 1y, 3y & 5y P/NAV - Below -1SD for 1y & 3y; Average for 5y Author's Opinion Performance has shown improvement compared to the previous half-year, driven by benefits from travel recovery. RevPAU has continued its upward trend in 2024. Regarding debt, the cost remains low and stable, with 18% maturing in 2024. For more information, check out REIT-TIREMENT *Disclaimer: The information presented on this blog is for educational and informational purposes only. The materials, including research and opinions, are based solely on my own findings and should not be considered as professional financial advice or a definitive statement of fact. I cannot guarantee the accuracy, completeness, or reliability of the information provided. I shall not be held liable for any errors, omissions, or losses that may occur as a result of using the information presented on this blog. It should be noted that the information presented on this blog does not constitute a buy, sell, or hold recommendation for any security. It is crucial to conduct your own thorough research and due diligence before making any investment decisions.