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Latest Forum Topics / CapLand Ascendas RE    Last:2.47    -0.03  Post Reply
Ascendasreit
Mark001
Veteran
13-Aug-2024 16:18     
 
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 Alert Admin 		From my point of view,its outlook is promising.

PiRPiR      ( Date: 06-Aug-2024 21:34) Posted:

https://www.theedgesingapore.com/capital/brokers-calls/analysts-keep-buy-capitaland-ascendas-reit-citing-steady-report-card-1hfy2024

Analysts keep 'buy' on CapitaLand Ascendas REIT citing 'steady report card' for the 1HFY2024 results
Krishna Guha from Maybank says ?all in, a steady report card? for the REIT.

CLAR?s 1HFY2024 distribution per unit of 7.52 cents was 2.5% lower y-o-y but 1.1% higher h-o-h, due to higher finance expense and an enlarged number of units.

The REIT?s 1H revenue and net property income grew 7.2% and 3.9% y-o-y, respectively, due to acquisitions and contributions from newly completed properties.

Guha says that the REIT?s portfolio occupancy was 93.1%, and occupancy was stable across geographies except the US where it fell a couple of percentage points due to expiries in single tenanted business parks. Meanwhile, rent reversion was higher 13.4% for 1H, led by logistics.

?That said, management noted that industrial and data centres (DC) in its portfolio are new growth centres while logistics is entering a high but mature growth phase,? the analyst says. ?Management raised rent reversion guidance for the full year to high single-digit.?

He adds that the REIT?s financial metrics are stable for this 1HFY2024. Gearing was stable at 37.8%, borrowing cost at 3.7% was 20 basis points higher h-o-h but stable q-o-q, coverage ratio inched down to 3.5x (3.6x in 1Q2024), and natural hedge ratio is maintained at 76%, Guha notes.

This quarter, the REIT announced new asset enhancement plans for Aperia, but no capex plans for UK DC have been announced as CLAR is securing power for the facility, the analyst highlights. Meanwhile, the REIT has not guided for vacant US business parks.

?While we expect frictional occupancies in the US and SG business parks, diversified revenue profile and strong credit should stabilise the bottom line,? says Guha, who maintains his estimates, rating and target price for the REIT.

Likewise, Vijay Natarajan from RHB says that the REIT?s near-term focus is likely to be on asset enhancements with acquisitions and divestments being more opportunistic.

He notes that the assets in Changi Business Park have hit an inflection point ? ONE@Changi City will welcome Singapore Airlines C6L 0.34%

as a new tenant in 2Q2025, and the REIT notes that authorities are more receptive to the idea of change of usage of its assets in the area.

Meanwhile, CLAR is in discussion with the authorities in the UK for data centre assets in Welwyn Garden City. Natarajan highlights that with the new UK government planning to boost data centre infrastructure, he sees good potential to generate higher returns from the asset.

However, the REIT?s financing costs rose about 20 basis points and is likely to be maintained at the same level for the full year. About 83% of its debt is hedged, the analyst notes.

Natarajan?s target price is a dividend discount model based one, which comes in unchanged at $3.20.

Likewise, OIR's research team says that although CLAR has a sizeable debt headroom, management appears to be focused on asset enhancement initiatives (AEIs) and redevelopment projects to improve its portfolio, as there are potential opportunities for the conversion of land use, including to data centres.

The analysts note some risks that the REIT could face, such as the possible dampening of demand for industrial assets in the event of a slowdown in marcoeconomic conditions an increase cost of borrowing in case of spike in interest rates and depreciation of foreign currencies against the Singapore dollar.

Because the REIT's results for the 1HFY2024 came in at OIR's expectations, and it has accretive inorganic growth opportunities and divested non-core assets at attractive valuations, the analysts have kept their "buy" call with an unchanged target price.

As at 11.36am, units in CLAR are trading 7 cents lower or 2.52% down at $2.71.
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PiRPiR
Master
06-Aug-2024 21:34     
 
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 Alert Admin 		https://www.theedgesingapore.com/capital/brokers-calls/analysts-keep-buy-capitaland-ascendas-reit-citing-steady-report-card-1hfy2024

Analysts keep 'buy' on CapitaLand Ascendas REIT citing 'steady report card' for the 1HFY2024 results
Krishna Guha from Maybank says ?all in, a steady report card? for the REIT.

CLAR?s 1HFY2024 distribution per unit of 7.52 cents was 2.5% lower y-o-y but 1.1% higher h-o-h, due to higher finance expense and an enlarged number of units.

The REIT?s 1H revenue and net property income grew 7.2% and 3.9% y-o-y, respectively, due to acquisitions and contributions from newly completed properties.

Guha says that the REIT?s portfolio occupancy was 93.1%, and occupancy was stable across geographies except the US where it fell a couple of percentage points due to expiries in single tenanted business parks. Meanwhile, rent reversion was higher 13.4% for 1H, led by logistics.

?That said, management noted that industrial and data centres (DC) in its portfolio are new growth centres while logistics is entering a high but mature growth phase,? the analyst says. ?Management raised rent reversion guidance for the full year to high single-digit.?

He adds that the REIT?s financial metrics are stable for this 1HFY2024. Gearing was stable at 37.8%, borrowing cost at 3.7% was 20 basis points higher h-o-h but stable q-o-q, coverage ratio inched down to 3.5x (3.6x in 1Q2024), and natural hedge ratio is maintained at 76%, Guha notes.

This quarter, the REIT announced new asset enhancement plans for Aperia, but no capex plans for UK DC have been announced as CLAR is securing power for the facility, the analyst highlights. Meanwhile, the REIT has not guided for vacant US business parks.

?While we expect frictional occupancies in the US and SG business parks, diversified revenue profile and strong credit should stabilise the bottom line,? says Guha, who maintains his estimates, rating and target price for the REIT.

Likewise, Vijay Natarajan from RHB says that the REIT?s near-term focus is likely to be on asset enhancements with acquisitions and divestments being more opportunistic.

He notes that the assets in Changi Business Park have hit an inflection point ? ONE@Changi City will welcome Singapore Airlines C6L 0.34%

as a new tenant in 2Q2025, and the REIT notes that authorities are more receptive to the idea of change of usage of its assets in the area.

Meanwhile, CLAR is in discussion with the authorities in the UK for data centre assets in Welwyn Garden City. Natarajan highlights that with the new UK government planning to boost data centre infrastructure, he sees good potential to generate higher returns from the asset.

However, the REIT?s financing costs rose about 20 basis points and is likely to be maintained at the same level for the full year. About 83% of its debt is hedged, the analyst notes.

Natarajan?s target price is a dividend discount model based one, which comes in unchanged at $3.20.

Likewise, OIR's research team says that although CLAR has a sizeable debt headroom, management appears to be focused on asset enhancement initiatives (AEIs) and redevelopment projects to improve its portfolio, as there are potential opportunities for the conversion of land use, including to data centres.

The analysts note some risks that the REIT could face, such as the possible dampening of demand for industrial assets in the event of a slowdown in marcoeconomic conditions an increase cost of borrowing in case of spike in interest rates and depreciation of foreign currencies against the Singapore dollar.

Because the REIT's results for the 1HFY2024 came in at OIR's expectations, and it has accretive inorganic growth opportunities and divested non-core assets at attractive valuations, the analysts have kept their "buy" call with an unchanged target price.

As at 11.36am, units in CLAR are trading 7 cents lower or 2.52% down at $2.71.
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yoga123
Elite
31-Jul-2024 13:17     
 
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 Alert Admin 		Climbing steadily up towards $3 and beyond.  👍

Joelton      ( Date: 31-Jul-2024 11:49) Posted:

CapitaLand Ascendas Reit posts 2.5% drop in H1 DPU to 7.524 cents
This comes even as H1 revenue rises 7.2% year on year to S$770.1 million
INDUSTRIAL property player CapitaLand Ascendas Reit : A17U +0.37% (Clar) saw distribution per unit (DPU) fall 2.5 per cent for the half-year ended June to S$0.07524. This comes amid an enlarged unit base and higher finance costs.
 
The lower DPU came even as H1 revenue was up 7.2 per cent year on year at S$770.1 million, while net property income (NPI) rose 3.9 per cent to S$528.4 million.
 
The growth was driven by acquisitions and newly completed properties in FY2023, although NPI was slightly weighed down by higher operating expenses with a larger portfolio.
 
Finance costs at Clar rose 16.3 per cent to S$123.3 million, due to higher interest expenses.
 
The total amount available for distribution went up by 1 per cent to S$330.8 million.
 
William Tay, chief executive of Clar&rsquo s manager, nevertheless noted that distributable income was up despite the high interest rate environment. &ldquo This growth is attributable to the higher revenue and net property income, as well as a stable cost of debt,&rdquo he said in a statement on Tuesday (Jul 30).
 
The average rental reversion for leases signed in H1 was positive at 13.4 per cent. Clar expects the average rental reversion for FY2024 to be in the &ldquo positive high single-digit range&rdquo .
 
Clar has 226 investment properties across three segments: business space and life sciences industrial and data centres and logistics. Its portfolio &ndash spanning Singapore, Australia, the US, the UK and Europe &ndash was worth S$16.9 billion as at Jun 30.
 
The Reit&rsquo s portfolio occupancy rate stood at 93.1 per cent as at Jun 30. While stable in Singapore, Australia and Europe, the occupancy rate in the US portfolio fell to 87.7 per cent, from 89.5 per cent at end-March, due to the expiration of leases at two single-tenant properties.
 
CapitaLand Ascendas Reit posts 17% rental reversion in Q1
Looking ahead, Clar is focused on identifying and undertaking redevelopments and asset enhancement initiatives (AEIs) to &ldquo maximise returns&rdquo . It has six such ongoing projects worth S$572.8 million.
 
One of them is the S$22.7 million AEI at Aperia, an industrial development in Kallang Avenue with complementary retail space. The improvement works will be completed in the fourth quarter of 2025. Another project is the S$1.5 million refurbishment of ONE@Changi City, a business space property, which is expected to be completed in Q3 this year.
 
James Goh, head of portfolio management, said in an earnings briefing that despite continued occupancy pressure as a macro structural trend in the US market, the manager has seen a return of tenant inquiries, particularly in the American tech cities of Portland and Raleigh.
 
&ldquo At the same time, we continue to face pressure...that is something we try to counter with some AEIs and proactive white-boxing,&rdquo he said.
 
AEIs help in retaining tenants and bringing in new ones, particularly in the US market, Tay said at the briefing.
 
He added that Clar&rsquo s focus is mainly on AEIs and asset redevelopment projects, given its current assets&rsquo strategic locations.
 
Clar also wants to grow its portfolio &ldquo prudently through acquisitions and developments that are DPU-accretive&rdquo , said Tay, noting the Reit&rsquo s robust balance sheet and investment-grade credit rating.
 
The chief executive added at the briefing that US and Singapore are likely to be the markets for accretive acquisitions, if there are any, given the Reit&rsquo s prudency in capital management.
 
Tay said: &ldquo It does look attractive to take on high leverage, but there are other metrics that we look at ... So we want to watch all the different metrics to ensure that if there is a need to take on more debt to grow, I think this must be for good reason.&rdquo
 
As at Jun 30, Clar&rsquo s weighted average term of debt stood at 3.7 years, and its aggregate leverage remained at a healthy 37.8 per cent.
 
Together with a high proportion of fixed-rate debt at 83 per cent and a well-spread debt maturity profile, its weighted average all-in cost of borrowing is stable at 3.7 per cent, based on Clar&rsquo s financials.
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Joelton
Supreme
31-Jul-2024 11:49     
 
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 Alert Admin
CapitaLand Ascendas Reit posts 2.5% drop in H1 DPU to 7.524 cents
This comes even as H1 revenue rises 7.2% year on year to S$770.1 million
INDUSTRIAL property player CapitaLand Ascendas Reit : A17U +0.37% (Clar) saw distribution per unit (DPU) fall 2.5 per cent for the half-year ended June to S$0.07524. This comes amid an enlarged unit base and higher finance costs.
 
The lower DPU came even as H1 revenue was up 7.2 per cent year on year at S$770.1 million, while net property income (NPI) rose 3.9 per cent to S$528.4 million.
 
The growth was driven by acquisitions and newly completed properties in FY2023, although NPI was slightly weighed down by higher operating expenses with a larger portfolio.
 
Finance costs at Clar rose 16.3 per cent to S$123.3 million, due to higher interest expenses.
 
The total amount available for distribution went up by 1 per cent to S$330.8 million.
 
William Tay, chief executive of Clar&rsquo s manager, nevertheless noted that distributable income was up despite the high interest rate environment. &ldquo This growth is attributable to the higher revenue and net property income, as well as a stable cost of debt,&rdquo he said in a statement on Tuesday (Jul 30).
 
The average rental reversion for leases signed in H1 was positive at 13.4 per cent. Clar expects the average rental reversion for FY2024 to be in the &ldquo positive high single-digit range&rdquo .
 
Clar has 226 investment properties across three segments: business space and life sciences industrial and data centres and logistics. Its portfolio &ndash spanning Singapore, Australia, the US, the UK and Europe &ndash was worth S$16.9 billion as at Jun 30.
 
The Reit&rsquo s portfolio occupancy rate stood at 93.1 per cent as at Jun 30. While stable in Singapore, Australia and Europe, the occupancy rate in the US portfolio fell to 87.7 per cent, from 89.5 per cent at end-March, due to the expiration of leases at two single-tenant properties.
 
CapitaLand Ascendas Reit posts 17% rental reversion in Q1
Looking ahead, Clar is focused on identifying and undertaking redevelopments and asset enhancement initiatives (AEIs) to &ldquo maximise returns&rdquo . It has six such ongoing projects worth S$572.8 million.
 
One of them is the S$22.7 million AEI at Aperia, an industrial development in Kallang Avenue with complementary retail space. The improvement works will be completed in the fourth quarter of 2025. Another project is the S$1.5 million refurbishment of ONE@Changi City, a business space property, which is expected to be completed in Q3 this year.
 
James Goh, head of portfolio management, said in an earnings briefing that despite continued occupancy pressure as a macro structural trend in the US market, the manager has seen a return of tenant inquiries, particularly in the American tech cities of Portland and Raleigh.
 
&ldquo At the same time, we continue to face pressure...that is something we try to counter with some AEIs and proactive white-boxing,&rdquo he said.
 
AEIs help in retaining tenants and bringing in new ones, particularly in the US market, Tay said at the briefing.
 
He added that Clar&rsquo s focus is mainly on AEIs and asset redevelopment projects, given its current assets&rsquo strategic locations.
 
Clar also wants to grow its portfolio &ldquo prudently through acquisitions and developments that are DPU-accretive&rdquo , said Tay, noting the Reit&rsquo s robust balance sheet and investment-grade credit rating.
 
The chief executive added at the briefing that US and Singapore are likely to be the markets for accretive acquisitions, if there are any, given the Reit&rsquo s prudency in capital management.
 
Tay said: &ldquo It does look attractive to take on high leverage, but there are other metrics that we look at ... So we want to watch all the different metrics to ensure that if there is a need to take on more debt to grow, I think this must be for good reason.&rdquo
 
As at Jun 30, Clar&rsquo s weighted average term of debt stood at 3.7 years, and its aggregate leverage remained at a healthy 37.8 per cent.
 
Together with a high proportion of fixed-rate debt at 83 per cent and a well-spread debt maturity profile, its weighted average all-in cost of borrowing is stable at 3.7 per cent, based on Clar&rsquo s financials.
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BinderyT
Elite
30-Jul-2024 20:04     
 
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 Alert Admin 		We will probably see $2.5x again.   Might be a good buying opportunity if it happens.

SDEXXXXD      ( Date: 30-Jul-2024 17:49) Posted:

DpU decline by 2.5%

PiRPiR      ( Date: 30-Jul-2024 17:41) Posted:

7.524c Div
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SDEXXXXD
Veteran
30-Jul-2024 17:49     
 
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 Alert Admin 		DpU decline by 2.5%

PiRPiR      ( Date: 30-Jul-2024 17:41) Posted:

7.524c Div
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PiRPiR
Master
30-Jul-2024 17:41     
 
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 Alert Admin 		7.524c Div
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spursfan
Supreme
30-Jul-2024 17:33     
 
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 Alert Admin 		https://links.sgx.com/1.0.0/corporate-announcements/MMTHSXU56KKU74QM/813416_1.%20CLAR_1H2024%20News%20Release_30Jul2024.pdf
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BinderyT
Elite
29-Jul-2024 20:00     
 
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 Alert Admin 		Probably because FOMC 2-day meeting starts tonight.   Rates can swing either way depending on JPow.

HuatAh7898      ( Date: 29-Jul-2024 19:53) Posted:

a lot of selling, profit taking today...
closing at near day low

Trade with awareness 

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HuatAh7898
Elite
29-Jul-2024 19:53     
 
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 Alert Admin 		a lot of selling, profit taking today...
closing at near day low

Trade with awareness 
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BinderyT
Elite
25-Jul-2024 13:54     
 
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 Alert Admin 		It is very sensitive to US interest rate projections.   So you will see wild swings between 2.55 to 2.75.   I just sold 2.73 last week.

Suggest you wait for below 2.60.  

actan99      ( Date: 23-Jul-2024 16:54) Posted:

At current price, still can enter ? 

Tks
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Alignment
Elite
25-Jul-2024 12:31     
 
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 Alert Admin 		This is a well managed REIT. However at current prices there are many other REITs that offer better upisde potential.
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actan99
Master
23-Jul-2024 16:54     
 
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 Alert Admin 		At current price, still can enter ? 

Tks
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PiRPiR
Master
21-Jul-2024 00:16     
 
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 Alert Admin 		https://www.theedgesingapore.com/capital/right-timing/are-s-reits-set-re-rating-following-reit-index-breakout

Are S-REITs set for a re-rating following REIT index breakout?
Technically, the 10-year US Treasury yield has fallen below the 4.20%?4.22% range, ending at 4.16% on July 17. The 10-year yield on Singapore Government Securities (SGS) fell below 3% on July 17 to end at 2.97% for the first time since February. On average, the SGS 10-year yield remained above 3% this year.

The relationship between the FTSE REIT Index and the 10-year Treasury and SGS yields (often viewed as risk-free rates) has been inversely proportional for the past three years. As yields rose, the REIT Index fell. Whether the S-REIT index rises as yields fall remains to be seen, but the probability is high.

After hitting a low of 614 in October last year, the REIT Index has been moving in a wide range, re-testing the October low in April this year with a low of 624 and again in June at 628. These tests are likely to establish support at the 614 to 624 range. With a breakout of 650 during the week of July 8?12, the REIT Index is likely to head towards 720?730. An important resistance level is at the twice-tested 733 level.

An interesting observation is that US REITs have rallied more than S-REITs. The S&P US REIT Index is up 6.5% from a year ago and up around 3% this year. In the same period, the FTSE REIT Index is down 34 points y-o-y and 55 points or 7.6% year-to-date.

According to a report by Goldman Sachs on July 18, the lower bond yield is not fully reflected in the price performance of local property stocks and REITs. ?We believe the scenario has not been fully reflected in share prices, with our REITs coverage pricing in a 3.4% risk-free rate vs 3.0%, the current 10-year bond yield,? Goldman Sachs says, referencing the 10-year SGS yield.

?In the upcoming 2Q2024 results, we expect REITs? topline to hold up well but distributions per unit (DPU) to decline by 1.9% y-o-y on average and we are 1% [more bullish than] consensus. The key focus will primarily be on interest cost, REITs? guidance on fundamentals, CLI?s divestment guidance and potential platform acquisition, and City Development?s deployment strategy,? Goldman Sachs says. REIT managers have widely warmed that their cost of debt may continue to rise as cheap Covid debt rolls off.
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MrBear12
Supreme
14-Jun-2024 06:57     
 
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Yells: "Cast all our anxieties on Jesus for He cares for us"
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 Alert Admin 		I think it can trade above 260.
Will eye this one

halleluyah      ( Date: 11-Jun-2024 09:33) Posted:

effect frm changi business park low occuancy...might see 2.4x range...
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halleluyah
Supreme
11-Jun-2024 09:33     
 
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 Alert Admin 		effect frm changi business park low occuancy...might see 2.4x range...
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MrBear12
Supreme
10-Jun-2024 04:46     
 
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Yells: "Cast all our anxieties on Jesus for He cares for us"
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 Alert Admin 		Buy this one
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Alignment
Elite
09-Jun-2024 17:07     
 
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 Alert Admin 		Its Changi assets do not look in such good shape. Other parts of SIngapore look to have better prospects.
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halleluyah
Supreme
03-Jun-2024 09:12     
 
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 Alert Admin 		Sicko tel aredi up 12ct which is more than the div....results was lousy to me...dyodd

MrBear12      ( Date: 03-Jun-2024 09:05) Posted:

The other way round, Halleluyah!

halleluyah      ( Date: 03-Jun-2024 09:04) Posted:

Looong tis babe to replace sicko tel.....
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MrBear12
Supreme
03-Jun-2024 09:05     
 
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Yells: "Cast all our anxieties on Jesus for He cares for us"
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 Alert Admin 		The other way round, Halleluyah!

halleluyah      ( Date: 03-Jun-2024 09:04) Posted:

Looong tis babe to replace sicko tel.....
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