CapitaLand Ascendas REIT (SG:A17U)
SGX:A17U
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CapitaLand Ascendas REIT
(SGX:A17U)
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Rating:67Neutral
Price Target:
S$3.00
▲(16.28% Upside)
Action:Reiterated
Date:02/07/26
The score is driven primarily by solid fundamentals (strong margins and steady revenue) but held back by 2025 cash flow deterioration and a recent uptick in leverage. Technical indicators point to weaker near-term momentum, while valuation is supported by a strong dividend yield with a moderate P/E.
Positive Factors
Strong Cash Flow Management
Strong cash flow management enhances financial flexibility, allowing for strategic investments and debt management, supporting long-term growth.
Negative Factors
Revenue Decline
Significant revenue decline can impact profitability and limit reinvestment capacity, posing a risk to long-term financial health.
Read all positive and negative factors
Positive Factors
Negative Factors
Strong Cash Flow Management
Strong cash flow management enhances financial flexibility, allowing for strategic investments and debt management, supporting long-term growth.
Read all positive factors
CapitaLand Ascendas REIT (A17U) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$11.76B
Dividend Yield5.43%
Average Volume (3M)12.25M
Price to Earnings (P/E)16.4
Beta (1Y)0.59
Revenue Growth4.93%
EPS Growth-1.28%
CountrySG
Employees67
SectorReal Estate
Sector Strength53
IndustryREIT - Industrial
Share Statistics
EPS (TTM)0.17
Shares Outstanding4,741,087,000
10 Day Avg. Volume9,240,961
30 Day Avg. Volume12,247,945
Financial Highlights & Ratios
PEG Ratio0.00
Price to Book (P/B)1.21
Price to Sales (P/S)8.14
P/FCF Ratio18.36
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
S$3.13Price Target Upside21.32% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.15
Revenue Forecast (FY)S$1.64B
CapitaLand Ascendas REIT Business Overview & Revenue Model
Company Description
CapitaLand Ascendas REIT engages in the investment in a diverse portfolio of properties and property related assets. It operates through the following segments: Business and Science Park Properties and Suburban Offices; Integrated Development, Ame...
How the Company Makes Money
CapitaLand Ascendas REIT generates revenue primarily through rental income from its extensive portfolio of properties. The trust leases its properties to a variety of tenants, including multinational corporations, logistics firms, and technology c...
CapitaLand Ascendas REIT Earnings Call Summary
Earnings Call Date:Aug 04, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Aug 03, 2026
Earnings Call Sentiment Neutral
The earnings call presented a mixed picture with several positive aspects such as high occupancy, successful acquisitions, and positive rental reversion across geographies. However, there were challenges like revenue and net property income decline, distribution income decrease, and occupancy issues in the U.S. office market.Positive Updates
Portfolio Occupancy and Rental Reversion
Portfolio occupancy remained high at 91.8%, with a high rental reversion of 9.5% for leases renewed in the first half.
Negative Updates
Revenue and Net Property Income Decline
Gross revenue in the first half decreased by about 2% to $755 million, and NPI declined slightly by 0.9% to $1 billion due to lower operating expenses.
Read all updates
Q2-2025 Updates
Positive
Negative
Portfolio Occupancy and Rental Reversion
Portfolio occupancy remained high at 91.8%, with a high rental reversion of 9.5% for leases renewed in the first half.
Read all positive updates
Company Guidance
During the call, several key metrics were highlighted, providing comprehensive guidance on the company's financial and operational performance. Portfolio occupancy remained high at 91.8%, with a positive rental reversion of 9.5% for leases renewed in the first half. Gearing was maintained at a healthy 37.4%, and the cost of debt stayed stable at 3.7%. Gross revenue in the first half decreased by 2% to $755 million, mainly due to property divestments in Singapore, Australia, and the U.S., though was partly offset by acquiring a DHL Logistics property in the U.S. Net property income (NPI) dipped slightly by 0.9% to $1 billion, while distribution income was stable at $331.1 million. Distribution per unit (DPU) slightly decreased to $7.477 due to an increase in the number of units. The company completed $1.2 billion in acquisitions, including the DHL Logistics Center in Indianapolis, and completed redevelopment projects with a total development cost of about $884 million. The portfolio's occupancy rates across different geographies varied, with Singapore at 91.2%, the U.S. at 87.3%, Australia increasing to 93.1%, and the U.K. and Europe stable at 98.9%. The company expects to maintain its cost of debt around 3.7% and plans to divest $300 million to $400 million worth of assets within the year.CapitaLand Ascendas REIT Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
70
Positive
Cash Flow
62
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 1.57B | 1.52B | 1.48B | 1.35B | 1.23B |
| Gross Profit | 996.41M | 1.05B | 936.08M | 843.50M | 835.98M |
| EBITDA | 880.74M | 1.01B | 920.38M | 967.33M | 890.83M |
| Net Income | 779.72M | 764.11M | 168.27M | 760.39M | 957.04M |
Balance Sheet | |||||
| Total Assets | 19.85B | 18.27B | 18.27B | 17.88B | 17.73B |
| Cash, Cash Equivalents and Short-Term Investments | 209.44M | 167.74M | 221.58M | 217.02M | 368.55M |
| Total Debt | 8.90B | 7.15B | 7.17B | 7.09B | 6.99B |
| Total Liabilities | 9.30B | 7.96B | 8.05B | 7.61B | 7.45B |
| Stockholders Equity | 10.55B | 10.31B | 10.22B | 9.97B | 9.98B |
Cash Flow | |||||
| Free Cash Flow | 696.64M | 947.69M | 956.28M | 728.26M | 483.17M |
| Operating Cash Flow | 859.17M | 947.69M | 956.28M | 854.11M | 597.61M |
| Investing Cash Flow | -1.44B | -61.65M | -925.71M | -376.82M | -1.92B |
| Financing Cash Flow | 626.52M | -944.88M | -28.18M | -615.99M | 1.28B |
CapitaLand Ascendas REIT Technical Analysis
Negative
2.58
Price Trends
2.51
Negative
2.60
Negative
2.64
Negative
Market Momentum
-0.02
Positive
42.02
Neutral
20.07
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SG:A17U, the sentiment is Negative. The current price of 2.58 is above the 20-day moving average (MA) of 2.50, above the 50-day MA of 2.51, and below the 200-day MA of 2.64, indicating a bearish trend. The MACD of -0.02 indicates Positive momentum. The RSI at 42.02 is Neutral, neither overbought nor oversold. The STOCH value of 20.07 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SG:A17U.
CapitaLand Ascendas REIT Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | S$1.29B | 8.90 | 0.69% | 6.56% | 1.90% | 226.73% | |
71 Outperform | S$3.65B | 9.58 | 5.05% | 6.04% | 0.44% | 57.42% | |
67 Neutral | S$11.76B | 16.40 | 7.45% | 5.43% | 4.93% | -1.28% | |
66 Neutral | S$5.54B | -22.21 | 4.52% | 6.51% | -4.81% | -37.31% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
61 Neutral | S$5.99B | 25.07 | 3.94% | 5.83% | -2.59% | 36.34% | |
46 Neutral | S$1.95B | ― | -1.13% | 7.91% | 15.33% | ― |
* Real Estate Sector Average
SG:A17U
CapitaLand Ascendas REIT
2.48
0.06
2.61%
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CapitaLand Ascendas REIT Corporate Events
CapitaLand Ascendas REIT Refreshes Board and Audit Committee Membership
Jan 23, 2026
CapitaLand Ascendas REIT Management Limited has announced changes to the board and its committees, following the resignation of Non-Executive Independent Director and Audit and Risk Committee member Ms Ong Lee Keang Maureen due to health reasons. ...
CapitaLand Ascendas REIT Strengthens Board with New Non-Executive Director Appointment
Jan 15, 2026
CapitaLand Ascendas REIT has announced a board refresh, appointing Mr Tham Wei Hsing, Paul as a Non-Executive Non-Independent Director and member of its Investment Committee with effect from 16 January 2026. Following this change, the trust has up...
CapitaLand Ascendas REIT Issues Units for Management Fee Payment
Dec 15, 2025
CapitaLand Ascendas REIT has issued 3,225,026 units to pay 20% of its base management fee for the period from June to November 2025. Of these units, 680,000 were issued to its manager, CLARML, and 2,545,026 were transferred to CLI RE Fund Investme...
CapitaLand Ascendas REIT Updates Board and Committee Composition
Dec 2, 2025
CapitaLand Ascendas REIT has announced the retirement of Mr. Vinamra Srivastava from his roles as Non-Executive Non-Independent Director and Member of the Investment Committee, effective December 3, 2025. This change is part of an update to the co...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.