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CapitaLand Ascendas REIT
(SGX:A17U)
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Rating:68Neutral
Price Target:
S$2.50
▲(5.49% Upside)
Action:Reiterated
Date:08/04/26
The score is driven primarily by solid underlying fundamentals (strong margins and steady revenue) but tempered by weaker 2025 cash flow momentum and rising leverage. Technicals are neutral-to-slightly positive but still below the long-term trend (200-day), while valuation is supported by a high dividend yield and a moderate P/E.
Positive Factors
Steady Revenue Growth
Consistent revenue expansion indicates that the REIT continues to generate demand for its income-producing business space and industrial properties. This recurring growth supports visibility into rental income and provides a foundation for maintaining earnings power over the next several quarters.
Negative Factors
Rising Leverage
The renewed increase in leverage raises the financial burden on a property portfolio whose distributable income is affected by borrowing costs. Higher debt can reduce flexibility for acquisitions or asset upgrades and leaves less balance-sheet capacity to absorb weaker operating conditions.
Read all positive and negative factors
Positive Factors
Negative Factors
Steady Revenue Growth
Consistent revenue expansion indicates that the REIT continues to generate demand for its income-producing business space and industrial properties. This recurring growth supports visibility into rental income and provides a foundation for maintaining earnings power over the next several quarters.
Read all positive factors
CapitaLand Ascendas REIT (A17U) vs. iShares MSCI Singapore ETF (EWS)
Market Cap
S$10.88B
Dividend Yield6.89%
Average Volume (3M)35.12M
Price to Earnings (P/E)13.7
Beta (1Y)0.47
Revenue Growth6.53%
EPS Growth0.82%
CountrySG
Employees67
SectorReal Estate
Sector Strength53
IndustryREIT - Industrial
Share Statistics
EPS (TTM)0.16
Shares Outstanding4,990,464,000
10 Day Avg. Volume38,263,820
30 Day Avg. Volume35,119,923
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$2.82Price Target Upside18.99% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)0.15
Revenue Forecast (FY)S$1.65B
CapitaLand Ascendas REIT Business Overview & Revenue Model
Company Description
CapitaLand Ascendas REIT specializes in acquiring and managing an extensive portfolio of real estate and property-linked assets. Its business operations are structured into distinct segments: business and science park properties complemented by su...
How the Company Makes Money
CapitaLand Ascendas REIT makes money primarily by acquiring, owning, leasing, and actively managing a diversified portfolio of industrial and business space properties.
1) Rental income (core revenue stream)
- The REIT earns gross revenue mainly ...
CapitaLand Ascendas REIT Earnings Call Summary
Earnings Call Date:Aug 04, 2025
(Q2-2025)
| % Change Since: |
Next Earnings Date:Feb 04, 2027
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 | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.61B | 1.57B | 1.52B | 1.48B | 1.35B | 1.23B |
| Gross Profit | 999.30M | 996.41M | 1.05B | 936.08M | 843.50M | 835.98M |
| EBITDA | 864.69M | 880.74M | 1.01B | 925.58M | 967.33M | 890.83M |
| Net Income | 766.52M | 779.72M | 764.11M | 168.27M | 760.39M | 957.04M |
Balance Sheet | ||||||
| Total Assets | 21.10B | 19.85B | 18.27B | 18.27B | 17.88B | 17.73B |
| Cash, Cash Equivalents and Short-Term Investments | 264.10M | 209.44M | 167.74M | 221.58M | 217.02M | 368.55M |
| Total Debt | 8.74B | 7.93B | 7.15B | 7.17B | 7.09B | 6.99B |
| Total Liabilities | 9.74B | 9.24B | 7.96B | 8.05B | 7.61B | 7.45B |
| Stockholders Equity | 11.36B | 10.55B | 10.31B | 10.22B | 9.97B | 9.98B |
Cash Flow | ||||||
| Free Cash Flow | 666.05M | 696.64M | 947.69M | 956.28M | 728.26M | 483.17M |
| Operating Cash Flow | 797.02M | 859.17M | 947.69M | 956.28M | 854.11M | 597.61M |
| Investing Cash Flow | -2.24B | -1.39B | -61.65M | -925.71M | -376.82M | -1.92B |
| Financing Cash Flow | 1.53B | 626.52M | -944.88M | -28.18M | -615.99M | 1.28B |
CapitaLand Ascendas REIT Technical Analysis
Negative
2.37
Price Trends
2.30
Negative
2.39
Negative
2.46
Negative
Market Momentum
-0.03
Negative
38.46
Neutral
48.33
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 2.37 is above the 20-day moving average (MA) of 2.20, above the 50-day MA of 2.30, and below the 200-day MA of 2.46, indicating a bearish trend. The MACD of -0.03 indicates Negative momentum. The RSI at 38.46 is Neutral, neither overbought nor oversold. The STOCH value of 48.33 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 |
|---|---|---|---|---|---|---|---|
68 Neutral | S$10.88B | 13.75 | 7.00% | 6.89% | 6.53% | 0.82% | |
68 Neutral | S$1.11B | 9.65 | 8.96% | 7.49% | 6.07% | 225.82% | |
68 Neutral | S$3.39B | 15.81 | 5.05% | 6.63% | 0.44% | 57.42% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
63 Neutral | S$5.50B | 25.24 | 3.48% | 6.61% | -0.67% | 1.92% | |
61 Neutral | S$1.51B | 91.18 | 1.71% | 11.93% | 4.85% | ― | |
61 Neutral | S$4.94B | 25.71 | 4.35% | 7.09% | -5.23% | -42.13% |
* Real Estate Sector Average
SG:A17U
CapitaLand Ascendas REIT
2.18
-0.49
-18.26%
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CapitaLand Ascendas REIT Corporate Events
CapitaLand Ascendas REIT Optimises 9 Kallang Sector Asset via LLP and Sub-Trust Structure
Oct 21, 2026
CapitaLand Ascendas REIT has restructured the ownership of its high-specifications industrial property at 9 Kallang Sector in Singapore by converting its indirect wholly owned subsidiary, Waterbay Investment Pte. Ltd., into a limited liability par...
CapitaLand Ascendas REIT Deepens Global Industrial and Data Centre Footprint
Oct 9, 2026
CapitaLand Ascendas REIT reported a portfolio AUM of S$20.1 billion and a market capitalisation of about S$12.4 billion as of 30 June 2026, representing roughly 12% of the Singapore REIT market by value. The trust’s assets are largely multi&...
CapitaLand Ascendas REIT Secures A$564 Million in New Facilities With Manager-Linked Default Clause
Sep 15, 2026
CapitaLand Ascendas REIT announced that its Australian vehicle, Ascendas Logistics Trust, has secured A$564.3 million in term and revolving credit facilities maturing in 2031, backed by a guarantee from the Singapore trustee of the REIT. The new f...
CapitaLand Ascendas REIT Deepens Global, Growth-Sector Focus as Earnings Rise
Sep 15, 2026
CapitaLand Ascendas REIT has grown over more than two decades from a Singapore-only industrial REIT into a diversified global platform spanning key developed markets. Its portfolio is increasingly oriented toward growth sectors such as life scienc...
CapitaLand Ascendas REIT Strengthens Global Industrial Portfolio with Stable First-Half 2026 Metrics
Aug 31, 2026
CapitaLand Ascendas REIT reported portfolio assets under management of S$20.1 billion as at 30 June 2026, with 65% of its holdings in Singapore and the balance spread across Australia, the United States, the United Kingdom/Europe and Japan. The po...
CapitaLand Ascendas REIT Secures US$300 Million Revolving Credit Facility
Aug 21, 2026
CapitaLand Ascendas REIT has secured a US$300 million committed revolving credit facility maturing in 2029 through its wholly owned subsidiary Ascendas US REIT LLC, with obligations guaranteed by its trustee. The facility includes an event of defa...
CapitaLand Ascendas REIT underscores scale and sector-focused growth at China Investor Day
Aug 17, 2026
CapitaLand Ascendas REIT used its China Investor Day to underscore its scale as Singapore’s largest listed business space and industrial REIT, with assets of about S$20.1 billion and a market capitalisation of roughly S$12.4 billion, represe...
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.