HMN.SI
SGX50SESCapitaLand Ascott Trust
Real Estate · REIT - Diversified · Singapore
CapitaLand Ascott Trust (CLAS) is the largest lodging trust in Asia Pacific with an asset value of S8.9 billion dollar as of 31 December 2025. CLAS objective is to invest primarily in income-producing real estate and real estate-related assets which are used or predominantly used as serviced residences, rental housing properties, student accommodation and other hospitality assets in any country in the world. CLAS was listed on the Singapore Exchange Securities Trading Limited (SGX-ST) since March 2006, and is a constituent of the FTSE EPRA Nareit Global Real Estate Index Series (Global Developed Index). CLAS international portfolio comprises 103 properties with more than 18,000 units in 45 cities across 16 countries in Asia Pacific, Europe and the United States of America as of 31 December 2025. CLAS properties are mostly operated under the Ascott, Somerset, Quest and Citadines brands. They are mainly located in key gateway cities such as Barcelona, Berlin, Brussels, Hanoi, Ho Chi Minh City, Jakarta, Kuala Lumpur, London, Manila, Melbourne, Munich, New York, Paris, Perth, Seoul, Singapore, Sydney and Tokyo. CLAS is a stapled group comprising CapitaLand Ascott Real Estate Investment Trust (CapitaLand Ascott REIT) and CapitaLand Ascott Business Trust (CapitaLand Ascott BT). CLAS is managed by CapitaLand Ascott Trust Management Limited (as manager of CapitaLand Ascott REIT) and CapitaLand Ascott Business Trust Management Pte. Ltd. (as trustee-manager of CapitaLand Ascott BT). The manager and trustee-manager are wholly owned subsidiaries of Singapore-listed CapitaLand Investment Limited, a leading global real asset manager with a strong Asia foothold. CapitaLand Ascott Trust was established on January 19, 2006 and incorporated in Singapore.
www.capitalandascotttrust.com ↗Shares trade at a low 11.2× trailing earnings, easing to 17.6× on forward estimates. Profitability shows a net margin of 39.1% and return on equity of 6.8%. Leverage is high at 8.1× net debt/EBITDA. Revenue grew 3.8% year-on-year. It yields 6.7% in dividends. The mean analyst target of SGD1.06 sits 17.9% above the current price (no rating, 9 analysts).
business model
CapitaLand Ascott Trust is a Singapore-listed stapled hospitality trust (a REIT stapled to a business trust) that owns serviced residences, hotels, student accommodation and rental housing across Asia Pacific, Europe and the US. It earns income through master leases, management contracts with minimum guaranteed income, and pure management contracts whose returns track hospitality demand. It is sponsored and managed by CapitaLand Investment and operates properties under brands such as Ascott, Citadines, Somerset, lyf and Oakwood.
revenue segments
Income is generated from a mix of stable sources (master leases and management contracts with minimum guaranteed income) and variable, RevPAU-linked management contracts across roughly a dozen or more countries. By property type it spans serviced residences and hotels plus a growing longer-stay segment of student accommodation and multifamily/rental housing that adds income stability.
key dependencies
Performance depends on travel and hospitality demand, occupancy and average daily rates, sponsor CapitaLand Investment for acquisitions and operating brands, and financing costs given a multi-currency balance sheet. Business and leisure travel volumes, foreign-exchange movements and asset recycling activity are the main swing factors.
competitors
Competes for guests and assets with other hospitality trusts and operators including Far East Hospitality Trust, CDL Hospitality Trusts and, historically, Frasers Hospitality Trust, as well as global hotel and serviced-residence brands such as Marriott, Accor and Oakwood-type operators.
moat
Its scale as one of the largest lodging trusts in Asia Pacific, geographic and lease-structure diversification, and CapitaLand's operating platform and Ascott brand portfolio give it resilience and an acquisition pipeline. The blend of stable and growth income smooths hospitality cyclicality.
risks
Risks include cyclical and event-driven travel demand (recessions, pandemics), foreign-currency translation, rising interest and refinancing costs, and dilution or execution risk from acquisitions. A high proportion of variable income means distributions can fall sharply in downturns.
Financials & metrics
as of 04 Jul 2026Price is closer to the low end of its range. Green = nearer the yearly low, red = nearer the high — a position indicator, not a buy/sell signal.
Tap any metric for an explanation.● provider● computedN/A not available from source
Income-statement history isn't available for this security.
Dividends
This company does not currently pay a dividend.
Analyst assessment
as of 04 Jul 2026Aggregate consensus only. Named per-analyst targets require a premium source and are not shown; the data model is ready to hold them if one is added.