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CapitaLand Ascott Trust (CLAS) is the largest lodging trust in Asia Pacific with an asset value of S$8.9 billion 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 incorporated in 2006 in Singapore.
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A unique technical analysis driven score developed by Kalkine showing momentum in stock prices based on select technical indicators identified.
Ascott Residence Trust is a real estate investment trust owning and operating serviced residences and hospitality properties under the Ascott brand across Asia-Pacific and select global cities. Long-term growth drivers include recovery of international and corporate travel, structural demand for flexible accommodations in urban centres, and operational revenue management that may support occupancy and rates, providing investors exposure to lodging real estate and recurring rental and room-income streams.
Material risks include sensitivity to travel demand and room-rate cyclicality, leverage and refinancing needs, multi-jurisdictional regulatory and currency exposure, and operational execution risks that could compress distributions.
Note: The summary and risk score provided above is created by AI and should not be construed as a recommendation of Kalkine.
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Income before tax | 444.05M | 289.21M | 302.23M | 259.78M | 374.93M |
| Minority interest | -5.01M | -3.11M | 1.47M | -2.92M | -1.10M |
| Net income | 327.61M | 241.18M | 231.25M | 223.31M | 309.32M |
| Selling general administrative | 48.03M | 45.66M | 45.22M | 40.32M | 32.69M |
| Selling and marketing expenses | - | - | 34.22M | - | - |
| Gross profit | 385.30M | 370.95M | 304.03M | 282.82M | 173.29M |
| Reconciled depreciation | 37.47M | 22.67M | 38.90M | 35.77M | 32.64M |
| Ebit | 574.18M | 428.07M | 427.98M | 322.83M | 272.78M |
| Ebitda | 611.63M | 450.74M | 466.88M | 358.60M | 305.42M |
| Depreciation and amortization | 37.44M | 22.67M | 38.90M | 35.77M | 32.64M |
| Operating income | 347.43M | 292.84M | 293.03M | 322.83M | 272.78M |
| Other operating expenses | 530.65M | 516.68M | 451.53M | 403.08M | 280.18M |
| Interest expense | 125.78M | 138.86M | 125.76M | 84.40M | 58.75M |
| Tax provision | 111.75M | 44.92M | 72.44M | 33.56M | 64.52M |
| Interest income | 6.36M | 6.08M | 4.31M | 1.33M | 2.55M |
| Net interest income | -125.37M | -139.16M | -126.25M | -88.27M | -60.59M |
| Income tax expense | 111.67M | 44.92M | 72.44M | 33.56M | 64.52M |
| Total revenue | 837.58M | 809.52M | 744.56M | 621.24M | 394.41M |
| Total operating expenses | 78.36M | 78.11M | 11.00M | 64.66M | 59.06M |
| Cost of revenue | 452.28M | 438.57M | 440.53M | 338.42M | 221.12M |
| Total other income expense net | 96.62M | -3.63M | 9.19M | -63.05M | 102.16M |
| Net income from continuing ops | 332.62M | 244.29M | 229.78M | 226.22M | 310.42M |
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Total assets | 8940.68M | 8820.09M | 8730.83M | 8023.69M | 7733.25M |
| Other current assets | 27.50M | 101.70M | 360.42M | - | 0.01M |
| Total liab | 4403.98M | 3978.77M | 3900.53M | 3578.90M | 3365.53M |
| Total stockholder equity | 4471.45M | 4773.15M | 4752.65M | 4361.73M | 4287.16M |
| Other current liab | 20.29M | 24.49M | 200.25M | 112.78M | 89.80M |
| Common stock | 3123.01M | 3153.56M | 3250.94M | 3075.06M | 2962.07M |
| Capital stock | 3125.34M | 3153.56M | 3250.94M | 3075.06M | 2962.07M |
| Retained earnings | - | 1542.15M | 1381.47M | - | - |
| Other assets | 8940.68M | - | - | - | - |
| Cash | 613.67M | 644.05M | 432.81M | 363.63M | 346.33M |
| Total current liabilities | 728.99M | 582.27M | 941.01M | 671.30M | 971.92M |
| Net debt | 2798.70M | 2770.01M | 2883.44M | 2781.89M | 2662.64M |
| Short term debt | 508.67M | 311.02M | 576.57M | 415.27M | 777.00M |
| Short long term debt | 497.37M | 300.11M | 566.28M | 405.62M | 768.35M |
| Short long term debt total | 3412.37M | 3414.07M | 3316.25M | 3145.52M | 3008.97M |
| Other stockholder equity | 1802.76M | 1619.59M | 1501.71M | 1286.67M | 1325.08M |
| Total current assets | 755.64M | 858.88M | 857.44M | 501.62M | 463.46M |
| Short term investments | - | - | 7.31M | - | - |
| Net receivables | 114.47M | 112.44M | 56.37M | 62.36M | 116.79M |
| Long term debt | 2692.70M | 2873.41M | 2486.00M | 2472.88M | 1964.74M |
| Inventory | 0.59M | 0.69M | 0.55M | 0.29M | 0.33M |
| Accounts payable | 200.03M | 232.57M | 148.41M | 143.25M | 105.13M |
| Accumulated other comprehensive income | -454.31M | 77.44M | 120.24M | - | - |
| Non currrent assets other | -20.24M | 6840.67M | 102.42M | 6562.32M | 6637.44M |
| Non current assets total | 8191.71M | 7961.21M | 7873.38M | 7522.07M | 7269.78M |
| Capital lease obligations | 222.30M | 240.55M | 263.96M | 267.01M | 275.88M |
| Breakdown | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
|---|---|---|---|---|---|
| Type | yearly | yearly | yearly | yearly | yearly |
| Date | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 |
| Investments | 0.00M | 176.45M | -296.68M | -308.82M | -538.55M |
| Total cashflows from investing activities | -72.14M | 176.45M | -296.68M | - | - |
| Net borrowings | 46.17M | 92.80M | 80.88M | - | - |
| Total cash from financing activities | -194.47M | -260.28M | 64.49M | 71.17M | 258.63M |
| Net income | 310.18M | 289.21M | 302.23M | 259.78M | 374.93M |
| Change in cash | 7.53M | 215.24M | 62.05M | 17.50M | -140.25M |
| Begin period cash flow | 606.15M | 423.21M | 361.17M | 343.67M | 483.92M |
| End period cash flow | 613.67M | 638.45M | 423.21M | 361.17M | 343.67M |
| Total cash from operating activities | 245.45M | 317.15M | 300.65M | 282.32M | 145.63M |
| Depreciation | 37.44M | 38.22M | 38.90M | 35.77M | 32.64M |
| Other cashflows from investing activities | 0.33M | 225.56M | -216.66M | - | - |
| Dividends paid | 231.07M | 212.92M | 211.71M | -168.67M | -142.48M |
| Change to inventory | 0.09M | -0.14M | -0.25M | 0.04M | 0.00M |
| Change to account receivables | -7.00M | -26.08M | -28.73M | - | - |
| Sale purchase of stock | - | -150.00M | - | - | - |
| Other cashflows from financing activities | 242.01M | 9.84M | 195.32M | 1720.83M | 823.81M |
| Capital expenditures | 108.44M | 104.97M | 162.09M | 48.53M | 106.87M |
| Change in working capital | -46.88M | -54.11M | -40.33M | 7.19M | -45.64M |
| Stock based compensation | - | - | 24.67M | - | - |
| Other non cash items | -55.28M | 43.84M | -24.81M | -20.43M | -216.31M |
| Free cash flow | 137.02M | 212.19M | 138.57M | 233.79M | 38.75M |
Sector: Real Estate Industry: REIT - Diversified
|
Stock Name
|
Change
(USD) |
Price
(USD) |
Trailing
PE (x) |
Forward
PE (x) |
Price Sales
TTM (x) |
Price to Book Value (x)
|
Enterprise Value
to Revenue (x) |
Enterprise Value
to EBITDA (x) |
|---|---|---|---|---|---|---|---|---|
| ATTRF Ascott Residence Trust |
- -% |
0.74 | 12.31 | 19.57 | 3.39 | 0.74 | 7.52 | 10.37 |
| GMGSF Goodman Group |
- -% |
18.83 | 35.32 | 21.46 | 13.97 | 2.56 | 32.21 | 34.78 |
| VICI VICI Properties Inc |
-0.06 0.24% |
24.46 | 13.14 | 11.40 | 9.27 | 1.33 | 14.27 | 15.38 |
| WPC W P Carey Inc |
-0.79 1.22% |
64.10 | 23.40 | 25.00 | 8.55 | 1.82 | 13.65 | 15.78 |
| CTOUF Charter Hall Group |
- -% |
14.22 | 19.27 | 20.58 | 8.82 | 3.56 | 23.47 | 16.08 |
CapitaLand Ascott Trust (CLAS) is the largest lodging trust in Asia Pacific with an asset value of S$8.9 billion 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 incorporated in 2006 in Singapore.
| Name | Title | Year Born |
|---|---|---|
| Ms. Joo Ling Teo | CEO & Exec. Non-Independent Director | NA |
| Ms. Siew Fong Kang | Chief Financial Officer of Ascott Residence Trust Management Limited | NA |
| Mr. Kin Leong Chan | Head of Investment & Asset Management of Ascott Residence Trust Management Limited | NA |
| Ms. Xiao Fen Wong | Head, Investor Relations & Sustainability of Ascott Residence Trust Management Limited | NA |
| Ms. Joan Tan | VP of Group Communications - Ascott Residence Trust Management Limited | NA |
| Ms. Yim Mei Chan | Company Sec. of Ascott Residence Trust Management Limited | NA |
| Ms. Joo Ling Teo | CEO & Executive Non-Independent Director of CapitaLand Ascott Trust Management Limited | 1974 |
| Ms. Siew Fong Kang | Chief Financial Officer of CapitaLand Ascott Trust Management Limited | NA |
| Mr. Kin Leong Chan | Managing Director of REIT Investments at CapitaLand Ascott Trust Management Limited | NA |
| Ms. Xiao Fen Wong | Head of Investor Relations & Sustainability - CapitaLand Ascott Trust Management Limited | NA |
Disclaimer - (*)This information, including any data, is sourced from Unicorn Data Services SAS, trading as EOD Historical Data (“EODHD”) on an ‘as is’ basis, using their API. We cannot guarantee the completeness or validity of the information and data provided on this page, as well as via the API. In some cases, the data may include analyst ratings or recommendations sourced through the EODHD API, which are intended solely for general information purposes.
This information does not consider your personal objectives, financial situation, or needs. Kalkine is not liable for any errors or omissions in the information provided or for any actions taken in reliance on it. You should seek advice from a financial adviser, stockbroker or other professional adviser (including taxation and legal advice) as necessary before acting on this information.
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