Stock Evaluation and Commentary: CapLand Ascendas REIT
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CapitaLand Ascendas REIT recommends buying, with a target price of SGD 3.51 and a closing price of SGD 2.63 (-0.38%). Due to the sale of part of its logistics real estate, total revenue is expected to decline by 1.1% year-on-year in the second half of 2024, but net property income (NPI) is expected to rise by 1.4% year-on-year. The occupancy rate in the fourth quarter increased by 0.7 percentage points quarter-on-quarter, reaching 92.8%, while the occupancy rate of the Singapore business park One@Changi City increased to 99.5%. The rental increase rate is 8.6%, and it is expected to reach a mid-single-digit level this year
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