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    CapitaLand Ascott Trust (SGX:HMN) Valuation Check As It Sells The Robertson House Above Book Value

    Simply Wall St·06/07/2026 00:34:48
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    CapitaLand Ascott Trust (SGX:HMN) has agreed to sell The Robertson House, a 336 unit hotel in Singapore, at a 4.0% premium to book value, with completion targeted for Q3 2026.

    See our latest analysis for CapitaLand Ascott Trust.

    At a share price of SGD0.895, the stock has seen its 1 day share price return of 1.13% contrast with a year to date share price decline of 6.77%. The 1 year total shareholder return of 9.79% points to longer term gains even as recent momentum has softened.

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    With CapitaLand Ascott Trust trading at a discount to the average analyst price target and a modest intrinsic discount flagged, the key question for you is whether this points to an undervalued lodging portfolio or a stock that already reflects anticipated future growth.

    Price-to-Earnings of 11.1x: Is it justified?

    On a P/E of 11.1x and a last close of SGD0.895, CapitaLand Ascott Trust screens as cheaper than both its peer group and the wider Asian Hotel and Resort REITs industry.

    The P/E ratio compares the current share price to earnings per unit, so it effectively shows how much you are paying for each dollar of profit. For a lodging focused trust like CapitaLand Ascott Trust, this is a common yardstick because earnings reflect how the portfolio is currently translating its properties into profit.

    Here, the picture is that the market is pricing the trust below several benchmarks even though earnings have been positive. It is described as trading at good value overall, with a P/E below an estimated fair P/E of 12.7x, a lower P/E than the Asian Hotel and Resort REITs average of 12.9x, and also below the peer average of 20.5x. Those fair and peer levels are reference points that the P/E multiple could move towards if sentiment and fundamentals stay aligned with these comparisons.

    This discount means the stock trades at a lower earnings multiple than many direct alternatives, while the fair ratio suggests room for the valuation multiple to close part of that gap if conditions remain supportive.

    Explore the SWS fair ratio for CapitaLand Ascott Trust

    Result: Price-to-Earnings of 11.1x (UNDERVALUED)

    However, you still need to weigh risks such as net income falling 15.27% year on year, as well as exposure to multiple geographies that can face uneven travel demand.

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    Another View: DCF Puts a Tighter Band Around Value

    While the P/E of 11.1x points to good value, the SWS DCF model is less generous. On this view, CapitaLand Ascott Trust at around SGD0.90 trades only about 5.7% below an estimated future cash flow value of SGD0.95, which suggests a thinner margin of safety.

    That kind of gap can still matter if you think cash flows are reasonably predictable, but it also leaves less room for error if earnings, funding costs or asset recycling outcomes move against expectations. The real question is which signal you give more weight to when you look at this lodging portfolio.

    Look into how the SWS DCF model arrives at its fair value.

    HMN Discounted Cash Flow as at Jun 2026
    HMN Discounted Cash Flow as at Jun 2026

    Simply Wall St performs a discounted cash flow (DCF) on every stock in the world every day (check out CapitaLand Ascott Trust for example). We show the entire calculation in full. You can track the result in your watchlist or portfolio and be alerted when this changes, or use our stock screener to discover 195 high quality undervalued stocks. If you save a screener we even alert you when new companies match - so you never miss a potential opportunity.

    Next Steps

    With mixed signals across valuation tools and sentiment, the next move is yours. Move quickly and stress test the story against the 3 key rewards and 4 important warning signs

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    This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.