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CapitaLand Ascendas REIT

A17U.SI
54
REIT - Industrial · Real Estate
Price
$2.38
+0.01 (+0.42%)
Market Cap
$11.28B
Exchange
SES
Winston Score
54
Winston is curious
Mixed quality — meaningful strengths and weaknesses.
Data as of Sep 4, 2026 · filings through Jun 30, 2026
How the score breaks down
Quality
Good
Growth
Mixed
Cash Flow
Exceptional
Stability
Good
Valuation
Mixed
Dividends
Mixed

Share count rising — dilution

+9.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 4.13B (2021) → 4.52B (2025)

Winston Score History

The full picture

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 suburban offices; integrated developments that combine amenities with retail spaces; high-specification industrial properties and data centers; light industrial facilities and flatted factories; and logistics and distribution centers. The company was founded in Singapore on October 9, 2002, where it remains headquartered.

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+4.5% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-11.6% YoY

YoY Growth Rate

Earnings declining

R&D Spend

S$0/ year

0.0% of revenue

Research and development spending

Cash Position

Cash flow positive

S$20.3B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

CapitaLand Ascendas REIT is growing revenue at 5% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Profit per sale
Gross Margin
61.2%
Premium pricing power — 61.2% gross margin
Profit after running costs
Operating Margin
56.7%
Excellent — 56.7% operating margin
Return on the money invested
ROCE
4.4%
Weak — 4.4% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales growth
Sales YoY
+6.6%
Slow sales growth (+6.6% YoY)
Profit growth
EPS YoY
+0.0%
Flat earnings

Single-digit earnings growth — steady but not exciting.

How steady the profit is
EPS Consistency
2/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
104%
Turns 104% of profit into real cash
Spare cash per sale
FCF Margin
41.5%
Converts sales into free cash efficiently (41.5%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
0.72
Moderate — manageable debt (0.72)
Covers its interest
Interest Cover
2.92x
Tight — interest eats into profit (2.9x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit
P/E Ratio (TTM)
15.0x
Fair value — P/E 15.0

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
-0.0
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend
Dividend Yield
3.14%
Moderate income — 3.14% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend record
Dividend Growth
-45.0%
Dividend cut (-45.0% YoY) — warning sign

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