CapitaLand Ascendas REIT (C38U.SI)
Real Estate · SGX · Singapore
Fundamentals
Valuation and ratings
CapitaLand Ascendas REIT trades at S$2.46, close to the S$2.14 our discounted cash flow model puts on the business. On this measure the market and the model broadly agree, so the interesting question is which of them is wrong.
Our moat model scores it 70 out of 100, which is a wide moat. A moat is a structural reason competitors cannot take the profits away, and it matters more to a long holding period than any single quarter's numbers do.
It changes hands at 18.8 times earnings. Be careful reading that in isolation: for a cyclical business a low P/E arrives at the top of the cycle, when profits are peaking and about to fall, which is exactly when the shares look cheapest and are not.
About CapitaLand Ascendas REIT
CapitaLand Integrated Commercial Trust (CICT or the Trust) is the first and largest real estate investment trust (REIT) listed on Singapore Exchange Securities Trading Limited (SGX-ST). CapitaLand Integrated Commercial Trust has a market capitalization of US14.2 billion dollars or S18.2 billion dollars as at 31 December 2025. It debuted on SGX-ST as CapitaLand Mall Trust in July 2002 and was renamed CICT in November 2020 following the merger with CapitaLand Commercial Trust. As the largest proxy for Singapore commercial real estate, CICT owns and invests in quality income-producing assets primarily used for commercial (including retail and/or office) purposes, located predominantly in Singapore. CICT's portfolio comprises 20 properties in Singapore, two properties in Frankfurt, Germany, and three properties in Sydney, Australia with a total property value of S27.0 billion dollars or US21.0 billion dollar based on valuations of its proportionate interests in the portfolio as at 31 December 2025. CICT is managed by CapitaLand Integrated Commercial Trust Management Limited (CICTML or the Manager), a wholly owned subsidiary of CapitaLand Investment Limited, a leading global real asset manager with a strong Asia foothold. CapitaLand Integrated Commercial Trust was established in October 29, 2001 and incorporated in Singapore.
C38U.SI passes 3 of our 30 screens today
Each screen prints the exact criteria it used, and the circumstances in which it is wrong.
Common questions
Is CapitaLand Ascendas REIT (C38U.SI) undervalued?
Against our discounted cash flow estimate of S$2.14, C38U.SI at S$2.46 is 13% above fair value. That is one model's answer, not a recommendation, and most of a DCF's output sits in a terminal value nobody can forecast.
What is C38U.SI's P/E ratio?
C38U.SI trades at 18.8 times earnings. A low P/E is not automatically cheap: on a cyclical company it is usually a warning that earnings are at a peak.
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Data from company filings, exchange quotes and SEC EDGAR 13F disclosures. Quotes are delayed. Metrics we do not have are left out rather than estimated. Educational information, not financial advice.