CapitaLand Ascott Trust (HMN) fair value: what the stock is really worth
As of Oct 30, 2026: fair value (intrinsic value) of CapitaLand Ascott Trust stock S$1.22, price S$0.83, upside +47.9%, quality 55 out of 100. Rating: undervalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Keep an eye on it?Free in your watchlist: 5 stocks without an account, 10 with oneYes, for free
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 1, 2026.
How to read this chart
60‑month range 0.6812 SGD – 0.9571 SGD · fair‑value band 0.6400 SGD – 2.13 SGD · the 0.8250 SGD price screens below the 1.22 SGD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 1, 2026.
Follow CapitaLand Ascott Trust in your weekly email
Every Wednesday you see whether CapitaLand Ascott Trust is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
CapitaLand Ascott Trust (CLAS) is the largest lodging trust in Asia Pacific with an asset value of S8.9 billion dollar as of 31 December 2025.
Show moreShow less
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 established on January 19, 2006 and incorporated in Singapore.
Stock analysis
CapitaLand Ascott Trust (HMN) currently trades at 0.8250 SGD, while our model-based Fair Value estimate is 1.22 SGD, implying the stock looks roughly 32.4% undervalued today.
Show more
Valuation
Bull case: the DCF Models group reads highest at a median of 1.22 SGD per share, and 15 of the 16 models we run sit above the 0.8250 SGD price.
Bear case: the Growth DCF group reads lowest at 0.8300 SGD, and 1 of the 16 models stay below the price. Data coverage for this calculation is low.
Scenario range: 0.6400 SGD (bear) to 2.13 SGD (bull), the price of 0.8250 SGD sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 55/100 (solid quality), in the Real Estate sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
CapitaLand Ascott Trust reported revenue of 838M SGD in FY2025 versus 394M SGD in FY2021, a compound +20.7%/yr. Reported net income was 328M SGD in FY2025, compounding +1.4%/yr from FY2021.
Key figures
Market cap 3.2B SGD (≈ $2.5B) Mid · P/E ratio 11.8 · P/S ratio 3.90 · EPS (TTM) 0.0700 SGD · Dividend yield 7.4% · Net margin 37.3% · Return on equity 6.4% · Return on assets (EBIT) 2.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 61 out of 100 (medium confidence).
What moves the price
The share trades about 14% below its 52-week high and 4% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at 8% fair-value upside, at 48%, HMN screens cheaper than that median.
Fair Value models
Bear0.6400 SGDFair Value 1.22 SGDBull2.13 SGD
Price 0.8250 SGD · Upside +47.9%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (0.0075 SGD per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.95/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+3.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+10.5%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+17.8%
Start year 2020 (pandemic). Over 10 years: +7.1% a year
Revenue growth 10 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+7.1%
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+8.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+0.8%
Dividend (yield on the price)7.4%
Profit margin 2019 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.6% → 37%
⚠ Revenue per share shrinking 1.3%/yr over ~6Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
A lot of optimism in the price
The price assumes less growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+9.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+2.0%
Yearly sales growth analysts expect, extended to five years.
After inflation (Singapore: IMF forecast 2.0% a year to 2030, 1.7% from 2016 to 2025) that is about +7.1% a year for the price and −0.1% for the forecasts.
Compare CapitaLand Ascott Trust with another stock
Price, fair value, quality and upside side by side.
Free, no sign-up
Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.REIT - Diversified · 137 stocks
Beats the industry median on 7/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score55 · Below median
Fair Value upside+47.9% · Top 25%
Profitability
Return on equity (12 months)6.4% · Above median
Return on assets3.7% · Above median
Net margin (12 months)37.3% · Below median
Operating margin (12 months)33.8% · Below median
Growth and dividend
Revenue growth (quarter YoY)−6.9% · Bottom 25%
Dividend yield (12 months)7.4% · Above median
Balance sheet
Debt / equity0.55× · Above median
Valuation Multiplesvs REIT - Diversified median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is CapitaLand Ascott Trust (HMN) overvalued or undervalued?
As of Nov 1, 2026, our model estimates a fair value of 1.22 SGD versus a price of 0.8250 SGD, about +48% upside (undervalued).
What is the fair value of HMN?
Our model-based fair value for CapitaLand Ascott Trust is 1.22 SGD (as of Nov 1, 2026), built from audited fundamentals. The current price: 0.8250 SGD.
What is the quality score of HMN?
CapitaLand Ascott Trust has a Quality Score of 55/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for CapitaLand Ascott Trust (HMN)?
Our model-based price target is the fair value of 1.22 SGD (as of Nov 1, 2026) from 16 valuation models. Cautious scenario 0.6400 SGD, optimistic scenario 2.13 SGD. It is a calculation from audited fundamentals, not an analyst target.
What is the CapitaLand Ascott Trust stock forecast for 2026?
Our models put fair value at 1.22 SGD, about +48% upside versus a price of 0.8250 SGD (undervalued). Cautious scenario 0.6400 SGD, optimistic scenario 2.13 SGD. The calculation is refreshed regularly with new filings.
What is the revenue of CapitaLand Ascott Trust (HMN)?
CapitaLand Ascott Trust reported trailing-twelve-month revenue of about 810M SGD (latest available figure, as of Nov 1, 2026).
Does CapitaLand Ascott Trust pay a dividend?
CapitaLand Ascott Trust currently shows a dividend yield of 7.39% relative to its recent price (as of Nov 1, 2026).
What growth is priced into CapitaLand Ascott Trust (HMN)?
For today's price to be fair in a discounted-cash-flow model, CapitaLand Ascott Trust would have to grow free cash flow by +9.3 % per year for five years (discount rate 8.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +17.8 % per year. As of Nov 1, 2026.
What discount rate (WACC) does the fair value of HMN use?
Our models discount CapitaLand Ascott Trust at 8.5 %: a base by market capitalisation (mid), damped by beta 0.57, country premium for Singapore. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For CapitaLand Ascott Trust that is +9.3 % per year a year over ten years, using the same discount rate (8.5 %) and the same formula as our fair value.
How much growth has CapitaLand Ascott Trust (HMN) delivered so far?
Over the past 5 years revenue at CapitaLand Ascott Trust grew +17.8 % a year. The price currently implies +9.3 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of CapitaLand Ascott Trust (HMN) growing?
The median revenue growth in the sector is +2.7 % a year. That is the yardstick for the growth priced into CapitaLand Ascott Trust (+9.3 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of CapitaLand Ascott Trust (HMN)?
The free-cash-flow yield on the price is 7.82 %: that much free cash flow CapitaLand Ascott Trust produces per unit of market value. When it exceeds the discount rate of our models (8.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of CapitaLand Ascott Trust (HMN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For CapitaLand Ascott Trust it is 1.22 SGD per share (as of Nov 1, 2026), against a price of 0.8250 SGD. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is CapitaLand Ascott Trust stock overvalued or undervalued in 2026?
As of Nov 1, 2026, HMN trades below its calculated fair value: price 0.8250 SGD, fair value 1.22 SGD, a gap of about +48% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of HMN?
No. The price is what the market pays today (0.8250 SGD); the fair value is what the company's own numbers justify (1.22 SGD). For CapitaLand Ascott Trust the two are 0.3950 SGD per share apart. That gap is exactly why we show both numbers side by side.
How much is CapitaLand Ascott Trust worth?
The market values CapitaLand Ascott Trust at about 3.2B SGD (market capitalisation, as of Nov 1, 2026). Per share that is 0.8250 SGD; our models calculate a fair value of 1.22 SGD per share.
What do the bullish and bearish scenarios say about HMN?
Our models span a range for CapitaLand Ascott Trust: cautious scenario 0.6400 SGD, base 1.22 SGD, optimistic 2.13 SGD per share (as of Nov 1, 2026, price 0.8250 SGD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of HMN?
CapitaLand Ascott Trust trades at a price-to-earnings ratio of 11.8 (as of Nov 1, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 1.22 SGD is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 18.6 (reported for FY2025: 9.7). Other multiples: PEG 2.1, P/B 0.7, P/S 3.9, EV/EBITDA 16.2.
What is the PEG ratio of HMN?
The PEG ratio of CapitaLand Ascott Trust is 2.10 (P/E divided by earnings growth, as of Nov 1, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of CapitaLand Ascott Trust (HMN)?
Balance-sheet figures for CapitaLand Ascott Trust (as of Nov 1, 2026): return on equity 6.4%, debt of 0.55 per unit of equity. They feed the Quality Score of 55/100, which measures business quality independently of the share price.
How far is HMN from its 52-week high?
CapitaLand Ascott Trust trades at 0.8250 SGD, about 14% below its 52-week high of 0.9571 SGD and 4% above the low of 0.7950 SGD (as of Oct 30, 2026). Distance from the high says nothing about value: that is what the fair value of 1.22 SGD is for.
Which stocks are comparable to CapitaLand Ascott Trust?
From the same area (Real Estate) we also value Goodman Group, VICI Properties Inc, W. P. Carey Inc, Charter Hall Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is CapitaLand Ascott Trust stock attractive at the current price?
The data as of Nov 1, 2026: price 0.8250 SGD, calculated fair value 1.22 SGD (+48%), Quality Score 55/100, from 16 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of HMN calculated?
We run CapitaLand Ascott Trust through 16 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 1.22 SGD, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.9 % above its aggregate fair value. CapitaLand Ascott Trust currently trades 32 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of CapitaLand Ascott Trust (HMN)?
The closing price on Oct 30, 2026 was 0.8250 SGD. Our model-based fair value is 1.22 SGD, about +48% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with CapitaLand Ascott Trust right now?
The model range is unusually wide (0.6400 SGD to 2.13 SGD). The outcome hinges heavily on assumptions, so read the point estimate with caution. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (55/100) at a price below fair value, the discount is the argument here, not the business quality. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of CapitaLand Ascott Trust
How large is the market capitalisation of CapitaLand Ascott Trust (HMN)?
The market capitalisation of CapitaLand Ascott Trust is 3.2B SGD (≈ $2.5B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of CapitaLand Ascott Trust (HMN)?
The price-to-sales ratio of CapitaLand Ascott Trust is 3.90 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of CapitaLand Ascott Trust (HMN)?
Earnings per share at CapitaLand Ascott Trust are 0.0700 SGD (price ÷ EPS = P/E 11.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of CapitaLand Ascott Trust (HMN)?
The dividend yield of CapitaLand Ascott Trust is 7.4% (payout 168%, on adjusted earnings, reported 87.1%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of CapitaLand Ascott Trust (HMN)?
The net margin of CapitaLand Ascott Trust is 37.3% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of CapitaLand Ascott Trust (HMN)?
The return on equity (ROE) of CapitaLand Ascott Trust is 6.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of CapitaLand Ascott Trust (HMN)?
On an EBIT basis the return on assets of CapitaLand Ascott Trust is 2.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of CapitaLand Ascott Trust (HMN)?
The operating margin of CapitaLand Ascott Trust is 33.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at CapitaLand Ascott Trust (HMN)?
Revenue at CapitaLand Ascott Trust is growing −6.9% versus a year earlier (3y avg +10.5%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at CapitaLand Ascott Trust (HMN)?
Earnings per share at CapitaLand Ascott Trust are growing −34.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does CapitaLand Ascott Trust (HMN) carry?
The net debt of CapitaLand Ascott Trust is 2.6B SGD (fiscal year 2025, ≈ 10.4 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
Free · no account needed
Watch CapitaLand Ascott Trust in the live analysis
One click puts CapitaLand Ascott Trust on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 27,000+ stock screener.
Thin data
Nov 1, 2026