CapitaLand Ascott Trust Valuation
Is HMN undervalued compared to its fair value, analyst forecasts and its price relative to the market?
Valuation Score
5/6Valuation Score 5/6
Below Fair Value
Significantly Below Fair Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast
Share Price vs Fair Value
What is the Fair Price of HMN when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.
Below Fair Value: HMN (SGD0.89) is trading below our estimate of fair value (SGD1.32)
Significantly Below Fair Value: HMN is trading below fair value by more than 20%.
Key Valuation Metric
Which metric is best to use when looking at relative valuation for HMN?
Key metric: As HMN is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.
| What is HMN's PE Ratio? | |
|---|---|
| PE Ratio | 14.1x |
| Earnings | S$237.30m |
| Market Cap | S$3.35b |
| Key Statistics | |
|---|---|
| Enterprise Value/Revenue | 7.8x |
| Enterprise Value/EBITDA | 19.4x |
| PEG Ratio | -1.5x |
Price to Earnings Ratio vs Peers
How does HMN's PE Ratio compare to its peers?
| Company | Forward PE | Estimated Growth | Market Cap |
|---|---|---|---|
| Peer Average | 19.2x | ||
J85 CDL Hospitality Trusts | 8.5x | -26.5% | S$1.1b |
Q5T Far East Hospitality Trust | 10.5x | -14.9% | S$1.2b |
ACV Frasers Hospitality Trust | 40.3x | 24.1% | S$818.6m |
T82U Suntec Real Estate Investment Trust | 17.6x | 4.7% | S$3.3b |
HMN CapitaLand Ascott Trust | 14.1x | -9.4% | S$3.4b |
Price-To-Earnings vs Peers: HMN is good value based on its Price-To-Earnings Ratio (14.1x) compared to the peer average (19.2x).
Price to Earnings Ratio vs Industry
How does HMN's PE Ratio compare vs other companies in the Asian Hotel and Resort REITs Industry?
| 1 Company | Price / Earnings | Estimated Growth | Market Cap |
|---|---|---|---|
| 1 Company | Estimated Growth | Market Cap | |
|---|---|---|---|
Price-To-Earnings vs Industry: HMN is expensive based on its Price-To-Earnings Ratio (14.1x) compared to the Asian Hotel and Resort REITs industry average (11.8x).
Price to Earnings Ratio vs Fair Ratio
What is HMN's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.
| Fair Ratio | |
|---|---|
| Current PE Ratio | 14.1x |
| Fair PE Ratio | 16.3x |
Price-To-Earnings vs Fair Ratio: HMN is good value based on its Price-To-Earnings Ratio (14.1x) compared to the estimated Fair Price-To-Earnings Ratio (16.3x).
Analyst Price Targets
What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?
| Date | Share Price | Average 1Y Price Target | Dispersion | High | Low | 1Y Actual price | Analysts |
|---|---|---|---|---|---|---|---|
| Current | S$0.89 | S$1.11 +25.3% | 13.0% | S$1.38 | S$0.85 | n/a | 8 |
| Nov ’25 | S$0.91 | S$1.11 +22.5% | 13.0% | S$1.38 | S$0.85 | n/a | 8 |
| Oct ’25 | S$0.97 | S$1.10 +12.9% | 12.8% | S$1.37 | S$0.85 | n/a | 8 |
| Sep ’25 | S$0.91 | S$1.09 +19.9% | 11.4% | S$1.30 | S$0.85 | n/a | 8 |
| Aug ’25 | S$0.91 | S$1.09 +20.6% | 11.4% | S$1.30 | S$0.85 | n/a | 8 |
| Jul ’25 | S$0.88 | S$1.12 +27.6% | 14.3% | S$1.40 | S$0.85 | n/a | 8 |
| Jun ’25 | S$0.90 | S$1.13 +26.7% | 13.7% | S$1.40 | S$0.85 | n/a | 10 |
| May ’25 | S$0.91 | S$1.13 +24.6% | 13.7% | S$1.40 | S$0.85 | n/a | 10 |
| Apr ’25 | S$0.94 | S$1.16 +22.3% | 14.0% | S$1.45 | S$0.90 | n/a | 10 |
| Mar ’25 | S$0.90 | S$1.15 +28.9% | 14.1% | S$1.45 | S$0.90 | n/a | 10 |
| Feb ’25 | S$0.96 | S$1.16 +20.8% | 13.3% | S$1.45 | S$0.90 | n/a | 11 |
| Jan ’25 | S$0.99 | S$1.13 +14.2% | 11.8% | S$1.32 | S$0.90 | n/a | 11 |
| Dec ’24 | S$0.94 | S$1.12 +20.3% | 12.4% | S$1.32 | S$0.90 | n/a | 11 |
| Nov ’24 | S$0.91 | S$1.13 +24.1% | 12.8% | S$1.32 | S$0.90 | S$0.91 | 11 |
| Oct ’24 | S$0.96 | S$1.24 +28.9% | 10.0% | S$1.35 | S$0.90 | S$0.97 | 10 |
| Sep ’24 | S$0.97 | S$1.24 +27.9% | 9.6% | S$1.35 | S$0.90 | S$0.91 | 11 |
| Aug ’24 | S$1.12 | S$1.23 +9.9% | 9.8% | S$1.39 | S$0.90 | S$0.91 | 11 |
| Jul ’24 | S$1.08 | S$1.24 +14.5% | 9.7% | S$1.39 | S$0.90 | S$0.88 | 11 |
| Jun ’24 | S$1.07 | S$1.24 +15.5% | 9.7% | S$1.39 | S$0.90 | S$0.90 | 11 |
| May ’24 | S$1.08 | S$1.24 +14.5% | 9.7% | S$1.39 | S$0.90 | S$0.91 | 11 |
| Apr ’24 | S$0.99 | S$1.24 +24.3% | 10.8% | S$1.39 | S$0.85 | S$0.94 | 11 |
| Mar ’24 | S$1.01 | S$1.20 +18.9% | 13.4% | S$1.39 | S$0.85 | S$0.90 | 11 |
| Feb ’24 | S$1.09 | S$1.17 +7.4% | 14.8% | S$1.40 | S$0.85 | S$0.96 | 11 |
| Jan ’24 | S$1.05 | S$1.16 +10.2% | 14.0% | S$1.40 | S$0.85 | S$0.99 | 11 |
| Dec ’23 | S$0.94 | S$1.17 +23.4% | 14.5% | S$1.40 | S$0.90 | S$0.94 | 11 |
| Nov ’23 | S$0.96 | S$1.17 +21.5% | 14.5% | S$1.40 | S$0.90 | S$0.91 | 11 |
Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.
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