Capitaland Ascendas – P/B vs DPU criteria

Hi Rusmin, Based on the current price of $2.52, the P/B is 1.1x, lower than the historical average of about 1.24x. Using the rights issue price of $2.35, the P/B of 1.026x looks even more attractive. However, the DPU for the past 5 years has been fluctuating with no obvious uptrend (For FY2021 to FY2025, the DPU is 15.258,15.798,15.160,15.205,15.005 cents respectively). Based on the FY2025 report, the big drop in DPU to 15.005 cents is attributed to an enlarged unit base – equity fundraising in Jun 2025, issuance of units for the payment of divestment and issuance of units for the partial payment of base management fees in Jun 2025 and Dec 2025. I couldn’t trace any invitation letter to subscribe for additional units for the equity fundraising exercise and issuance for divestment payment. Despite the fluctuation in amount of DPU, the dividend yield is pretty constant at 5.5% - 5.6% for these past 5 years. In view of the DPU fluctuations, does it mean that it is not attractive to enter now at $2.52 although the P/B looks attractive? How about the attractiveness of the rights issue at $2.35? What else should I be looking at to decide? Thank you!