- CDL Hospitality Trusts (SGX:J85) reported gross revenue of S$58.5m (+46.4% y-o-y) in 3Q2022. In tandem, NPI rose 54.5% y-o-y to S$31.6m for the quarter. On a year-to-date basis, NPI rose 43.7% y-o-y to S$82.6m, making up ~74% of our full-year NPI estimate at S$110.6m. See CDL Hospitality Trusts's announcement dated 28 Oct 2022.
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Expect higher interest cost in FY23
- CDL Hospitality Trusts's gearing stood at 39.4% with an average cost of debt of 2.5% and an interest coverage ratio of 3.7x.
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- Weighted average debt tenure averaged at 1.7 years, with ~18% and 21% of the total expiring by the end of this year and next year, respectively.
- Average cost of debt is not expected to increase to more than 3.0% towards the year end and 3.5% next year.
- Fixed-rate borrowings are currently hedged at 64%.
Maintain BUY with lower target price of S$1.35 (previously S$1.55).
- Read more at SGinvestors.io.
