CDL Hospitality Trusts - Maybank Research 2023-07-31: Continued Growth; Travel Momentum Intact

• CDL Hospitality Trusts (SGX:J85)’s 1H23 DPU of S$0.0251 fell 30% h-o-h but rose 23% y-o-y, underpinned by continued growth in RevPAR across most of its portfolio markets, partly offset by weaker performance in New Zealand and the Maldives, and higher borrowing cost.
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Strong operating performance

• CDL Hospitality Trusts's 1H23 gross revenue and NPI rose 20.9% and 23.3% y-o-y, respectively. This was driven by strong momentum in international travel (resulting in RevPAR growth across most markets) and full-period contribution from Hotel Brooklyn acquired in Feb’22.
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• Borrowing cost rose 180bps y-o-y to 4.1%.

Singapore RevPAR +46% y-o-y

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Above is an excerpt from a report by Maybank Research.
Clients of Maybank Securities may be the first to access the full PDF report @ https://www.maybanktrade.com.sg/.

Read also Maybank's most recent report:
2025-01-30 CDL Hospitality Trusts - Look Beyond The Soft Patch.

Previous report by Maybank:
2024-10-30 CDL Hospitality Trusts - Normalising Growth; Upside From Rate Cuts.

Price targets by other brokers at CDL Hospitality Trusts Target Prices.

Listing of research reports at CDL Hospitality Trusts Analyst Reports.

Relevant links:
CDL Hospitality Trusts Share Price History,
CDL Hospitality Trusts Announcements,
CDL Hospitality Trusts Dividend Payout Dates & Corporate Actions,
CDL Hospitality Trusts News