- CDL Hospitality Trusts (SGX:J85) reported 2H23 DPU of S$3.19 cents, -11.1% y-o-y. FY23 DPU was 5.7 cents, +1.2% y-o-y and 4/7% below consensus/our estimate.
2H23 review & management meeting takeaways
- - Read this at SGinvestors.io -
- Demand moderated in 4Q23 from a high base last year while high interest cost further weighed on demand.
- Investor meeting with management suggests healthy level of forward bookings for 1H24. The outlook is dependent upon recovery of Chinese-outbound travel and interest rate cuts.
RevPAR normalizing in Singapore
- - Read this at SGinvestors.io -
- 4Q RevPAR fell 11.4% y-o-y to S$195, led by 6.3%pts fall in occupancy and 4.3% decline in room rates. This was mostly due to the high base and difference in timing of the F1 event. Still, 4Q RevPAR in Singapore is 12% higher than pre-pandemic on a same-store basis.
- Barring Germany, overseas RevPAR were mostly up y-o-y for 2H, leading to NPI growth through with varying offsets due to higher costs and seasonality factors. Portfolio value is +8.1% y-o-y (+5.6% on same-store basis), led by Singapore.
Post results investor meeting
- Read more at SGinvestors.io.
Above is the excerpt from report by Maybank Research.
Clients of Maybank Securities may be the first to access the full report in PDF @ https://www.maybanktrade.com.sg/.
Krishna Guha Maybank Research | https://www.maybank-ke.com.sg/ 2024-01-31
Read also Maybank's most recent report:
2024-08-01 CDL Hospitality Trusts - High Interest Costs Lead To Flat Distribution; Awaiting Rate Cuts.
Previous report by Maybank:
2024-05-04 CDL Hospitality Trusts - RevPAR Grows Across Markets, Vigilance On Funding.
Price targets by 2 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 Dividends & Corporate Actions,
CDL Hospitality Trusts News Articles
