CDL Hospitality Trusts - Maybank Research 2024-01-31: Slowing Momentum

CDL Hospitality Trusts - Slowing Momentum

CDL Hospitality Trusts (SGX:J85) | SGinvestors.ioCDL Hospitality Trusts (SGX:J85)

2H23 review & management meeting takeaways

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  • 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

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  • 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

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Above is the excerpt from report by Maybank Research.
Clients of Maybank Securities may be the first to access the full report in PDF @

Krishna Guha Maybank Research | 2024-01-31

Read also Maybank's most recent report:
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


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