CDL Hospitality Trusts - Maybank Research 2024-05-04: RevPAR Grows Across Markets, Vigilance On Funding

• CDL Hospitality Trusts (SGX:J85) reported 1Q24 revenue and NPI growth of 7.3% and 6.8% y-o-y, respectively.

Occupancy led growth

• RevPAR grew across all CDL Hospitality Trusts's markets led by higher occupancy. However, higher operating expenses and adverse FX moves offset some of the growth.
• - Read this at SGinvestors.io -
• While the travel rebound is past its peak, slow recovery of transient corporate and Chinese demand hold promise.

Broad-based RevPAR growth

• RevPAR growth y-o-y ranged from flat to 33% with Japan, Singapore and Italy leading the metrics. The 16.5% growth in RevPAR in Singapore was led by 14%pt higher occupancy. However, room rates fell 3.5%.
• - Read this at SGinvestors.io -
• Notwithstanding the RevPAR growth, NPI grew only for Japan, Italy, Singapore and marginally for the Maldives as higher operating cost, weaker FX and idiosyncratic factors weighed on margins.
• Robust concert calendar and a 30-day mutual visa-free agreement between China and Singapore helped boost year-to-date visitor arrivals to 93% of comparable 2019 figures.

Focus on funding

• Read more at SGinvestors.io.

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:
2026-02-02 CDL Hospitality Trusts - Stabilisation Underway, Anchored By Living Sector.

Previous report by Maybank:
2025-11-02 CDL Hospitality Trusts - Mixed Operating Trend, Reverting RevPAR.

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