- 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 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/ 2024-05-04
Read also Maybank's most recent report:
2024-08-01 CDL Hospitality Trusts - High Interest Costs Lead To Flat Distribution; Awaiting Rate Cuts.
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
