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

CDL Hospitality Trusts - RevPAR Grows Across Markets, Vigilance On Funding

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

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.
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  • 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%.
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  • 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

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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 | 2024-05-04

Previous report by Maybank:
2024-01-31 CDL Hospitality Trusts - Slowing Momentum.

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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