CDL Hospitality Trusts - UOB Kay Hian 2024-05-02: Positive Growth In 1Q24 With Upward Momentum

• CDL Hospitality Trusts (SGX:J85)’s volume strategy generated growth in RevPAR of 16.6% y-o-y to S$205 for Singapore hotels in 1Q24, driven by a higher occupancy of 82.1%. Chinese tourists contributed and accounted for 18% of visitor arrivals to Singapore.
• - Read this at SGinvestors.io -

CDL Hospitality Trusts (CDREIT) announced its 1Q24 business update.

• Total revenue and NPI increased 7.3% and 6.8% y-o-y respectively in 1Q24, which is in line with our expectation. It registered RevPAR growth across all geographical regions, driven mainly by higher occupancies.

Singapore: Benefitting from large-scale concerts and events.

• CDL Hospitality Trusts adopted a volume strategy to secure more corporate and leisure groups in 1Q24, which generated higher occupancy of 14.2ppt y-o-y to 82.1%. Demand was boosted by an active concert calendar and the 30-day mutual visa exemption agreement between China and Singapore that commenced on 9 Feb 24.
• - Read this at SGinvestors.io -

Japan: Popular destination for holidaymakers.

• Read more at SGinvestors.io.

Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.

Previous report by UOB:
2024-02-01 CDL Hospitality Trusts - Trajectory For Gradual Recovery Remains Intact.

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