- CDL Hospitality Trusts (SGX:J85) reported 1H DPU of S$2.51 cents, flat y-o-y. Higher interest expenses offset mid-single digit top-line growth. Maintain BUY but trim CDL Hospitality Trusts target price to S$1.00 on a weaker Singapore.
- - Read this at SGinvestors.io -
- Further room for growth exists from visitor arrivals catching up to pre-pandemic levels, but softer interest rates are key to share price performance.
Growth in most markets, tough comps sequentially
- CDL Hospitality Trusts's 1H24 revenue and net property income rose 6.8% and 5.9% y-o-y. With the exception of New Zealand, NPI was flat to higher for all other markets. Singapore saw NPI growth of 6.8%.
- - Read this at SGinvestors.io -
- UK saw 1H24 RevPAR growth of 4.7% y-o-y. However, higher costs led to flat NPI.
- Maldives saw 7.4% and 4.6% growth in RevPAR and NPI as visitor arrivals grew 9.2%.
- Focus is now on group business and managing last minute cancellations in Singapore. Forward bookings for F1 are mixed compared to last year.
Managing funding cost; The Castings ready to let
- Read more at SGinvestors.io.
