- 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.
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/ 2024-08-01
Previous report by Maybank:
2024-05-04 CDL Hospitality Trusts - RevPAR Grows Across Markets, Vigilance On Funding.
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
