CDL Hospitality Trusts - RHB Invest 2024-08-05: Demand Easing Off; Downgrade To NEUTRAL

• CDL Hospitality Trusts (SGX:J85)’s overseas market remains a mixed bag, with limited growth potential. Latest Singapore hospitality data points to demand cooling as a result of growing price resistance, the stronger S$, and the higher supply of hotel rooms, which we believe will likely persist in 2H24.
• - Read this at SGinvestors.io -

RevPAR for Singapore hotels rose ~8% y-o-y

• RevPAR for Singapore hotels rose ~8% y-o-y in 1H24, but stripping off a strong 1Q24 (+17%) on the back of concerts held then, 2Q24 had a flattish performance (-1%).
• CDL Hospitality Trusts's management attributed the softer 2Q24 to a lower event pipeline (particularly weak June numbers), amid an increase in supply and last-minute bookings. 3Q24 is likely to see a similar decline in RevPAR, considering last year’s strong performance.
• - Read this at SGinvestors.io -
• Overall, we expect CDL Hospitality Trusts's 2H24 numbers to soften y-o-y.

Overseas markets.

• Read more at SGinvestors.io.

Above is an excerpt from a report by RHB Securities Research.
Clients of RHB may be the first to access the full PDF report @ https://www.rhbtradesmart.com/.

Read also RHB's most recent report:
2025-01-31 CDL Hospitality Trusts - A Year Of Normalisation.

Previous report by RHB:
2024-10-30 CDL Hospitality Trusts - A Muted Quarter.

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