- 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.
Vijay Natarajan RHB Securities Research | https://www.rhbgroup.com/ 2024-08-05
Previous report by RHB:
2024-05-03 CDL Hospitality Trusts - RevPAR Recovery Continues Across Markets; BUY.
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
