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

CDL Hospitality Trusts - Demand Easing Off; Downgrade To NEUTRAL

Published:
CDL Hospitality Trusts (SGX:J85) | SGinvestors.ioCDL Hospitality Trusts (SGX:J85)
  • 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





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