CDL Hospitality Trusts - Maybank Research 2025-07-31: High Teens Drop In Distribution; Maintain HOLD

• CDL Hospitality Trusts reported 1HFY25 DPU of S$, -21.1% y-o-y. The weak performance was led by drop in income from most geographies and ramp-up phase of a recently developed rental apartment in Manchester. Singapore hotel RevPAR saw a mid-teens decline due to a high base.
• - Read this at SGinvestors.io -

Continued headwinds

• CDL Hospitality Trusts' 1H25 revenue and NPI of S$125.1m and S$58.6m fell 1.8% and 11.9% y-o-y respectively. Ongoing room renovations in W Hotel in Singapore accounted for 40% of the NPI decline, with the rest coming from other markets barring UK, Japan and Australia. UK was supported by inorganic contributions from The Castings, Benson Yard and Hotel Indigo Exeter.
• - Read this at SGinvestors.io -
• All in, distribution fell 21.1% y-o-y, the bulk of it driven by UK BTR interest cost and W Hotel renovations.

Proactive debt management

• Read more at SGinvestors.io.

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

Read also Maybank's most recent report:
2026-02-02 CDL Hospitality Trusts - Stabilisation Underway, Anchored By Living Sector.

Previous report by Maybank:
2025-11-02 CDL Hospitality Trusts - Mixed Operating Trend, Reverting RevPAR.

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