CDL Hospitality Trusts - Maybank Research 2025-11-02: Mixed Operating Trend, Reverting RevPAR

• CDL Hospitality Trusts’ 3Q business update highlighted continued pressure on RevPAR and higher operating costs. Difficult trading conditions and renovation downtime were offset by inorganic contributions from UK.
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• Gearing rose and cost of debt declined with an outlook for further moderation. All in, drivers are relatively unchanged.

Inorganic contributions offset portfolio weakness

• 3Q revenue and NPI were S$69.2m and S$34.3m, +2.5% and -5.6% y-o-y. 9M revenue and NPI of S$194.2m and S$92.9m, -0.3% and -9.7% y-o-y. The 3Q revenue growth was supported by two livings assets in UK acquired last year. NPI decline was mainly due to softer trading and higher operating costs.
• Singapore RevPAR fell 5.9% y-o-y to S$201, led by room rates. Occupancy rose 3.4%pt to 88.3%. Elsewhere, RevPAR declined barring Australia (helped by renovated rooms and air crew business in Perth) due to a host of factors, including supply, ongoing renovation and rebranding, and higher operating expenses.
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Steady capital management

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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.

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