CDL Hospitality Trusts - Maybank Research 2026-02-02: Stabilisation Underway, Anchored By Living Sector

• CDL Hospitality Trusts’ FY25 results highlighted improved operational performance, with Singapore RevPAR bottoming out from 2H25 onwards.
• The UK living segment delivered its first full-year contribution in FY25, partially offsetting the ~S$5.9m income vacuum arising from the asset enhancement initiatives (AEI) of two hotels.

DPU decline due to income vacuum from AEI

• - Read this at SGinvestors.io -
• We roll our valuation forward to end-FY26 and raise our target price to S$1.00. Upgrade to BUY from HOLD.

New living segment offset portfolio weakness

• - Read this at SGinvestors.io -
• The Castings was 90% physically occupied, while Benson Yard achieved committed occupancy of 94.1% for the academic year 2025/26. Singapore RevPAR declined 6.2% y-o-y to S$182, driven by weaker room rates, although occupancy edged up 0.3ppt to 79%.
• Elsewhere, RevPAR declined across most markets except Australia (room renovations and a robust event calendar) and Japan (normalisation of demand post-Expo), amid increasing supply, ongoing renovations and elevated marketing expenses.

Steady capital 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/.

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