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CDL HTrust - Nice breakout
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Joelton
Supreme |
06-Aug-2026 10:15
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CDLHT wants more PBSA exposure as Singapore RevPAR growth weakens While hospitality assets make up the majority of CDL Hospitality Trustsก ฆ (CDLHT) portfolio, its key strength lies in its geographical diversity, says DBS Group Research. With 22 assets across 11 gateway cities in eight countries, CDLHTก ฆ s portfolio comprises 17 hotels, two resorts, one build-to-rent (BTR) asset, one purpose-built student accommodation (PBSA) asset and one retail mall, with a total asset value of $3.5 billion. The sole retail mall is Claymore Connect, which is adjoining Orchard Hotel. The 656-key hotel in Singapore is the largest and most valuable property in CDLHTก ฆ s portfolio, contributing the most to net property income (NPI). On its own, Claymore Connectก ฆ s NPI improved 6.8% y-o-y, largely on rental escalations under existing leases, and committed occupancy stood at 97.7% as at June 30. Overall, CDLHTก ฆ s NPI rose 1.8% y-o-y to $59.7 million in 1HFY2026 ended June 30. Singapore is the largest market represented in CDLHTก ฆ s portfolio.This dominance is set to grow ก X the 475-key Moxy Singapore Clarke Quay is expected to obtain its temporary occupation permit (TOP) in late 2026 and commence operations in 1H2027. It will boost CDLHTก ฆ s Singapore room count by 19% to 3,030 rooms. The hotel will be acquired via a forward purchase arrangement, with 5% to be paid on TOP, 90% on opening and the remainder at the end of the defects liability period and finalisation of accounts. The cost has been set at the lower of either $475 million or 110% of development costs. While CDLHTก ฆ s Singapore revenue per available room (RevPAR) grew 1.3% y-o-y in 2QFY2026, it was at a much slower pace compared to 6.6% y-o-y growth in 1QFY2026. Citi Research analyst Brandon Lee blames macro uncertainty from the Middle East conflict driving cautious corporate travel and weaker long-haul demand exacerbated by higher airfares. The UK is CDLHTก ฆ s next-largest market in its portfolio, where it owns four hotels and two living assets. BTR property The Castings is located in Manchester and PBSA Benson Yard is located in Liverpool. Opened in July 2024, The Castings recorded an average month-end occupancy of 90.9% for 1HFY2026. NPI increased by $1.8 million y-o-y during the six-month period, more than doubling y-o-y as the property moved beyond its initial lease-up phase. Meanwhile, Benson Yard recorded a committed occupancy of 94.3% for the 2025/2026 academic year (AY). Collectively, the two UK living sector assets delivered an NPI uplift of $1.9 million y-o-y. Including both living and hotel assets, the UK portfolioก ฆ s NPI for 1HFY2026 increased by 17.8% y-o-y. The UK PBSA market is shifting to a later booking cycle, and leasing for AY2026/2027 has progressed more slowly than last year, say DBS analysts Ng Jia Hui and Derek Tan. ก ง Encouragingly, leasing momentum has improved in recent weeks, with the pacing gap versus the past two years narrowing as bookings accelerate closer to the start of the academic year.ก จ CDLHT is targeting occupancy of at least 90%, but DBS says it is ก ง uncertainก จ if Benson Yard can exceed last yearก ฆ s performance. ก ง Nevertheless, PBSA earnings are expected to remain relatively stable.ก จ Mapletree wound down its student accommodation private fund earlier this year citing underperformance, and listed UK PBSA owner-operator Unite is looking to shed assets as they focus on top universities. Trading of assets is ก ง very commonก จ in the ก ง deepก จ UK PBSA market, says Mandy Koo, CIO of the managers of CDLHT. ก ง It doesnก ฆ t mean that itก ฆ s not the right time to invest, because people do come in and take profit.ก จ According to Koo, CDLHT is looking to ก ง increase exposureก จ to PBSA assets, ก ง not necessarily in the UK, but other parts of Europeก จ . Some cities in Spain face similar undersupply and are ก ง more interestingก จ in terms of rental growth, she adds. Still, a market like Liverpool ก ง has its own meritsก จ , says Koo. Benson Yardก ฆ s primary tenant pool are students from the University of Liverpool, which is among the Russell Groupก ฆ s 24 leading UK universities. ก ง The thesis of us being in Liverpool is that we think itก ฆ s not at a level where itก ฆ s unaffordable yet, so there is still some room. Itก ฆ s a stable market with that big catchment,ก จ she adds. PBSA assets are hot property in Hong Kong, which is facing a supply crunch as the city welcomes more foreign students under relaxed enrolment limits. ก ง PBSA and co-living in Hong Kong have certainly crossed our tables. They are really driven by the growth of Chinese studentsก K so I think they have a very good flow of demand there,ก จ says Koo. ก ง We have seen some of these deals. We have not done anything but we are aware [of them]. |
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Joelton
Supreme |
31-Jul-2026 10:09
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CDL Hospitality Trusts posts 8.6% rise in H1 DPS to S$0.0215 [SINGAPORE] CDL Hospitality Trusts (CDLHT) : J85 +0.64% on Thursday (Jul 30) posted a distribution per stapled security (DPS) of S$0.0215 for the half-year ended Jun 30, up 8.6 per cent on the year from S$0.0198. This was buoyed by higher net property income (NPI) and lower interest costs, said the managers in a bourse filing. The distribution will be paid on Aug 31. NPI for the period stood at S$59.7 million, a 1.8 per cent year-on-year rise from S$58.6 million. This is due to higher contributions from CLDHT&rsquo s UK portfolio, Grand Millennium Auckland and the Perth hotels. The total distribution for H1 stands at S$27.5 million, up 9.7 per cent on the year from S$25.1 million. In particular, within CDLHT&rsquo s Singapore hotels segment, revenue per available room increased by 4.1 per cent year on year in H1. This is due to the Republic&rsquo s position as a stable gateway destination, diversified demand drivers and a steady events pipeline that continued to support performance amid a general moderation of travel, said the managers. Occupancy levels for the segment rose 3.5 percentage points to 76.7 per cent for H1, from 73.2 per cent in the same year-ago period. The stapled trust&rsquo s gearing stood at 35.3 per cent as at Jun 30, with a weighted average cost of debt at 2.8 per cent. Interest coverage ratio was recorded at 2.3 times. A &ldquo steady&rdquo outlook is expected, despite persistent headwinds amid a period of geopolitical uncertainty, added the managers. The growth pipeline is expected to be &ldquo augmented&rdquo by Moxy Singapore Clarke Quay, with title expected to pass upon opening in 2027. The forward purchase of the 475-key hotel was at the lower of fixed price of S$475 million or 110 per cent of development costs. Stapled securities of CDLHT ended 1.3 per cent or S$0.01 higher at S$0.795 on Wednesday. |
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Delvyss
Elite |
29-May-2026 10:27
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CDL Hospitality Trusts: Limited Impact BUY https://sginvestors.io/analysts/research/2026/05/cdl-hospitality-trusts-rhb-research-2026-05-04 |
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Alignment
Elite |
04-May-2026 17:16
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Let down by the Japan properties. Should not have bought there with the increasing anti foreigner / anti tourist sentiment on top of the declining population level. Staying in Singapore better
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Joelton
Supreme |
01-May-2026 11:29
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CDL Hospitality Trusts Q1 NPI rises 10.4% to S$33.1 million Revenue up 5.9% for the quarter at S$67.1 million, driven by broad-based growth [SINGAPORE] Net property income (NPI) for CDL Hospitality Trusts (CDLHT) was up 10.4 per cent at S$33.1 million for the first quarter ended Mar 31, from S$30 million in the same year-ago period. Revenue increased by 5.9 per cent on the year to S$67.1 million in Q1, driven by &ldquo broad-based growth&rdquo across a majority of its portfolio markets, apart from that of Japan and the Maldives. Based on a Thursday (Apr 30) statement, revenue per available room (RevPAR) across CDLHT&rsquo s portfolio came in mixed during the quarter. For Singapore hotels, RevPAR stood at S$184 in Q1, up 6.6 per cent year on year from S$173. NPI for the Singapore portfolio came in at S$18.8 million for the quarter, a 5.9 per cent year-on-year increase from S$17.7 million. Occupancy levels for the Singapore portfolio rose 5.4 percentage points to 80.4 per cent in Q1, from 75 per cent a year prior. CDLHT&rsquo s managers said that geopolitical uncertainty arising from the Middle East conflict had begun to weigh on sentiment in March 2026, but while there had been some cancellations and moderation in demand, &ldquo the overall impact has not been significant so far&rdquo . The managers said that Claymore Connect at 442 Orchard Road in Singapore recorded a 5 per cent year-on-year growth in NPI, mainly due to annual rent escalations. Its committed occupancy level held steady at 97.7 per cent as at Mar 31. Grand Millennium Auckland in New Zealand saw a 16.3 per cent rise in RevPAR, driven by strong convention-related demand and rate gains, after the Phase 2 room renovations were completed at the end of 2025. Its NPI rose 46.1 per cent on the year in Q1, added the statement. In contrast, its Japan hotels recorded a 4.2 per cent year-on-year decline in RevPAR, amid ongoing geopolitical tensions between Japan and China which curtailed inbound demand from China. &ldquo Performance was also measured against a high base in the prior year, when the hotels achieved record performance,&rdquo CDLHT&rsquo s statement noted. The Maldives resorts reported a 6.4 per cent year-on-year decline in RevPAR for Q1, mainly due to a sharp weakening of demand in March after the escalation of the Iran war. &ldquo (This) resulted in the suspension or reduction of services by several carriers serving the Maldives,&rdquo CLDHT&rsquo s managers said. Its NPI declined 26.3 per cent on the year in Q1, as the revenue shortfall was amplified by the relatively fixed nature of resort operating costs. Looking ahead, the managers noted that the operating backdrop has become &ldquo more challenging&rdquo amid heightened geopolitical uncertainty. &ldquo The ongoing conflict in the Middle East continues to pose headwinds to global growth and will weigh on our near-term results,&rdquo they said. &ldquo While resolution could support recovery in connectivity and travel flows, elevated energy costs and airfares may continue to dampen leisure and corporate travel demand, with broader inflationary pressures filtering through to operating margins.&rdquo Stapled securities of CDLHT : J85 +1.25% closed on Wednesday 1.2 per cent or S$0.01 lower at S$0.80. |
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Alignment
Elite |
20-Apr-2026 10:59
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Manager blaming performance on " evolving portfolio composition" . Whose fault is that? Who made the decisions to " evolve" the portfolio?
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pasttime
Supreme |
19-Apr-2026 11:38
Yells: "gold silver are real money. not others iou." |
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Nz tourism with such low exchange rate. Sgdnzd 1.3+. No people go meh | ||
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Joelton
Supreme |
18-Apr-2026 16:33
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CDL Hospitality Trusts flags negative impact from Middle East conflict The effect has not been material to date, its managers say [SINGAPORE] CDL Hospitality Trusts (CDLHT) : J85 0% disclosed on Friday (Apr 17) that the ongoing conflict in the Middle East has &ldquo resulted in a negative impact on the portfolio&rsquo s overall performance&rdquo , although the management maintained that the impact has not been material to date. In a series of responses to questions from security holders released ahead of its Apr 24 annual general meeting, the managers noted that the group had &ldquo modest cancellations, while the pace of new bookings has shown some moderation&rdquo . Across its portfolio, the Maldives has experienced the most pronounced effect, due to its reliance on Middle Eastern carriers and long-haul connectivity. A softer forward booking pace and isolated cancellations have also been observed in Auckland and parts of the UK. Markets such as Tokyo, Perth and Munich, however, have remained relatively steady. Singapore, which is CDLHT&rsquo s key market, has also remained relatively resilient thus far, the managers said. &ldquo Trading in March was broadly stable, supported by underlying demand and the city&rsquo s events calendar. While there have been some cancellations and more cautious sentiment in certain segments, resulting in a slight adverse impact, no material disruption to booking trends has been observed to date,&rdquo they said. While the managers described the current impact as &ldquo managable&rdquo , they warned that a prolonged conflict could indirectly dampen demand further through higher energy prices, increased airfares, travel security, reduced air connectivity and broader inflationary pressures. &ldquo This could lead consumers to be more cautious in discretionary travel spending, and may also prompt corporates to defer or scale back non-essential travel. A key determinant is how long energy prices remain elevated,&rdquo they said. Structural headwinds behind DPS decline Addressing questions regarding the decline in distribution per stapled security (DPS), which fell 9.8 per cent year on year (yoy) to S$0.048 for the financial year ended Dec 31, 2025, the managers pointed to several structural and cyclical factors. &ldquo While operating performance has improved significantly from pandemic lows, DPS has been impacted by a combination of higher financing costs, evolving portfolio composition, uneven recovery in some markets, and a normalisation in operating conditions following the initial recovery phase,&rdquo the managers said. On the material increase in financing costs, the managers said that the weighted average cost of debt increased from 2.2 per cent at the end of 2019 to a peak of 4.4 per cent in September 2024. Although this rate moderated to 3 per cent by the end of 2025, the higher-interest environment in preceding periods weighed on distributable income, they said. Furthermore, operating performance has seen a normalisation following the initial post-pandemic surge. &ldquo DPS declined by 6.7 per cent yoy to S$0.0532 in FY2024, mainly due to demand normalisation in certain markets following the initial post-pandemic surge, alongside higher interest costs,&rdquo the managers said. In FY2025, in line with the fall in DPS, net property income (NPI) declined 4.1 per cent yoy. The managers attributed this to a moderation in revenue per available room across the portfolio, higher operating costs including labour and utilities, and temporary disruptions from renovation works at W Singapore &ndash Sentosa Cove and Grand Millennium Auckland. These two properties had a combined NPI shortfall of about S$5.9 million. Excluding these disruptions, the managers noted that NPI would have been marginally higher by 0.3 per cent yoy. Units of the stapled security ended flat at S$0.835 on Friday. |
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Delvyss
Elite |
15-Apr-2026 15:58
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" Trading below replacement costs, maintain BUY with TP of SGD1.00." https://www.dbs.com.sg/sme/aics/templatedata/article/generic/data/en/GR/AXJ/CDREIT_SP.xml |
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Delvyss
Elite |
31-Mar-2026 16:09
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Fed' s Miran says he wants 100 bps of rate cutshttps://www.zawya.com/en/world/americas/feds-miran-says-he-wants-100-bps-of-rate-cuts-scmz9q63 |
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pasttime
Supreme |
11-Feb-2026 07:18
Yells: "gold silver are real money. not others iou." |
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auckland international convention center opens | ||
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Alignment
Elite |
09-Feb-2026 21:14
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Anyone who has worked in the investment community will tell you not to place much weight on analysts' price targets, or indeed recommendations. For what it is worth it seems most analysts covering this company have a target price above the current share price. No doubt these analysts also have reasons why they have a positive view. Analysts, like the market in general, can have opposing opinions. |
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alanchee
Senior |
09-Feb-2026 18:14
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TP set maybe base on pandemic or crisis timing, he may be right in years to come. See for yourself, the price now is Real | ||
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luckyguy3
Master |
09-Feb-2026 15:03
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The moxy was bought in 2019 prior to covid heyday so it is an expensive acquisition... Citi maintains sell at 60 cents. If you think u are better than them, then go ahead and load up. There must be reasons for them to set 60 cents as TP. |
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alanchee
Senior |
08-Feb-2026 18:13
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Be careful of any Anal..yst recommendation
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Alignment
Elite |
08-Feb-2026 17:17
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Page 33 of the FY results presentation support the view that Moxy can be funded with existing funding. The Moxy cost is S$475m. Page 33 tells you the company has S$593m of cash and facilities available, and more importantly funding the acquisition with 100% debt only increases the leverage from 37.7% to 41.8%. Some of this could be mitigated as well if they do another pref. They don' t even need to sell anything. I' m positively surprised.
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luckyguy3
Master |
07-Feb-2026 04:40
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pasttime
Supreme |
07-Feb-2026 00:19
Yells: "gold silver are real money. not others iou." |
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perpetual loan no need to pay back and low interest of 3.7+ percent. no need to do right issue. buy moxy, the most used 80% of moxy income to pay down loan first. there is no need to issue new shares especially at such low price. still time to sell some old singapore hotel. that will boost share price |
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luckyguy3
Master |
06-Feb-2026 17:15
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Right issues coming, 99% at a discount so share price will be down .. | ||
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Alignment
Elite |
06-Feb-2026 10:20
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I guess sounds about right. It would be the most expensive hotel in that area at that price. But it would be the newest of course. | ||
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