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CDL HTrust
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CDL HTrust - Nice breakout
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pasttime
Supreme |
03-Feb-2026 21:47
Yells: "gold silver are real money. not others iou." |
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2h dps 2.82 cents. base on that annualised is 5.64 ie 5.64/87.5 = 6.4+% next year expect better dps as mentioned the many positive developments, so likely higher. i think at least 3 cents 1h. annualised 6 cents . 6/87.5 = 6.8+% other positive. more fed interest rate cut. selling any old asset to help fund moxy purchase. start development of the almost free space in UK that come with the purchase. very under value reits. no position can add. this round shorts started at around 99 cents. if all ants bite, it force them to cover at some point and price will go past 99 cents, my observations and thinking only. dyodd |
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Joelton
Supreme |
03-Feb-2026 10:23
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Analysts upgrade CDLHT on strong FY2025 results Citi unchanged at &lsquo sell&rsquo Analysts from RHB Bank Singapore and CGS International (CGSI) have issued upgrades on CDL Hospitality Trusts (CDLHT) after the REIT outperformed expectations with an FY2025 distribution per stapled security (DPS) of 4.8 cents. &ldquo CDLHT&rsquo s 2HFY2025/FY2025 results beat estimates, from a strong Singapore and New Zealand performance (4QFY2025),&rdquo notes RHB analyst Vijay Natarajan, who upgraded his call to &ldquo buy&rdquo from &ldquo neutral&rdquo . Natarajan also raised his target price to $1 from 88 cents previously. In his Feb 2 report, Natarajan highlighted several positives for the REIT. These include a brighter hospitality outlook in Singapore this year. Performances in Australia and New Zealand are expected to strengthen following recent renovations and a stronger demand outlook. In Singapore, the analyst expects the portfolio&rsquo s revenue per available room (RevPAR) to grow by 3% to 5% y-o-y in FY2026, supported by higher visitor arrivals, a stronger events and concert pipeline, and a moderate hotel supply compound annual growth rate (CAGR) of 1.7% per annum from 2026 to 2028. CDLHT&rsquo s UK living sector assets are also expected to deliver higher income after their gestation period. Meanwhile, the Maldives portfolio is likely to remain a drag due to competition and the gestation period for its newly opened The Halcyon. Hotels in Germany and Italy are expected to remain flattish, says Natarajan. During the year, CDLHT benefited from declining finance costs, which fell by 100 basis points following a steep drop in the Singapore overnight rate average (SORA), aided by the REIT&rsquo s high proportion of floating interest rate loans. Additionally, CDLHT issued $150 million worth of perpetual securities at a coupon rate of 3.75% per annum in November 2025. The proceeds were used to pay down some of its expensive overseas loans. Natarajan expects CDLHT&rsquo s finance costs to be around 3% in FY2026. With these factors, Natarajan has raised his FY2026 DPS estimate by 2% to 5 cents, representing an 8.2% y-o-y growth. This is driven by higher contributions from assets in Singapore, the UK, and New Zealand, coupled with lower interest costs. CDLHT&rsquo s portfolio valuation as at end-December 2025 rose by 0.8% y-o-y, reflecting slight cap rate compression across most markets and a change in valuer. The analyst has also increased his FY2027 DPS estimate by 4%. The DPS growth for both years reflects RevPAR assumptions from Singapore and lower interest costs. &ldquo [CDLHT&rsquo s] share price has underperformed over the last 12 months, and we see room for a rebound (trading at 0.6 times P/BV),&rdquo he writes. FY2026 likely to do better Moxy acquisition deal structure &lsquo key&rsquo to FY2027 DPS accretion: CGSI CGSI analysts Li Jialin and Lock Mun Yee also expect FY2026 to be a better year for CDLHT, driven by multiple factors. These include the completion of W Singapore&rsquo s asset enhancement initiative (AEI), completed AEIs at Ibis Perth and the Grand Millennium Auckland, and the opening of the New Zealand International Convention Centre (NZICC) near the New Zealand hotel. The analysts have maintained their &ldquo add&rdquo call with a higher target price of 90 cents, up from 87 cents. CDLHT&rsquo s Japan hotels are likely to see stable to positive performance y-o-y in FY2026 after coming from a lower base in FY2025 due to one-off events. In the UK, the built-to-rent Castings is expected to further ramp up and reach stabilisation in FY2026. Properties in the UK, Germany, Italy, and the Maldives are expected to see &ldquo broadly stable performance&rdquo this year. For FY2027, the analysts expect the deal structure of the Moxy Singapore Clarke Quay acquisition to be &ldquo key&rdquo to DPS accretion. CDLHT is likely to acquire the 475-key hotel once it completes by end-2026. Under the forward-purchase agreement signed in 2019, the REIT will purchase the property at a fixed price of $475 million or 110% of development costs, whichever is lower. Li and Lock expect the REIT to finance the purchase with a 70:30 debt-to-equity ratio. According to management, CDLHT has a debt headroom of $819 million before reaching the regulatory limit of 50%, which the analysts deem adequate to support DPS accretion. Like Natarajan, Li and Lock note that CDLHT&rsquo s FY2025 DPS exceeded their expectations, reaching 108% of their full-year forecast. The analysts have raised their FY2026 DPS estimate by 1.8%, but lowered their FY2027 DPS estimate by 2.1%, mainly due to updated assumptions on Moxy Singapore Clarke Quay. Citi maintains &lsquo sell&rsquo , but sees 2HFY2025 results a &lsquo first sign of relief&rsquo Citi Research analyst Brandon Lee is maintaining his &ldquo sell&rdquo rating on CDLHT with an unchanged target price of 60 cents, even as the REIT&rsquo s 2HFY2025 results suggest a &ldquo first sign of relief&rdquo for the Singapore hospitality sector. CDLHT&rsquo s net property income (NPI) returned to growth in the second half of the year with DPS up by 0.4% y-o-y and 42.4% up h-o-h to 2.82 cents, Lee notes. The half-year DPS made up 62% of Lee&rsquo s full-year estimates, which is &ldquo consistent&rdquo with the second half of the year being a stronger part of the year. Among the positives, Singapore posted double-digit RevPAR growth in 4QFY2025 following continued declines in the first three quarters of the year. RevPAR also improved in Australia, New Zealand and Japan. On the downside, RevPAR fell in Germany and the UK while the committed occupancy rate at purpose-built student accommodation (PBSA) Benson Yard fell. On this, Lee believes there may be a positive share price impact on the return to RevPAR growth in CDLHT&rsquo s major domestic and overseas hospitality markets. CDLHT should consider selective divestments to fund Moxy Singapore Clarke Quay: DBS DBS Group Research' s Geraldine Wong, who has a " buy" call and unchanged target price of $1, sees CDLHT' s results as having improved " meaningfully" in the latter half of the year. However, CDLHT' s full-year DPS still fell short of Wong' s estimate of 5.29 cents. In FY2026, Wong sees the completion of AEIs fuelling a recovery in the REIT&rsquo s earnings. The forward purchase of Moxy Singapore Clarke Quay will be &ldquo closely watched&rdquo , with the move adding 475 keys to CDLHT&rsquo s Singapore portfolio from 2027. The agreed purchase price seems &ldquo attractive&rdquo compared to recent transactions. To this, Wong believes funding options include a mix of perpetual securities, debt and equity, although with the unit price trading below net asset value (NAV), preference is likely for debt and perps. Selective overseas divestments could also be explored to partially bridge the funding gap, she says. &ldquo The asset was underwritten at a stabilised yield in the mid-5% range, with potential valuation uplift upon completion should market cap rates compress towards [around] 4.5% for hospitality assets.&rdquo &ldquo In the interim, capital discipline remains evident, with management prioritising balance sheet capacity for Moxy over new acquisitions,&rdquo she adds. Though CDLHT benefitted from the lower interest costs, the full benefits have yet to fully flow through, which is a &ldquo key&rdquo FY2026 catalyst, notes Wong, as she estimates CDLHT&rsquo s average debt cost to decline to 3% from FY2025&rsquo s 3.5%. Units in CDLHT closed 1 cent higher or 1.16% up at 87.5 cents on Feb 2. |
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pasttime
Supreme |
01-Feb-2026 18:28
Yells: "gold silver are real money. not others iou." |
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just want to add that 1H dps was 0.0198. the reason was some money was hold back for some no know what purpose. so the low 1h dps set back the raised then. which i was expecting to reach about 99 cents then. so it got stalled by the low dps of 0.0198 . fear then was will full year become 0.0198x2 0.0396 .heng ah the 2H has show a more normal dps as expected. so 1H and 2H improvement is (2.82-1.98)/1.98 = 42% improvement on dps. |
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Joelton
Supreme |
01-Feb-2026 14:58
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CDLHT posts 0.4% rise in H2 DPS to S$0.0282
Stapled hospitality group records first increase in net property income after five quarters of decline
[SINGAPORE] After five consecutive quarters of posting year-on-year declines in net property income (NPI), CDL Hospitality Trusts finally reported an increase for the fourth quarter ended Dec 31, 2025.
The stapled group&rsquo s NPI for Q4 FY2025 was S$36.8 million, up 13.8 per cent year on year.
For the second half of 2025, CDLHT posted a 3.5 per cent rise in NPI to S$71.1 million from S$68.7 million in H2 2024. The increase followed year-on-year declines in NPI for H1 2025 and H2 2024.
In its regulatory filing before the stock market opened on Friday (Jan 30), CDLHT said that the 3.5 per cent year-on-year increase in its NPI in H2 2025 was partly affected by ongoing room renovation works at W Singapore &ndash Sentosa Cove as well as Grand Millennium Auckland. Excluding these two assets, NPI would have increased by 6.3 per cent.
The extensive refurbishments of both hotels have been completed. Ibis Perth was relaunched in early 2025 after a revamp.
Physical occupancy at The Castings &ndash CDLHT&rsquo s residential build-to rent project in Manchester, UK &ndash ramped up to 90.3 per cent as at Dec 31, 2025 the property opened in July 2024.
&ldquo &ldquo We are transitioning towards a stronger footing as we commence 2026.&rdquo &rdquo
The group reported distribution per stapled security (DPS) of S$0.0282 for H2 2025, up 0.4 per cent from S$0.0281 in H2 2024. The latest DPS will be paid on Feb 27.
Distributable income rose 1.2 per cent to S$35.9 million for H2, from S$35.4 million in the same period the year before.
Revenue for the half-year period was up 7.2 per cent at S$142.5 million, from S$132.9 million in the year-ago period.
&ldquo Interest expense for H2 2025 fell 14.6 per cent year on year, driven by the flow-through of competitively priced refinancing initiatives undertaken in the prior and current year, as well as the easing of interest rates,&rdquo the managers of CDLHT said.
&ldquo The group&rsquo s mix of fixed and floating rate debt, together with the use of interest rate swaps, helped reduce funding costs during the period. Higher-cost borrowings were also repaid using proceeds from the S$150 million perpetual securities issuance in November 2025, which will translate to interest cost savings in subsequent reporting periods,&rdquo the managers added.
At a media briefing following the release of the group&rsquo s H2 FY2025 results, Vincent Yeo, chief executive officer of the managers of CDLHT, said: &ldquo I would say that 2025 was a year of transition, both in terms of transformation of some of our assets, as well as the whole interest-rate scenario, moving from a high interest rate environment to a much lower one.&rdquo
Elaborating on its H2 2025 results, CDLHT said the 3.5 per cent increase in NPI was driven by stronger contributions from Australia, New Zealand and Japan, as well as inorganic contributions from the UK portfolio, which mitigated softer trading conditions in other markets.
NPI from the living assets in the UK - comprising The Castings and Benson Yard, a purpose built student accommodation in Liverpool acquired in December 2024 &ndash rose to S$4.5 million in H2 2025 from S$401,000 in H2 2024. However, NPI from UK hotels slipped 2.7 per cent year on year to S$8.5 million in H2 2025, although revenue per available room (RevPAR) in pound sterling was flat.
RevPAR for CDLHT&rsquo s Singapore hotels inched up 1.6 per cent to S$198 in H2 2025. Demand strengthened, underpinned by major events such as the World Aquatics Championships, Formula 1 Singapore Grand Prix and concerts. However, the NPI for the group&rsquo s Singapore portfolio dipped 0.6 per cent in H2 to S$43.5 million.
RevPAR from New Zealand - where CDLHT&rsquo s sole asset is the Grand Millennium Auckland &ndash rose 1.5 per cent in local currency terms. The NPI rose 7 per cent in local currency terms, or 1.8 per cent in Singapore dollar terms to S$2.1 million amid a depreciation of the New Zealand dollar.
In Australia, RevPAR (in local currency) for CDLHT&rsquo s hotels surged 33.2 per cent in H2 driven by the newly renovated Ibis Perth, which gained strong market traction since its relaunch in early 2025. NPI from Australia jumped 93.9 per cent to nearly S$4 million.
RevPAR from the Japan hotels rose 4.1 per cent in local currency in H2 NPI rose 3 per cent to S$2.3 million, with some gains partly offset by the Japanese yen&rsquo s depreciation against the Singapore dollar.
CDLHT&rsquo s resorts in Maldives and hotels in Germany and Italy posted declines in RevPAR and NPI in H2 2025.
On a brighter note, Yeo said: &ldquo We are transitioning towards a stronger footing as we commence 2026.&rdquo Among other factors, he cited the recently refurbished hotels, The Castings progressively contributing a more stabilised level of income post-gestation, and the group&rsquo s ability to capitalise on the lower interest rate environment due to its low proportion of fixed-rate borrowing.
Yeo also pointed to the potential of an eventual recovery in visitor arrivals to Singapore from the key markets of China, Indonesia and India, to 2019 pre-pandemic levels.
A stronger 2026 events calendar is expected to underpin demand for the group&rsquo s Singapore portfolio, he added.
CDLHT closed at S$0.865 on Friday up S$0.025 or 3 per cent.
Meanwhile, for the full year ended Dec 31, 2025, DPS was 9.8 per cent lower at S$0.0480, versus S$0.0532 the previous year.
Distributable income fell 8.9 per cent to S$60.9 million from S$66.9 million.
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Alignment
Elite |
31-Jan-2026 09:54
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There' s a very clear big runway of DPU growth coming | ||||
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MrBear12
Supreme |
31-Jan-2026 07:17
Yells: "Cast all our anxieties on Jesus for He cares for us" |
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don't mess with the bear.
he will keep this low as far as he can. then scoop and price fly high trade with two face 🐻
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pasttime
Supreme |
31-Jan-2026 06:44
Yells: "gold silver are real money. not others iou." |
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got one report from local business web site did not report half on half improvement but reported. yoy drop. obvious that shorts are desperate and using mouth piece to talk down. shorts are trying to cover but think cannot find scrips. so got to hold down to cover. this is chance for people who want passive good dividend of 2.8cents for second half. ie more then 5%. dps likely to increase. my guess > 6cents. nta of 140+ . at 86.5 cents is still very under value. thanks to shorts. fry the organized shorts. sgx must improve their shorts rule at least nearer to sec type. my speculation only. dyodd |
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Delvyss
Elite |
30-Jan-2026 13:03
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Stock Fundamentalshttps://investor.cdlht.com/stock_fundamentals.html |
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Delvyss
Elite |
30-Jan-2026 10:21
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Well done CDLHT
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pasttime
Supreme |
30-Jan-2026 08:44
Yells: "gold silver are real money. not others iou." |
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dps 2.82 cents. will continue to grow as w renovation done. nz, maldives (new brand) hotel will have full year contribution next year. 2027 will have additional moxy hotel. bear has done damage control by pushing price down from 86 to 84. don' t be fool. with nta 140+. much more price gain towards 140 as dps goes up. |
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spursfan
Supreme |
30-Jan-2026 08:22
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https://links.sgx.com/1.0.0/corporate-announcements/61CYCAPYK90RFWT2/873601_CDLHT-FY25%20Press%20Release.pdf |
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MrBear12
Supreme |
23-Jan-2026 09:44
Yells: "Cast all our anxieties on Jesus for He cares for us" |
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No loitering
Watch out for 🐻
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Delvyss
Elite |
23-Jan-2026 09:41
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Leveraging on CityDev' s positive sentiments, doubt CDL H Trust will continue to loiter around this level for too long. | ||||
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Delvyss
Elite |
13-Jan-2026 11:04
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S-REITs seen lifting DPU 2.5% in 2026: analystshttps://sbr.com.sg/in-focus/s-reits-seen-lifting-dpu-25-in-2026-analysts |
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pasttime
Supreme |
12-Jan-2026 18:55
Yells: "gold silver are real money. not others iou." |
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market close, big volume dump down the price by 1.73% from 0.865 to 0.85. these are clear market manipulations price actions. dump bigger vol at market close to move down price. happens to many other counters as well. for proper development and growth of sgx these must be investigated and stop this type of rouge actions. |
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MrBear12
Supreme |
12-Dec-2025 13:47
Yells: "Cast all our anxieties on Jesus for He cares for us" |
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🐻
Agrees
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Alignment
Elite |
12-Dec-2025 11:15
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Agree with all this.
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pasttime
Supreme |
11-Dec-2025 17:32
Yells: "gold silver are real money. not others iou." |
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ascott also good. just no put all eggs in one place. this cdl htrust is at the moment misprice due to shorts actions. once money come in and price raise to certain level. shorts covering itself will auto push up the price. expecting fy report late jan or early fed. dividend payout likely end feb. dyodd
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luckyguy3
Master |
11-Dec-2025 15:46
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I rather choose Capitaland Ascott for it' s stable dividends and solid sponsors. And long term stay assets
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luckyguy3
Master |
11-Dec-2025 15:45
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fund raising aka rights issue or private placement coming and 90% of the time share price will drop due to discount for the rights or placement. U buy soon u see " HALT" u jialat liao lo.. ur choice Hotels here oversupply ... plus 2026 looks like recession year.. first to get hit when recession arrives will be the hospitalilty sectors
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