CDL Hospitality Trusts Set to Focus on Improving Occupancy -- Market Talk

Dow Jones2023-10-31

0338 GMT - CDL Hospitality Trusts looks set to shift its 2024 strategy to improving hotel occupancy from one targeting maximizing room rates following the pandemic, as management thinks room rates could consolidate next year, CGS-CIMB analysts Natalie Ong and Lock Mun Yee say in a note. The REIT's nine-month net property income missed expectations on lower-than-forecast Singapore non-room revenue, driving the brokerage to lower its forecasts for 2023-2025 distribution per unit by 3.9%-7.8%. CGS-CIMB cuts its target to S$1.43 from S$1.55 while maintaining an add rating on the REIT as a proxy for the hospitality sector's recovery. Units are last at S$0.965. (hoishan.chan@wsj.com)

(END) Dow Jones Newswires

October 30, 2023 23:38 ET (03:38 GMT)

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CGS-CIMB cuts its target to S$1.43 from S$1.55 while maintaining an add rating on the REIT as a proxy for the hospitality sector's recovery. Units are last at S$0.965. 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