CDL Hospitality Trusts May Be Hit by Cooling Hospitality Demand -- Market Talk

Dow Jones08-05

0540 GMT - CDL Hospitality Trusts may be hit by cooling hospitality demand, RHB Research analyst Vijay Natarajan says in a research report as RHB cuts the unit's rating to neutral from buy and the target price to S$1.03 from S$1.20. Revenue per available room for the REIT's Singapore hotels was softer in 2Q versus 1Q with management citing a lower event pipeline amid an increase in hotel-room supply and last-minute bookings, the analyst notes. The REIT's revenue per available room could fall again in 3Q, given last year's strong performance, the analyst adds. RHB lowers its 2024-2026 distribution-per-unit forecasts for the REIT by 3%-5%. Units are 2.1% lower at S$0.92. (ronnie.harui@wsj.com)

(END) Dow Jones Newswires

August 05, 2024 01:40 ET (05:40 GMT)

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