Singapore Stock Market News
CDL Hospitality Trust - Disappointing 2Q
StockFanatic
Publish date: Thu, 30 Jul 2015, 01:45 PM
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CDL-HT's 2Q15 results were below our estimate, with revenue coming in at 21% and DPU at 19% of our full-year forecasts. Looking ahead, with expected prolonged weakness within the Singapore hotel segment, forex pressure, rising interest payments and more-than-previously-expected upcoming supply of hotel rooms, we have lower our FY15-17 DPU estimates by 11.2-12.6%. Consequently, we downgrade CDL-HT from add to Hold with a lower DDM-based target price of S$1.62.
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