SINGAPORE (May 3): OCBC Investment Research is maintaining its “hold” call on CDL Hospitality Trust with an unchanged fair value of $1.60 despite making adjustments after the announcement of its 1Q18 results, which came in below expectations at 22% of OCBC’s initial full-year DPU forecast.
The earnings miss is in spite of CDL HT’s higher revenue and NPI for the quarter, a result of improved RevPAR in the Singapore portfolio which also helped to boost overall portfolio performance – albeit offset in part by softer trading performance from the Japan Hotels, Maldives Resorts and Hilton Cambridge City Centre.
