CDL Hospitality Trusts' 4Q Result In Line; Singapore Showing Signs of Stability
Besides an impairment charge of SGD 11.1 million for a Maldives hotel, no-moat CDL Hospitality Trusts reported a fourth-quarter result in line with expectations. Fourth-quarter distribution was SGD 0.0283, lower than the year-ago period, due to the equity raising in June. There is little in the fourth-quarter result that alters our long-term view on the trust. Our fair value estimate is unchanged at SGD 1.60, and at a fair distribution yield of 4.6%, we believe the trust is fairly valued.While ...
CDL Hospitality Trusts is a stapled group comprising CDL Hospitality Real Estate Investment Trust (H-REIT) and its subsidiaries and CDL Hospitality Business Trust (HBT) and its subsidiaries. HBT is a business trust managed by M&C Business Trust Management Limited. The principal activity of H-REIT and its subsidiaries is to invest in income producing real estate and real estate related assets, which are used for hospitality and hospitality related purposes. As at Dec. 31, 2014, Co. had a portfolio of 4,709 hotel rooms in the Asia Pacific, comprising six hotels and a retail mall in Singapore, five hotels in Australia, one hotel in New Zealand, two resorts in Maldives and two hotels in Japan.
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