CDL Hospitality Trusts - above expectations

Wednesday, August 5, 2009

CDL Hospitality Trusts reported income available for distribution of S$17.4mn for 2Q09 (-31.5% yoy), bringing the income available for distribution in 1H09 to S$35.5m (-26.8% yoy) or 4.25 cents per unit. The income to be distributed per unit for 1H09 stood at 3.86 cents implying a payout ratio of 90%. The results are above our expectations with the 1H09 DPU respresenting 60% of our full year forecast.

The overall portfolio occupancy levels for Singapore Hotels for 2Q09 dropped 11.6% yoy to 75.5%,while the RevPAR declined 39.8% yoy to S$134 due to softer market demand situation and the global outbreak of Influenza(H1N1) in 2Q09 taking a toll on the tourist arrivals to Singapore.

Average daily rate for Singapore Hotels for 2Q09 was at S$178, down 30.2% due to intense price competition among hotel operators. Management has noted an improvement in demand in the months of June and July with both Corporate and leisure travel showing signs of an uptrend compared to the first five months of 2009.

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