2025-06-10-花旗集团-城市发展酒店信托（CDLT）_CDL酒店信托（CDLT.SI）模型更新_12页_468kb

CDL Hospitality Trusts (CDLT.SI) - Citigroup Research

Model Update

• Key Changes: Downgrade to Sell due to lower projections for Dividend Per Unit (DPU) and Net Property Income (NPI).
• DPU Adjustment: Forecasted from previous models to decline by 16.9% in FY25E, 12.6% in FY26E, and 11.8% in FY27E.

Valuation

• Target Price: Reduced to S$0.64 (down from S$0.71).
• Valuation Basis:
  • DDM Model: Lower DDM-based valuation due to reduced DPU projections.
  • RNAV Model: Cut based on lower RevPAR assumptions and cap rate stability.
• Expected outcomes:
  • 11.8% Negative Total Return
  • 6.2% Dividend Yield

Financial Projections (Key Metrics)

Per Share Data

Growth Rates

Key Risk Factors

Downside Risks

• Slowdown in regional arrivals due to economic weakness
• Further deterioration in corporate travel demand
• Strong Singapore dollar hindering regional arrivals (Indonesia, Malaysia)

Upside Catalysts

• Faster-than-expected resumption of leisure and corporate travel
• Lower borrowing costs than expected

Disclaimer

This is a summary of the Citi Research report dated 10 June 2025. Actual investment should consider all material disclosures and risks.