CDL Hospitality Trusts: First Take: Bounce in 1H26 DPU but below expectations

Research evidence excerpt

CDL Hospitality Trusts: First Take: Bounce in 1H26 DPU but below expectations

J P M O R G A N Asia Pacific Equity Research

30 July 2026

CDL Hospitality Trusts Neutral

CDLT.SI, CDREIT SP

First Take: Bounce in 1H26 DPU but below Price (29 Jul 26):S$0.80

expectations Price Target (Jun-27):S$0.85

Our First Take: 1H26 DPU rose 8.6% YoY to 2.15 Scts, representing 42% of our/

Bloomberg consensus FY26 estimates and tracking below the typical 1H seasonal

split. Growth was driven by lower funding costs, stronger contributions from New

Zealand, Australia, and UK living assets, and resilient Singapore operations. This

was partly offset by weakness in the Maldives and softer performance in Japan and

Germany. The miss versus our estimates appears to be mainly due to weaker-than-

expected NPI margins and a softer Japan contribution. Singapore/ASEAN Property and

REITs

Mervin Song, CFA AC

Key Positives (65) 6882-7829

mervin.song@jpmorgan.com

Singapore 1H26 RevPAR WAS up 4.1% YoY to S$172, ahead of our FY26

Terence M Khi

assumption of 1% growth. This was driven by higher occupancy (+3.5ppt to (65) 6882-1518

76.7%) despite softer ADR. New Zealand and Australia delivered strong NPI terence.ml.khi@jpmorgan.com

growth of 60.4% and 50.2%, respectively. New Zealand benefited from a 10.4% J.P. Morgan Securities Singapore Private Limited/

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

YoY rise in 1H26 RevPAR on improved positioning of Grand Millennium Morgan Broking (Hong Kong) Limited

Auckland post-AEI and higher F&B revenues, while Perth hotels saw better cost

efficiency despite RevPAR rising only 0.8% YoY. UK Living Assets NPI increased

51.3% as The Castings continued to ramp up. Cost of debt was stable QoQ at 2.8%,

but was down from 3.6% in 2Q25.

Key Negatives/Question Marks