Equity Snap: CDL Hospitality Trusts (CDREIT SP): 1H26 soft, management hopeful for a better 2H

Research evidence excerpt

Equity Snap: CDL Hospitality Trusts (CDREIT SP): 1H26 soft, management hopeful for a better 2H

30 July 2026

Equity Snap: CDL Hospitality Equities REITs

Trusts (CDREIT SP)

1H26 soft, management hopeful for a better 2H Singapore

◆ 1H26 top line in line, soft numbers due to seasonality and Joy Wang*

Middle East war impacts HeadThe Hongkongof ASEANandEquityShanghaiResearchBankingandCorporationASEAN Property

Limited, Singapore Branch

joy.wang@hsbc.com.sg

CDL Hospitality Trusts (CDREIT SP, SGD0.80, Hold, TP SGD0.80) +65 6658 0606

(Priced as of 29 Jul 2026) Danelle Teo*

Associate, ASEAN Equity Research

1H26 results in line with HSBC but missed consensus estimates. DPU increased The Hongkong and Shanghai Banking Corporation

8.6% y-o-y to SGD2.15cents (44.1% of HSBCe of: SGD4.87cents, 42.2% of consensus Limited, Singapore Branch danelle.t.y.teo@hsbc.com.sg

of: SGD5.1cents) due to higher NPI contribution by UK portfolio, Grand Millennium +65 66585497

Auckland, Perth hotels and lower interest costs. Most Revpar saw improvements except Gokulapriyan V*

Associate

for Japan (-4.5% yoy), Maldives (-18.3%), and Germany (-12.7%). 2Q saw impacts from Bangalore

the Middle East, where Maldives saw the most impact due to Middle East carriers as

well as impacts from seasonality. Germany’s Revpar decline was due to higher base * Employed by a non-US affiliate of HSBC Securities (USA) Inc, and is

from one-off events. Meanwhile, UK’s RevPar grew 2.3% due to the contribution by the not registered/ qualified pursuant to FINRA regulations

three hotels. Cost of borrowings remained flat at 2.8%, with management guiding 2.8%

for the year end as CDL continues see benefits from paying down debt via perps.

2H to see some growth. Management appears constructive of 2H with most markets