CDLH: 4Q DPU 3.27c. FY2011 DPU was 12.28c +9.8% yoy, approx distribution yield of 7.2%. FY2011 Gross rev at $141.1m +15.4% yoy with NPI at $135.2m +17.5% yoy. At the btm line, net profit at $180.8m was up 30.7% yoy part due to a revaluation gain of $73.2m.
For 4Q, rev of $37.8m was up 13.4% yoy +3.8% qoq, attributed to general improved performance across the portfolio and contribution from Studio M. RevPAR for the Sg hotels increased by 6.0% to $205 in 4Q2011 representing the best 4Q performance since inception of CDLH, fuelled by a growth in visitor arrivals.
CDLH’s gearing is currently at 25.3% with avg occupancy in FY11 approx at 88.0%
Co expects new inventory of 1540 rms to be added to the Sg hotel sector at the end of 2011 which might contribute to a more competitive environment in the Sg hospitality mkt. However, new attractions such as the Maritime Experential Museum, Aquarium and Marine Life Park at RWS are expected to facilitate visitor arrivals to Singapore.