CDL Hospitality Trust

CDL Hospitality Trust - 4Q12 results were generally in line with consensus estimates. Revenue +1.4% YoY to $38.3m, and NPI , +0.2% YoY to $35.6m. RevPAR for the Singapore hotels was flat YoY in 4Q12 at $205 (excludes Studio M Hotel, which was acquired on 3 May 2011). FY12 DPU totaled 11.32c, +2.4% YoY and giving an annualised distribution yield of 5.7% based on the closing price on 29 Jan13. For 1Q13, management noted that apart from stiffer competition, there will be the absence of the bi-annual Singapore Airshow and additionally, CNY will fall later this year (Feb instead of Jan), possibly delaying the seasonal pick-up in corporate travel. Weaker accommodation demand by corporates and leisure travellers is likely over the next 12 mths. OCBC maintain fair value estimate of $1.93 and HOLD rating on CDLHT