CDLH Trust: Stable and in-line results. Co reports 1Q results with rev at $32.3 +21.4%yoy and net profit at $23.6m +10.0%yoy. Distributable income was at $22.8m with DPU of 2.4c a 2.6% increase yoy. Growth was attributed to improved performance from Sg hotel and full quarter contribution from Aus hotels...
Occupancy rose 1.4% points on a yoy quarterly basis to 85.7% with both rates and RevPAR improving by more than 10%. Co is positive on prospects with STB’s forecast of 7.9% 5-yr CAGR in visitor arrivals vs 5.4% from 2005-2009. DPU represents annualized yield of 4.7% at current price of $2.05 but will be paid out only on a semi-annual basis together with 2Q results.
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