CDL HOSPITALITY TRUSTS |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 0.975 SGD | -0.51% |
|
-0.51% | -12.16% |
| Apr. 30 | CDL Hospitality Trusts’ NPI Up 7% | MT |
| Feb. 02 | UOB Kay Hian Adjusts CDL Hospitality Trusts' Price Target to SG$1.48 From SG$1.57, Keeps at Buy | MT |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Capitalization 1 | 1,964 | 1,551 | 1,439 | 1,546 | 1,383 | 1,228 | - | - |
| Enterprise Value (EV) 1 | 2,932 | 2,449 | 2,491 | 2,661 | 2,601 | 2,450 | 2,466 | 2,625 |
| P/E ratio | 17.5 x | -8.24 x | 21.2 x | 7.2 x | 11.3 x | 20.9 x | 19.1 x | 22 x |
| Yield | 5.57% | 3.9% | 3.65% | 4.5% | 5.14% | 6.32% | 6.98% | 7.09% |
| Capitalization / Revenue | 9.98 x | 13.2 x | 9.12 x | 6.74 x | 5.37 x | 4.36 x | 4.09 x | 3.84 x |
| EV / Revenue | 14.9 x | 20.8 x | 15.8 x | 11.6 x | 10.1 x | 8.7 x | 8.21 x | 8.21 x |
| EV / EBITDA | 25.1 x | 49.6 x | 35.1 x | 25.3 x | 22 x | 17.7 x | 16.6 x | 16.5 x |
| EV / FCF | - | 59.3 x | 51.2 x | 32.2 x | 53.2 x | 16.9 x | -42.9 x | 14.4 x |
| FCF Yield | - | 1.69% | 1.95% | 3.1% | 1.88% | 5.91% | -2.33% | 6.93% |
| Price to Book | 1.07 x | 0.96 x | 0.88 x | 0.87 x | 0.74 x | 0.66 x | 0.67 x | 0.68 x |
| Nbr of stocks (in thousands) | 1,212,584 | 1,221,499 | 1,230,012 | 1,237,020 | 1,245,832 | 1,259,467 | - | - |
| Reference price 2 | 1.620 | 1.270 | 1.170 | 1.250 | 1.110 | 0.9750 | 0.9750 | 0.9750 |
| Announcement Date | 1/29/20 | 1/28/21 | 1/27/22 | 3/22/23 | 1/29/24 | - | - | - |
1SGD in Million2SGD
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 196.9 | 117.6 | 157.7 | 229.4 | 257.6 | 281.7 | 300.3 | 319.5 |
| EBITDA 1 | 117 | 49.4 | 71.01 | 105.1 | 118.2 | 138.3 | 148.6 | 159.1 |
| EBIT 1 | 104.9 | 33.21 | 49.56 | 84.09 | 96.3 | 124.8 | 136 | 142.7 |
| Operating Margin | 53.3% | 28.25% | 31.42% | 36.67% | 37.39% | 44.3% | 45.29% | 44.66% |
| Earnings before Tax (EBT) 1 | 125.5 | -185.1 | 71.64 | 223.2 | 141.8 | 69.26 | 75.96 | 77.14 |
| Net income 1 | 112.7 | -188 | 67.93 | 215.3 | 123.2 | 54.16 | 64.1 | 56.56 |
| Net margin | 57.26% | -159.93% | 43.07% | 93.86% | 47.84% | 19.23% | 21.34% | 17.7% |
| EPS 2 | 0.0927 | -0.1541 | 0.0551 | 0.1735 | 0.0984 | 0.0466 | 0.0510 | 0.0444 |
| Free Cash Flow 1 | - | 41.26 | 48.65 | 82.56 | 48.89 | 144.8 | -57.45 | 182 |
| FCF margin | - | 35.1% | 30.85% | 36% | 18.98% | 51.41% | -19.13% | 56.95% |
| FCF Conversion (EBITDA) | - | 83.54% | 68.52% | 78.57% | 41.35% | 104.72% | - | 114.38% |
| FCF Conversion (Net income) | - | - | 71.62% | 38.35% | 39.68% | 267.37% | - | 321.68% |
| Dividend per Share 2 | 0.0902 | 0.0495 | 0.0427 | 0.0563 | 0.0570 | 0.0616 | 0.0680 | 0.0691 |
| Announcement Date | 1/29/20 | 1/28/21 | 1/27/22 | 3/22/23 | 1/29/24 | - | - | - |
1SGD in Million2SGD
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 2021 S1 | 2022 S1 | 2023 S1 |
|---|---|---|---|
| Net sales 1 | 66.22 | 98.64 | 119.2 |
| EBITDA | - | - | - |
| EBIT | - | - | - |
| Operating Margin | - | - | - |
| Earnings before Tax (EBT) | - | - | - |
| Net income | - | - | - |
| Net margin | - | - | - |
| EPS | - | - | - |
| Dividend per Share 2 | 0.0122 | 2.040 | 0.0251 |
| Announcement Date | 7/29/21 | 7/28/22 | 7/27/23 |
1SGD in Million2SGD
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Net Debt 1 | 968 | 897 | 1,052 | 1,115 | 1,218 | 1,222 | 1,238 | 1,397 |
| Net Cash position 1 | - | - | - | - | - | - | - | - |
| Leverage (Debt/EBITDA) | 8.273 x | 18.17 x | 14.81 x | 10.61 x | 10.3 x | 8.835 x | 8.33 x | 8.779 x |
| Free Cash Flow 1 | - | 41.3 | 48.7 | 82.6 | 48.9 | 145 | -57.5 | 182 |
| ROE (net income / shareholders' equity) | 3.68% | 0.36% | 1.47% | 4.47% | 1.57% | 3.53% | 3.7% | 3.25% |
| ROA (Net income/ Total Assets) | 2.26% | 0.21% | 0.83% | 2.55% | 0.9% | 1.73% | 2.02% | 2.15% |
| Assets 1 | 4,988 | -88,229 | 8,144 | 8,447 | 13,683 | 3,138 | 3,175 | 2,633 |
| Book Value Per Share 2 | 1.520 | 1.320 | 1.330 | 1.440 | 1.500 | 1.480 | 1.450 | 1.440 |
| Cash Flow per Share 2 | 0.1000 | 0.0400 | 0.0500 | 0.0900 | 0.1000 | 0.1000 | 0.1000 | 0.1200 |
| Capex 1 | 26.2 | 8.31 | 13.9 | 33.8 | 74.9 | 29 | 14 | 18.7 |
| Capex / Sales | 13.29% | 7.07% | 8.8% | 14.76% | 29.07% | 10.28% | 4.67% | 5.84% |
| Announcement Date | 1/29/20 | 1/28/21 | 1/27/22 | 3/22/23 | 1/29/24 | - | - | - |
1SGD in Million2SGD
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating
Investor Rating
ESG Refinitiv
B
Sell
Buy
Mean consensus
HOLD
Number of Analysts
12
Last Close Price
0.975
SGD
Average target price
1.116
SGD
Spread / Average Target
+14.44%
EPS Revisions
Quarterly revenue - Rate of surprise
| 1st Jan change | Capi. | |
|---|---|---|
| -12.16% | 913M | |
| -4.71% | 31.69B | |
| -5.39% | 12.99B | |
| -6.71% | 12.5B | |
| -4.26% | 6.24B | |
| -12.04% | 3.54B | |
| +6.67% | 3.44B | |
| -7.58% | 2.58B | |
| +22.83% | 2.54B | |
| -6.40% | 2.47B |
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