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CDL Hospitality Trusts

SGX:J85
Snowflake Description

Average dividend payer with limited growth.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
J85
SGX
SGD2B
Market Cap
  1. Home
  2. SG
  3. Real Estate
Company description

CDL Hospitality Trusts (“CDLHT”) is one of Asia’s leading hospitality trusts with assets valued at S$2.8 billion. The last earnings update was 22 days ago. More info.


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J85 Share Price and Events
7 Day Returns
-1.8%
SGX:J85
-1.4%
SG REITs
0.3%
SG Market
1 Year Returns
-5.8%
SGX:J85
1.8%
SG REITs
-6.7%
SG Market
J85 Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
CDL Hospitality Trusts (J85) -1.8% -0.6% 3.2% -5.8% 10.3% -12%
SG REITs -1.4% 0.7% 4.8% 1.8% 13.3% 10.5%
SG Market 0.3% 3.1% 3.7% -6.7% 8% -3.3%
1 Year Return vs Industry and Market
  • J85 underperformed the REITs industry which returned 1.8% over the past year.
Price Volatility
J85
Industry
5yr Volatility vs Market

J85 Value

 Is CDL Hospitality Trusts undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of CDL Hospitality Trusts to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for CDL Hospitality Trusts.

SGX:J85 Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 14 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.3%
Perpetual Growth Rate 10-Year SG Government Bond Rate 2.3%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for SGX:J85
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year SG Govt Bond Rate 2.3%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.54
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.537 (1 + (1- 17%) (51.88%))
0.845
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.85
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.3% + (0.845 * 5.96%)
7.34%

Discounted Cash Flow Calculation for SGX:J85 using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for CDL Hospitality Trusts is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

CDL Hospitality Trusts is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

SGX:J85 DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (SGD, Millions) Source Present Value
Discounted (@ 7.34%)
2019 85.00 Analyst x1 79.19
2020 95.00 Analyst x1 82.45
2021 97.00 Analyst x1 78.43
2022 103.53 Est @ 6.73% 77.99
2023 109.13 Est @ 5.4% 76.58
2024 114.01 Est @ 4.47% 74.54
2025 118.37 Est @ 3.82% 72.10
2026 122.35 Est @ 3.37% 69.43
2027 126.08 Est @ 3.05% 66.65
2028 129.64 Est @ 2.82% 63.85
Present value of next 10 years cash flows SGD741.20
SGX:J85 DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= SGD129.64 × (1 + 2.3%) ÷ (7.34% – 2.3%)
SGD2,633.14
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= SGD2,633.14 ÷ (1 + 7.34%)10
SGD1,296.76
SGX:J85 Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= SGD741.20 + SGD1,296.76
SGD2,037.96
Equity Value per Share
(SGD)
= Total value / Shares Outstanding
= SGD2,037.96 / 1,210.86
SGD1.68
SGX:J85 Discount to Share Price
Calculation Result
Value per share (SGD) From above. SGD1.68
Current discount Discount to share price of SGD1.61
= -1 x (SGD1.61 - SGD1.68) / SGD1.68
4.3%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price CDL Hospitality Trusts is available for.
Intrinsic value
4%
Share price is SGD1.61 vs Future cash flow value of SGD1.68
Current Discount Checks
For CDL Hospitality Trusts to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • CDL Hospitality Trusts's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • CDL Hospitality Trusts's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for CDL Hospitality Trusts's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are CDL Hospitality Trusts's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
SGX:J85 PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in SGD SGD0.09
SGX:J85 Share Price ** SGX (2019-04-18) in SGD SGD1.61
Singapore REITs Industry PE Ratio Median Figure of 39 Publicly-Listed REITs Companies 13.16x
Singapore Market PE Ratio Median Figure of 328 Publicly-Listed Companies 13.18x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of CDL Hospitality Trusts.

SGX:J85 PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SGX:J85 Share Price ÷ EPS (both in SGD)

= 1.61 ÷ 0.09

17.57x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • CDL Hospitality Trusts is overvalued based on earnings compared to the SG REITs industry average.
  • CDL Hospitality Trusts is overvalued based on earnings compared to the Singapore market.
Price based on expected Growth
Does CDL Hospitality Trusts's expected growth come at a high price?
Raw Data
SGX:J85 PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 17.57x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 14 Analysts
3.9%per year
Singapore REITs Industry PEG Ratio Median Figure of 37 Publicly-Listed REITs Companies 2.08x
Singapore Market PEG Ratio Median Figure of 119 Publicly-Listed Companies 1.6x

*Line of best fit is calculated by linear regression .

SGX:J85 PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 17.57x ÷ 3.9%

4.48x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • CDL Hospitality Trusts is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on CDL Hospitality Trusts's assets?
Raw Data
SGX:J85 PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in SGD SGD1.53
SGX:J85 Share Price * SGX (2019-04-18) in SGD SGD1.61
Singapore REITs Industry PB Ratio Median Figure of 41 Publicly-Listed REITs Companies 0.96x
Singapore Market PB Ratio Median Figure of 432 Publicly-Listed Companies 0.75x
SGX:J85 PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SGX:J85 Share Price ÷ Book Value per Share (both in SGD)

= 1.61 ÷ 1.53

1.05x

* Primary Listing of CDL Hospitality Trusts.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • CDL Hospitality Trusts is overvalued based on assets compared to the SG REITs industry average.
X
Value checks
We assess CDL Hospitality Trusts's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. CDL Hospitality Trusts has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

J85 Future Performance

 How is CDL Hospitality Trusts expected to perform in the next 1 to 3 years based on estimates from 14 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
3.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is CDL Hospitality Trusts expected to grow at an attractive rate?
  • CDL Hospitality Trusts's earnings growth is expected to exceed the low risk savings rate of 2.3%.
Growth vs Market Checks
  • CDL Hospitality Trusts's earnings growth is positive but not above the Singapore market average.
  • CDL Hospitality Trusts's revenue growth is expected to exceed the Singapore market average.
Annual Growth Rates Comparison
Raw Data
SGX:J85 Future Growth Rates Data Sources
Data Point Source Value (per year)
SGX:J85 Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 14 Analysts 3.9%
SGX:J85 Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 14 Analysts 5.9%
Singapore REITs Industry Earnings Growth Rate Market Cap Weighted Average -4.1%
Singapore REITs Industry Revenue Growth Rate Market Cap Weighted Average 3%
Singapore Market Earnings Growth Rate Market Cap Weighted Average 5.7%
Singapore Market Revenue Growth Rate Market Cap Weighted Average 4.7%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
SGX:J85 Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 14 Analyst Estimates (S&P Global) See Below
All numbers in SGD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
SGX:J85 Future Estimates Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31
2021-12-31 240 155 121 7
2020-12-31 232 153 118 11
2019-12-31 218 146 105 11
SGX:J85 Past Financials Data
Date (Data in SGD Millions) Revenue Cash Flow Net Income *
2018-12-31 202 123 110
2018-09-30 205 115 140
2018-06-30 210 124 144
2018-03-31 210 127 139
2017-12-31 204 139 129
2017-09-30 197 141 44
2017-06-30 188 132 41
2017-03-31 183 139 46
2016-12-31 181 133 49
2016-09-30 183 133 47
2016-06-30 178 135 45
2016-03-31 175 135 46

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • CDL Hospitality Trusts's earnings are expected to grow by 3.9% yearly, however this is not considered high growth (20% yearly).
  • CDL Hospitality Trusts's revenue is expected to grow by 5.9% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
SGX:J85 Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 14 Analyst Estimates (S&P Global) See Below

All data from CDL Hospitality Trusts Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:J85 Future Estimates Data
Date (Data in SGD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31
2021-12-31 0.09 0.09 0.08 4.00
2020-12-31 0.10 0.16 0.08 10.00
2019-12-31 0.10 0.17 0.07 10.00
SGX:J85 Past Financials Data
Date (Data in SGD Millions) EPS *
2018-12-31 0.09
2018-09-30 0.12
2018-06-30 0.12
2018-03-31 0.12
2017-12-31 0.12
2017-09-30 0.04
2017-06-30 0.04
2017-03-31 0.05
2016-12-31 0.05
2016-09-30 0.05
2016-06-30 0.05
2016-03-31 0.05

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • CDL Hospitality Trusts is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess CDL Hospitality Trusts's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Singapore market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Singapore market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
CDL Hospitality Trusts has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

J85 Past Performance

  How has CDL Hospitality Trusts performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare CDL Hospitality Trusts's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • CDL Hospitality Trusts's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • CDL Hospitality Trusts's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • CDL Hospitality Trusts's 1-year earnings growth is negative, it can't be compared to the SG REITs industry average.
Earnings and Revenue History
CDL Hospitality Trusts's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from CDL Hospitality Trusts Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

SGX:J85 Past Revenue, Cash Flow and Net Income Data
Date (Data in SGD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 201.80 110.32 21.30
2018-09-30 204.76 140.16 19.25
2018-06-30 209.57 143.63 19.31
2018-03-31 209.70 139.40 19.48
2017-12-31 204.32 129.02 17.37
2017-09-30 197.40 44.26 16.57
2017-06-30 187.98 41.13 14.76
2017-03-31 182.60 46.02 12.31
2016-12-31 180.86 49.33 12.18
2016-09-30 182.64 46.65 12.93
2016-06-30 178.32 45.47 14.07
2016-03-31 174.86 46.37 13.11
2015-12-31 172.41 50.69 12.68
2015-09-30 167.39 113.48 10.41
2015-06-30 166.42 116.17 7.91
2015-03-31 165.27 119.47 7.53
2014-12-31 166.81 122.46 7.03
2014-09-30 161.14 137.31 6.50
2014-06-30 156.89 138.74 5.48
2014-03-31 154.60 140.15 4.36
2013-12-31 148.78 140.27 3.19
2013-09-30 147.69 118.62 0.57
2013-06-30 147.98 119.57 0.35
2013-03-31 149.05 121.96 0.28
2012-12-31 149.54 122.17 0.25
2012-09-30 149.00 178.29 0.35
2012-06-30 149.29 178.63 0.43

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • CDL Hospitality Trusts has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • CDL Hospitality Trusts used its assets less efficiently than the SG REITs industry average last year based on Return on Assets.
  • CDL Hospitality Trusts's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess CDL Hospitality Trusts's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
CDL Hospitality Trusts has a total score of 0/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

J85 Health

 How is CDL Hospitality Trusts's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up CDL Hospitality Trusts's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • CDL Hospitality Trusts's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • CDL Hospitality Trusts's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of CDL Hospitality Trusts's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from CDL Hospitality Trusts Company Filings, last reported 3 months ago.

SGX:J85 Past Debt and Equity Data
Date (Data in SGD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 1,855.32 1,011.37 139.58
2018-09-30 1,800.60 953.68 121.45
2018-06-30 1,834.83 944.49 149.42
2018-03-31 1,817.77 941.33 139.61
2017-12-31 1,845.26 930.47 95.87
2017-09-30 1,776.59 926.32 60.46
2017-06-30 1,545.59 1,022.56 79.59
2017-03-31 1,527.80 920.44 57.68
2016-12-31 1,546.42 928.85 82.23
2016-09-30 1,550.23 922.37 55.70
2016-06-30 1,561.15 915.99 69.47
2016-03-31 1,538.81 917.35 48.54
2015-12-31 1,565.82 922.34 71.97
2015-09-30 1,565.52 927.91 179.11
2015-06-30 1,594.54 774.21 57.62
2015-03-31 1,588.30 785.12 41.51
2014-12-31 1,616.13 775.51 76.45
2014-09-30 1,566.93 697.60 40.76
2014-06-30 1,606.47 691.14 62.82
2014-03-31 1,581.67 692.34 42.38
2013-12-31 1,595.38 688.65 68.73
2013-09-30 1,534.90 613.84 45.58
2013-06-30 1,556.13 674.67 133.82
2013-03-31 1,547.63 623.75 44.25
2012-12-31 1,564.29 529.79 75.37
2012-09-30 1,522.02 531.59 42.16
2012-06-30 1,549.71 532.54 70.70
  • CDL Hospitality Trusts's level of debt (54.5%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (43.2% vs 54.5% today).
  • Debt is not well covered by operating cash flow (12.2%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 5.6x coverage).
X
Financial health checks
We assess CDL Hospitality Trusts's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. CDL Hospitality Trusts has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

J85 Dividends

 What is CDL Hospitality Trusts's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
5.75%
Current annual income from CDL Hospitality Trusts dividends. Estimated to be 6.13% next year.
If you bought SGD2,000 of CDL Hospitality Trusts shares you are expected to receive SGD115 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • CDL Hospitality Trusts's pays a higher dividend yield than the bottom 25% of dividend payers in Singapore (2.5%).
  • CDL Hospitality Trusts's dividend is above the markets top 25% of dividend payers in Singapore (5.43%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
SGX:J85 Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 14 Analyst Estimates (S&P Global) See Below
Singapore REITs Industry Average Dividend Yield Market Cap Weighted Average of 41 Stocks 5.7%
Singapore Market Average Dividend Yield Market Cap Weighted Average of 278 Stocks 3.9%
Singapore Minimum Threshold Dividend Yield 10th Percentile 1.6%
Singapore Bottom 25% Dividend Yield 25th Percentile 2.5%
Singapore Top 25% Dividend Yield 75th Percentile 5.4%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

SGX:J85 Future Dividends Estimate Data
Date (Data in SGD) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 0.11 1.00
2021-12-31 0.10 8.00
2020-12-31 0.10 15.00
2019-12-31 0.10 14.00
SGX:J85 Past Annualized Dividends Data
Date (Data in SGD) Dividend per share (annual) Avg. Yield (%)
2019-01-28 0.093 5.699
2018-07-26 0.094 6.184
2018-01-25 0.092 5.509
2017-07-27 0.097 5.859
2017-01-26 0.100 6.658
2016-07-29 0.098 7.193
2016-01-27 0.101 7.367
2015-07-28 0.104 7.788
2015-01-28 0.110 6.444
2014-01-28 0.110 6.467
2013-10-29 0.108 6.675
2013-07-25 0.110 6.844
2013-02-01 0.113 5.886
2012-03-30 0.114 5.915
2012-01-30 0.114 6.648
2011-10-25 0.107 6.740
2011-07-27 0.107 6.412
2011-01-27 0.106 5.221
2010-03-30 0.086 4.362
2010-01-26 0.086 4.992
2009-04-20 0.106 9.564

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of CDL Hospitality Trusts's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.1x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (1052.6x coverage).
X
Income/ dividend checks
We assess CDL Hospitality Trusts's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.6%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can CDL Hospitality Trusts afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. CDL Hospitality Trusts has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

J85 Management

 What is the CEO of CDL Hospitality Trusts's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Vincent Yeo
AGE 49
TENURE AS CEO 12.8 years
CEO Bio

Mr. Wee Eng Yeo, also known as Vincent, has been the Chief Executive Officer of M&C Business Trust Management Limited and M&C Reit Management Limited since July 19, 2006. Mr. Yeo serves as the Chief Executive Officer at M&C REIT Management Limited since July 19, 2006. He serves as Chief Executive Officer and Executive Director of M&C Reit Management Limited and M&C Business Trust Management Limited at CDL Hospitality Trusts since July 19, 2006 and May 17, 2006. He serves as Chief Executive Officer and Executive Director of M&C Reit Management Limited at CDL Hospitality Real Estate Investment Trust since July 19, 2006 and May 17, 2006He served as the Chief Executive Officer at China Tian Yuan Healthcare Group Limited from November 2000 to November 1, 2008 and served as Chief Operating Officer from June 26, 2000 to November 2006. Mr. Yeo served as the Managing Director at CDL Hotels New Zealand Limited and CDL Investment New Zealand Limited. He served as President at Millennium & Copthorne International Limited - Asia Pacific, from 2003 to July 2006 and served as its Chief Operating Officer, from October 2001 to 2003. From 1993 to 1998, Mr. Yeo served as Managing Director at Millennium & Copthorne Hotels New Zealand Limited, where he developed and integrated the largest chain of hotels in New Zealand. He served as a Manager at CDL Hospitality Trusts, since May 17, 2006. He served at Smith New Court Securities (now Merrill Lynch). He served as Executive Director of China Tian Yuan Healthcare Group Limited from June 26, 2000 to April 22, 2009. He is a Non-Executive Director of CDL Investments New Zealand Ltd., since June 1994. He serves as Director of M&C Business Trust Management Limited and M&C Reit Management Limited of CDL Hospitality Trusts. He has been of M&C Reit Management Limited since May 17, 2006. He serves as a Non-Executive Director on the Boards of the M&C Group's three listed subsidiaries in New Zealand. He served as Executive Director of City Developments Limited until 2009. He served as a Non-Executive Director of Kingsgate International Corporation Limited since May 1994. He served as a Non Executive Director of Millennium & Copthorne Hotels New Zealand Limited from April 1994 to December 31, 2015. Mr. Yeo served as an Executive Director of Millennium & Copthorne and Hotels PLC from February 1998 to March 2000. He served as a Director of The Erawan Group Public Company Limited. Mr. Yeo graduated summa cum laude and the top of his faculty in 1988 from Boston University with a B.S.B.A. and majored in Finance. Mr. Yeo served as a Director of CDL Hotels Holdings New Zealand Limited until December 31, 2015.

CEO Compensation
  • Insufficient data for Vincent to compare compensation growth.
  • Insufficient data for Vincent to establish whether their remuneration is reasonable compared to companies of similar size in Singapore.
Management Team Tenure

Average tenure of the CDL Hospitality Trusts management team in years:

6.5
Average Tenure
  • The average tenure for the CDL Hospitality Trusts management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Vincent Yeo

TITLE
CEO & Executive Director of M&C REIT Management Limited and M&C Business Trust Management Ltd
AGE
49
TENURE
12.8 yrs

Annie Gan

TITLE
Chief Financial Officer of M&C REIT Management Ltd and M&C Business Trust Management Ltd
AGE
54
TENURE
12.3 yrs

Mandy Koo

TITLE
Head of Investments & Investor Relations of M&C REIT Mgmt Ltd and M&C Business Trust Mgmt Ltd

Zhipeng Xie

TITLE
Compliance Manager - M&C REIT Management Limited and M&C Business Trust Management Limited
TENURE
0.8 yrs

David Ling

TITLE
Head of Strategic Development of M&C Reit Management Ltd and M&C Business Trust Management Ltd

Enid Ling

TITLE
Company Secretary of M&C Reit Management Limited and M&C Business Trust Management Limited

Lai Sun Soo

TITLE
Company Secretary of M&C REIT Management Limited.

Elson Lock

TITLE
Senior Manager of Finance - M&C REIT Management Limited and M&C Business Trust Management Limited
TENURE
0.8 yrs
Board of Directors Tenure

Average tenure and age of the CDL Hospitality Trusts board of directors in years:

2.1
Average Tenure
55
Average Age
  • The average tenure for the CDL Hospitality Trusts board of directors is less than 3 years, this suggests a new board.
Board of Directors

Eric Chan

TITLE
Chairman of the Board of M&C REIT Management Limited and M&C Business Trust Management Ltd
AGE
65
TENURE
0.8 yrs

Vincent Yeo

TITLE
CEO & Executive Director of M&C REIT Management Limited and M&C Business Trust Management Ltd
AGE
49
TENURE
12.9 yrs

Ronald Seah

TITLE
Non-Executive Independent Director of M&C REIT Management Ltd and M&C Business Trust Management Ltd
AGE
70
TENURE
5.5 yrs

Bill Foo

TITLE
Lead Independent Director of M&C REIT Management Ltd and M&C Business Trust Management Ltd
AGE
59
TENURE
2 yrs

Kenny Kim

TITLE
Independent Non-Executive Director of M&C REIT Management Ltd and M&C Business Trust Management Ltd
AGE
51
TENURE
2.3 yrs

Sui Ling Cheah

TITLE
Independent Non-Executive Director of M&C REIT Management Ltd and M&C Business Trust Management Ltd
AGE
47
TENURE
1.7 yrs

Jean Wang

TITLE
Director of DBS Trustee Limited
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (SGD) Value (SGD)
30. Oct 18 Buy M&C REIT Management Limited Company 30. Oct 18 30. Oct 18 834,320 SGD0.28 SGD230,854
30. Oct 18 Buy M&C Business Trust Management Limited Company 30. Oct 18 30. Oct 18 72,341 SGD1.57 SGD113,445
X
Management checks
We assess CDL Hospitality Trusts's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. CDL Hospitality Trusts has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

J85 News

Simply Wall St News

Before You Buy CDL Hospitality Trusts (SGX:J85), Consider Its Volatility

The second type is the broader market volatility, which you cannot diversify away, since it arises from macroeconomic factors which directly affects all the stocks on the market. … Some investors use beta as a measure of how much a certain stock is impacted by market risk (volatility). … While we should keep in mind that Warren Buffett has cautioned that 'Volatility is far from synonymous with risk', beta is still a useful factor to consider.

Simply Wall St -

Is CDL Hospitality Trusts's (SGX:J85) 6.0% Better Than Average?

CDL Hospitality Trusts has a ROE of 6.0%, based on the last twelve months. … Another way to think of that is that for every SGD1 worth of equity in the company, it was able to earn SGD0.060. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

What Are Analysts Saying About CDL Hospitality Trusts's (SGX:J85) Long Term Outlook?

Want to participate in a short research study? … Help shape the future of investing tools and you could win a $250 gift card! … In December 2018, CDL Hospitality Trusts (SGX:J85) announced its latest earnings update, which

Simply Wall St -

What Kind Of Shareholders Own CDL Hospitality Trusts (SGX:J85)?

The big shareholder groups in CDL Hospitality Trusts (SGX:J85) have power over the company. … Institutions often own shares in more established companies, while it's not unusual to see insiders own a fair bit of smaller companies. … CDL Hospitality Trusts isn't enormous, but it's not particularly small either.

Simply Wall St -

How Should You Analyze REIT Stock CDL Hospitality Trusts (SGX:J85)?

real estate investment trust (REIT) based in Singapore, Singapore. … REITs are basically a portfolio of income-producing real estate investments, which are owned and operated by management of that trust company. … They have to meet certain requirements in order to become a REIT, meaning they should be analyzed a different way.

Simply Wall St -

Is CDL Hospitality Trusts's (SGX:J85) ROE Of 7.8% Impressive?

Our data shows CDL Hospitality Trusts has a return on equity of 7.8% for the last year. … Another way to think of that is that for every SGD1 worth of equity in the company, it was able to earn SGD0.078. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Do You Know Who Else Invests In CDL Hospitality Trusts (SGX:J85)?

Every investor in CDL Hospitality Trusts (SGX:J85) should be aware of the most powerful shareholder groups. … Large companies usually have institutions as shareholders, and we usually see insiders owning shares in smaller companies. … Companies that have been privatized tend to have low insider ownership.

Simply Wall St -

CDL Hospitality Trusts (SGX:J85) Delivered A Better ROE Than The Industry, Here’s Why

and want to start learning about core concepts of fundamental analysis on practical examples from today's market. … Sustainability can be gauged by a company’s financial leverage – the more debt it has, the higher ROE is pumped up in the short term, at the expense of long term interest payment burden. … Check out our latest analysis for CDL Hospitality Trusts

Simply Wall St -

What Is CDL Hospitality Trusts's (SGX:J85) Share Price Doing?

CDL Hospitality Trusts (SGX:J85), a reits company based in Singapore,. … A question to answer is whether CDL Hospitality Trusts's current trading price of SGD1.61 reflective of the actual value of the? … Let’s take a look at CDL Hospitality Trusts’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change

Simply Wall St -

How To Look At CDL Hospitality Trusts (SGX:J85)

See our latest analysis for CDL Hospitality Trusts Funds from Operations (FFO) is a higher quality measure of J85's earnings compared to net income. … I also use FFO to look at J85's valuation relative to other REITs in Singapore by using the price-to-FFO metric. … Next Steps: In this article, I've taken a look at Funds from Operations using various metrics, but it is certainly not sufficient to derive an investment decision based on this value alone.

Simply Wall St -

J85 Company Info

Description

CDL Hospitality Trusts (“CDLHT”) is one of Asia’s leading hospitality trusts with assets valued at S$2.8 billion. CDLHT is a stapled group comprising CDL Hospitality Real Estate Investment Trust (“H-REIT”), a real estate investment trust, and CDL Hospitality Business Trust (“HBT”), a business trust. CDLHT was listed on the Singapore Exchange Securities Trading Limited on 19 July 2006. M&C REIT Management Limited is the manager of H-REIT, the first hotel real estate investment trust in Singapore, and M&C Business Trust Management Limited is the trustee-manager of HBT.

Details
Name: CDL Hospitality Trusts
J85
Exchange: SGX
Founded: 2006
SGD1,949,484,588
1,210,859,993
Website: http://www.cdlht.com
Address: CDL Hospitality Trusts
390 Havelock Road,
No. 02-05 King's Centre,
Singapore,
169662,
Singapore
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SGX J85 Stapled Securities Singapore Exchange SG SGD 19. Jul 2006
OTCPK CDHS.F Stapled Securities Pink Sheets LLC US USD 19. Jul 2006
Number of employees
Current staff
Staff numbers
1,574
CDL Hospitality Trusts employees.
Industry
Hotel and Resort REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/19 12:42
End of day share price update: 2019/04/18 00:00
Last estimates confirmation: 2019/04/17
Last earnings filing: 2019/03/28
Last earnings reported: 2018/12/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.