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UOB Kay Hian upgrades CDLHT to 'buy' with higher TP of $1.42

Felicia Tan
Felicia Tan1/4/2022 4:11 PM GMT+08  • 4 min read
UOB Kay Hian upgrades CDLHT to 'buy' with higher TP of $1.42
Analyst Jonathan Koh is positive on the REIT as he sees it benefitting from the reopening, which is slated to resume in 2H2022.
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UOB Kay Hian has upgraded its recommendation on CDL Hospitality Trusts (CDLHT) to “buy” with a higher target price of $1.42 from $1.24 previously.

The higher target price is based on a dividend discount model (DDM), where the cost of equity makes up 6.5% and terminal growth makes up 1.8%, says analyst Jonathan Koh in a Jan 4 report.

“CDREIT trades at price-to-net asset value (P/NAV) of 0.93 times, which is 0.3 standard deviation (s.d.) below long-term mean,” he adds.

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