CDL Hospitality Trusts net property income fell 1.7% to S33m

But rate of RevPAR decline lessening.

CDLHT has reported 3Q13 revenue declined 0.8% YoY to S$35.9m and 3Q13 net property income fell 1.7% YoY to S$33.0m, which was in-line with OCBC's and the street's expectations.

OCBC noted that RevPAR for CDLHT’s Singapore hotels had declined 6.4% YoY, driven by a 5.6% drop in average room rate.

"As we had anticipated, the rate of RevPAR decline was less in 3Q13 than over 1H13, which saw RevPAR fall 8.1% on the back of increased supply in the sector," said the research firm.

3Q13 DPU is 2.64 S cents (down 2.9% YoY), bringing 9M13 DPU to 8.05 S cents, versus ours and the street’s FY13 forecasts of 10.4 S cents and 11.1 S cents respectively.