CDL HOSPITALITY TRUSTS (J85) fair value: what the stock is really worth
As of Oct 29, 2026: fair value (intrinsic value) of CDL HOSPITALITY TRUSTS stock S$0.61, price S$0.70, upside -12.9%, quality 46 out of 100. Rating: overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Oct 30, 2026.
How to read this chart
60‑month range 0.6800 SGD – 1.31 SGD · fair‑value band 0.2100 SGD – 1.15 SGD · the 0.7000 SGD price screens above the 0.6100 SGD fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Oct 30, 2026.
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CDL Hospitality Trusts is a stapled group comprising CDL Hospitality Real Estate Investment Trust (H-REIT), the first hotel real estate investment trust in Singapore. CDL Hospitality Business Trust (HBT), a business trust.
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CDLHT was listed on the Main Board of Singapore Exchange Securities Trading Limited on 19 July 2006. CDLHT is one of Asia's leading hospitality trusts with assets under management of S3.5 billion dollar and market capitalization of S1.1 billion dollar as at 31 December 2025.
As at 31 December 2025, CDLHT owns 22 properties across 8 countries, with a total of 4,924 hotel rooms, 352 BTR apartments, 404 PBSA beds and a retail mall.
The portfolio comprises six hotels and a retail mall in Singapore, two hotels in Australia, one hotel in New Zealand, two hotels in Japan, four hotels and two living assets in the United Kingdom, one hotel in Germany, one hotel in Italy and two resorts in the Maldives.
The substantial value of its assets is concentrated in the central locations of Singapore. CDL Hospitality Trusts was established on June 12, 2006 and incorporated in 2006.
Stock analysis
CDL HOSPITALITY TRUSTS (J85) currently trades at 0.7000 SGD, while our model-based Fair Value estimate is 0.6100 SGD, 12.9% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of 1.02 SGD per share, and 2 of the 10 models we run sit above the 0.7000 SGD price.
Bear case: the Growth DCF group reads lowest at 0.3300 SGD, and 8 of the 10 models stay below the price. Data coverage for this calculation is low.
Scenario range: 0.2100 SGD (bear) to 1.15 SGD (bull), the price of 0.7000 SGD sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 46/100 (below-average quality), in the Real Estate sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
CDL HOSPITALITY TRUSTS reported revenue of 268M SGD in FY2025 versus 158M SGD in FY2021, a compound +14.1%/yr. Reported net income was −28.8M SGD in FY2025.
Key figures
Market cap 890M SGD (≈ $696M) Small · P/E ex one-offs 125.0 · P/S ratio 3.30 · EPS (TTM) −0.0200 SGD · Dividend yield 1.1% · Net margin −10.8% · Return on equity −0.9% · Return on assets (EBIT) 2.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 31 out of 100 (low confidence).
What moves the price
The share trades about 20% below its 52-week high and 3% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −23% fair-value upside, at −13%, J85 screens cheaper than that median.
Fair Value models
Bear0.2100 SGDFair Value 0.6100 SGDBull1.15 SGD
Price 0.7000 SGD · Upside -12.9%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.67/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+2.8%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+17.9%
Start year 2020 (pandemic). Over 10 years: +4.5% a year
Revenue growth 12 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+5.0%
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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
44.5% (2019) → 37.6% (2024)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
A lot of optimism in the price
The price assumes about as much growth as the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+15.6%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+4.6%
Yearly sales growth analysts expect, extended to five years.
After inflation (Singapore: IMF forecast 2.0% a year to 2030, 1.7% from 2016 to 2025) that is about +13.3% a year for the price and +2.5% for the forecasts.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.REIT - Hotel & Motel · 32 stocks
Beats the industry median on 6/13 measures
A mixed picture versus its industry peers.
Valuation
Quality Score46 · Below median
Fair Value upside−12.9% · Below median
Profitability
Return on assets−0.8% · Below median
Net margin (12 months)−6.4% · Bottom 25%
Operating margin (12 months)27.6% · Above median
Growth and dividend
Revenue growth (quarter YoY)1.4% · Above median
Dividend yield (12 months)1.1% · Bottom 25%
Balance sheet
Debt / equity0.54× · Below median
Valuation Multiplesvs REIT - Hotel & Motel median · lower = cheaper
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Is CDL HOSPITALITY TRUSTS (J85) overvalued or undervalued?
As of Oct 30, 2026, our model estimates a fair value of 0.6100 SGD versus a price of 0.7000 SGD, about −13% upside (overvalued).
What is the fair value of J85?
Our model-based fair value for CDL HOSPITALITY TRUSTS is 0.6100 SGD (as of Oct 30, 2026), built from audited fundamentals. The current price: 0.7000 SGD.
What is the quality score of J85?
CDL HOSPITALITY TRUSTS has a Quality Score of 46/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for CDL HOSPITALITY TRUSTS (J85)?
Our model-based price target is the fair value of 0.6100 SGD (as of Oct 30, 2026) from 11 valuation models. Cautious scenario 0.2100 SGD, optimistic scenario 1.15 SGD. It is a calculation from audited fundamentals, not an analyst target.
What is the CDL HOSPITALITY TRUSTS stock forecast for 2026?
Our models put fair value at 0.6100 SGD, about −13% upside versus a price of 0.7000 SGD (overvalued). Cautious scenario 0.2100 SGD, optimistic scenario 1.15 SGD. The calculation is refreshed regularly with new filings.
What is the revenue of CDL HOSPITALITY TRUSTS (J85)?
CDL HOSPITALITY TRUSTS reported trailing-twelve-month revenue of about 269M SGD (latest available figure, as of Oct 30, 2026).
Does CDL HOSPITALITY TRUSTS pay a dividend?
CDL HOSPITALITY TRUSTS currently shows a dividend yield of 1.09% relative to its recent price (as of Oct 30, 2026).
What growth is priced into CDL HOSPITALITY TRUSTS (J85)?
For today's price to be fair in a discounted-cash-flow model, CDL HOSPITALITY TRUSTS would have to grow free cash flow by +15.6 % per year for five years (discount rate 9.6 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +17.9 % per year. As of Oct 30, 2026.
What discount rate (WACC) does the fair value of J85 use?
Our models discount CDL HOSPITALITY TRUSTS at 9.6 %: a base by market capitalisation (small), damped by beta 0.49, country premium for Singapore. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For CDL HOSPITALITY TRUSTS that is +15.6 % per year a year over ten years, using the same discount rate (9.6 %) and the same formula as our fair value.
How much growth has CDL HOSPITALITY TRUSTS (J85) delivered so far?
Over the past 5 years revenue at CDL HOSPITALITY TRUSTS grew +17.9 % a year. The price currently implies +15.6 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of CDL HOSPITALITY TRUSTS (J85) growing?
The median revenue growth in the sector is +2.5 % a year. That is the yardstick for the growth priced into CDL HOSPITALITY TRUSTS (+15.6 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of CDL HOSPITALITY TRUSTS (J85)?
The free-cash-flow yield on the price is 8.06 %: that much free cash flow CDL HOSPITALITY TRUSTS produces per unit of market value. When it exceeds the discount rate of our models (9.6 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of CDL HOSPITALITY TRUSTS (J85)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For CDL HOSPITALITY TRUSTS it is 0.6100 SGD per share (as of Oct 30, 2026), against a price of 0.7000 SGD. It is the blended result of 11 valuation models (cash flow, earnings, asset, dividend).
Is CDL HOSPITALITY TRUSTS stock overvalued or undervalued in 2026?
As of Oct 30, 2026, J85 trades above its calculated fair value: price 0.7000 SGD, fair value 0.6100 SGD, a gap of about −13% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of J85?
No. The price is what the market pays today (0.7000 SGD); the fair value is what the company's own numbers justify (0.6100 SGD). For CDL HOSPITALITY TRUSTS the two are 0.0900 SGD per share apart. That gap is exactly why we show both numbers side by side.
How much is CDL HOSPITALITY TRUSTS worth?
The market values CDL HOSPITALITY TRUSTS at about 890M SGD (market capitalisation, as of Oct 30, 2026). Per share that is 0.7000 SGD; our models calculate a fair value of 0.6100 SGD per share.
What do the bullish and bearish scenarios say about J85?
Our models span a range for CDL HOSPITALITY TRUSTS: cautious scenario 0.2100 SGD, base 0.6100 SGD, optimistic 1.15 SGD per share (as of Oct 30, 2026, price 0.7000 SGD). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the PEG ratio of J85?
The PEG ratio of CDL HOSPITALITY TRUSTS is 1.31 (P/E divided by earnings growth, as of Oct 30, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of CDL HOSPITALITY TRUSTS (J85)?
Balance-sheet figures for CDL HOSPITALITY TRUSTS (as of Oct 30, 2026): return on equity −0.9%, debt of 0.54 per unit of equity. They feed the Quality Score of 46/100, which measures business quality independently of the share price.
How far is J85 from its 52-week high?
CDL HOSPITALITY TRUSTS trades at 0.7000 SGD, about 20% below its 52-week high of 0.8769 SGD and 3% above the low of 0.6800 SGD (as of Oct 29, 2026). Distance from the high says nothing about value: that is what the fair value of 0.6100 SGD is for.
Which stocks are comparable to CDL HOSPITALITY TRUSTS?
From the same area (Real Estate) we also value Host Hotels & Resorts, Inc, Ryman Hospitality Properties, Inc, Apple Hospitality REIT, Inc, COVH, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is CDL HOSPITALITY TRUSTS stock attractive at the current price?
The data as of Oct 30, 2026: price 0.7000 SGD, calculated fair value 0.6100 SGD (−13%), Quality Score 46/100, from 11 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of J85 calculated?
We run CDL HOSPITALITY TRUSTS through 11 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 0.6100 SGD, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.1 % above its aggregate fair value. CDL HOSPITALITY TRUSTS itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of CDL HOSPITALITY TRUSTS (J85)?
The closing price on Oct 29, 2026 was 0.7000 SGD. Our model-based fair value is 0.6100 SGD, about −13% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with CDL HOSPITALITY TRUSTS right now?
The model range is unusually wide (0.2100 SGD to 1.15 SGD). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid but not exceptional quality (46/100) and above fair value, neither a clear bargain nor a standout compounder. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of CDL HOSPITALITY TRUSTS
How large is the market capitalisation of CDL HOSPITALITY TRUSTS (J85)?
The market capitalisation of CDL HOSPITALITY TRUSTS is 890M SGD (≈ $696M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/E ratio of CDL HOSPITALITY TRUSTS (J85) excluding one-off items?
Excluding one-off items, the price-to-earnings ratio of CDL HOSPITALITY TRUSTS is 125.0 (fiscal year 2025, the reported result was a loss).
What is the P/S ratio of CDL HOSPITALITY TRUSTS (J85)?
The price-to-sales ratio of CDL HOSPITALITY TRUSTS is 3.30 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of CDL HOSPITALITY TRUSTS (J85)?
Earnings per share at CDL HOSPITALITY TRUSTS are −0.0200 SGD. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of CDL HOSPITALITY TRUSTS (J85)?
The dividend yield of CDL HOSPITALITY TRUSTS is 1.1%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of CDL HOSPITALITY TRUSTS (J85)?
The net margin of CDL HOSPITALITY TRUSTS is −10.8% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of CDL HOSPITALITY TRUSTS (J85)?
The return on equity (ROE) of CDL HOSPITALITY TRUSTS is −0.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of CDL HOSPITALITY TRUSTS (J85)?
On an EBIT basis the return on assets of CDL HOSPITALITY TRUSTS is 2.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of CDL HOSPITALITY TRUSTS (J85)?
The operating margin of CDL HOSPITALITY TRUSTS is 27.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at CDL HOSPITALITY TRUSTS (J85)?
Revenue at CDL HOSPITALITY TRUSTS is growing +1.4% versus a year earlier (3y avg +5.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at CDL HOSPITALITY TRUSTS (J85)?
Earnings per share at CDL HOSPITALITY TRUSTS are growing −97.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does CDL HOSPITALITY TRUSTS (J85) carry?
The net debt of CDL HOSPITALITY TRUSTS is 1.2B SGD (fiscal year 2025, ≈ 16.2 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Oct 30, 2026