Hospitality REITs - CGS-CIMB Research 2022-01-05: 2022 A Better Year

Hospitality REITs - 2022 A Better Year

  • Despite the emergence of Omicron, we see greater travel demand this year on fewer restrictions and a strong desire to travel, backed by data points.
  • Singapore hotels should benefit from more VTLs, which boosted arrivals by 2-6x, while being supported by government contracts.
  • The hospitality REITs are trading at 0.75-0.86x P/BV, below pre-COVID-19 level of 0.9-1.1x. We see further share price upside on stronger RevPAR which we estimate to be 20% y-o-y growth in 2022 and 30% in 2023.
  • Ascott Residence Trust (SGX:HMN) remains our preferred pick for the sector.

Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @

EING Kar Mei CFA CGS-CIMB Research | LOCK Mun Yee CGS-CIMB Research | 2022-01-05

More views on outlook of Singapore REIT (S-REIT) sector:
Analyst Reports on Singapore REIT Sector

Read also CGS-CIMB's most recent report:
2022-10-31 CapitaLand Ascott Trust - More Recovery And Portfolio Reconstitution.

Previous report by CGS-CIMB:
2022-10-07 CapitaLand Ascott Trust - Recovery & Inorganic Growth Ahead.

Price targets by 3 other brokers at Ascott Residence Trust Target Prices.
Listing of research reports at Ascott Residence Trust Analyst Reports.

Relevant links:
Ascott Residence Trust Share Price History,
Ascott Residence Trust Announcements,
Ascott Residence Trust Dividends & Corporate Actions,
Ascott Residence Trust News Articles

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