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
SGX Stock Analyst Report ADD MAINTAIN ADD 1.220 SAME 1.220

Read also CGS-CIMB's most recent report:
2022-04-29 Ascott Residence Trust - Recovery Gaining Traction

Target prices by 4 other brokers at Ascott Residence Trust Target Prices.
Listing of broker reports at Ascott Residence Trust Analyst Report.

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


Stock / REIT Search