- Singapore welcomed 729k international visitor arrivals (IVA) in Aug 22, at 42% of Aug 19 levels, bringing 8M22 IVA to 3.0m. Indonesia, India, Malaysia, Australia and the Philippines were the top five source markets in Aug 22.
- The latest RevPAR data point has prompted us to accelerate our RevPAR recovery timeline and we now expect to reach pre-pandemic RevPAR levels in 2023F. Our base case does not factor in the full return of Chinese tourists, which accounted for 2.2% of IVA year-to-date, compared to 19% of IVA in 2019. If the Chinese borders reopen by 2H23, we estimate that RevPAR could potentially surpass pre-pandemic levels to reach 110-115% of pre-pandemic levels.
- - Read this at SGinvestors.io -
- We lift our FY22-25F DPU estimates for hospitality REITs under our coverage on the back of accelerated recovery assumptions.
- - Read this at SGinvestors.io -
- Read more at SGinvestors.io.
Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @ https://www.itradecimb.com.sg/.
LOCK Mun Yee CGS-CIMB Research | Natalie ONG CGS-CIMB Research | https://www.cgs-cimb.com 2022-10-07
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