Hospitality REITs - CGS-CIMB Research 2022-10-07: Catch This Travel Bug!

• 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 -
• We tweak CDL Hospitality Trusts (SGX:J85)’s FY22-24F DPU by 1.8-15.6% to factor in a faster recovery for Singapore portfolio which accounts for 49% of FY22F NPI, partially offset by higher utilities and cost of debt assumptions.
  • 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/.

Read More Analysis On Singapore REITs (S-REITs):
Analyst Reports on Singapore REIT Sector

Check Out Also The Summary Of:
S-REIT Share Price Performance
S-REIT Target Prices & Ratings