- Upgrade Frasers Hospitality Trust (SGX:ACV) to BUY from HOLD due to improved sector outlook and strong results. Lowering DDM-based target price to S$0.54 (COE: 7%, LTG: 3%) due to inflation and rising interest rates.
- - Read this at SGinvestors.io -
- Frasers Hospitality Trust’s current P/B of 0.67x is around -1 standard deviation level. The revised target price of S$0.54 implies a target P/B of 0.8x (historical mean since 2019).
Strong recovery underpins FY22 results
- - Read this at SGinvestors.io -
- Singapore market saw ~50%/63% jump y-o-y in full-year gross operating revenue (GOR) and gross operating profit (GOP), respectively, led by strong recovery in hotel performance.
- Robust rebound in GOR was also seen in Malaysia (>100% y-o-y), the UK (>100% y-o-y) and Germany (~82% y-o-y), underpinned by strong performance in 2H22.
Japan market ready to catch up
- Read more at SGinvestors.io.
Above is the excerpt from report by Maybank Research.
Clients of Maybank Securities may be the first to access the full report in PDF @ https://maybanktrade.com.sg/.
Li Jialin Maybank Research | https://www.maybank-ke.com.sg/ 2023-02-10
Read also Maybank's most recent report:
2024-02-05 Frasers Hospitality Trust - Mixed Picture; Moderating Momentum.
Previous report by Maybank:
2023-11-08 Frasers Hospitality Trust - A Generally Upbeat 2H23; Maintain BUY.
Price targets by other brokers at Frasers Hospitality Trust Target Prices.
Listing of research reports at Frasers Hospitality Trust Analyst Reports.
Relevant links:
Frasers Hospitality Trust Share Price History,
Frasers Hospitality Trust Announcements,
Frasers Hospitality Trust Dividends & Corporate Actions,
Frasers Hospitality Trust News Articles
