Frasers Hospitality Trust - Maybank Research 2023-02-10: Upbeat On Recovery; upgrade To BUY

Frasers Hospitality Trust - Upbeat On Recovery; upgrade To BUY

  • 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.
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  • 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

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  • 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

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Above is the excerpt from report by Maybank Research.
Clients of Maybank Securities may be the first to access the full report in PDF @

Li Jialin Maybank Research | 2023-02-10

Previous report by Maybank:
2022-06-13 Frasers Hospitality Trust - Patience Rewarded.

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

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