Frasers Hospitality Trust - DBS Research 2023-05-02: 1H23 Gross Profit Doubled Across Half Of Portfolio Markets

• Frasers Hospitality Trust (SGX:ACV)'s 1H23 (Oct 2022 to Mar 2023) gross revenue and NPI rose 41% and 43% y-o-y, respectively, to S$62.2m and S$45.2m. Same-store gross revenue and net property income (NPI) recovery would have been stronger at 68% and 77%, respectively, excluding contributions from divestments (Sofitel Sydney Wentworth).
• - Read this at SGinvestors.io -
• Underlying gross profit doubled for half of its markets y-o-y – Singapore, Australia and Germany.
• Observations by key markets:
  • - Read this at SGinvestors.io -
  • Australia – RevPAR tripled y-o-y and is close to reaching pre-COVID levels, boosted by the resumption of major city events in Sydney and Melbourne.
  • UK – RevPAR reached 112% of pre-COVID levels, supported by domestic leisure demand ahead of business demand.
  • Japan – RevPAR reached 74% of pre-COVID levels. Japan asset ANA Crown Plaza Kobe is to gradually recover alongside the resumption of MICE events in the city.
• Gearing for the period ended at 35% with cost of borrowing at 2.9%.

Our thoughts on Frasers Hospitality Trust

Further room for APAC international recovery.

• Read more at SGinvestors.io.

Above is an excerpt from a report by DBS Group Research.
Clients of DBS may access the full PDF report @ https://www.dbs.com/insightsdirect/.

Read also DBS's most recent report:
2024-11-13 Frasers Hospitality Trust - Tax Season Is Here.

Previous report by DBS:
2023-11-08 Frasers Hospitality Trust - Two Leaps Forward With Return Of MICE.

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 Dividend Payout Dates & Corporate Actions,
Frasers Hospitality Trust News