- China’s travel restart has been slower than many expected, but that is about to end. Recent datapoints have started to show signs that travel demand is turning “red-hot” again, with a ~119% recovery in domestic trips within China in May 2023. A spill-over was also seen in neighbouring travel hotspots Macau and Hong Kong, with recovery reaching ~60% of pre-COVID levels.
- - Read this at SGinvestors.io -
- Direct exposure is highest within South Korea and Japan, but APAC remains a key beneficiary with ~64% of hotel S-REITs seeing near-term upsides.
Singapore’s total visitor days crossed pre-COVID average for the first time in Jul 2023.
- - Read this at SGinvestors.io -
- While hotels within the extreme ends of the value proposition chain (economy and leisure) have recovered room pricing at ~130% of 2019 levels, we expect upscale hotels (~120%) to boost a stronger recovery and support most hotels within our listed S-REITs universe.
Green shoots aplenty & within reach
- Read more at SGinvestors.io.
Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @ https://www.dbs.com/insightsdirect/.
Geraldine WONG DBS Group Research | Derek TAN DBS Research | https://www.dbs.com/insightsdirect/ 2023-08-17
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