- We see mixed results in Frasers Hospitality Trust (SGX:ACV)’s 1QFY24 business update. On the portfolio level, corporate booking has been a key backstop of RevPAR performance across several markets.
- - Read this at SGinvestors.io -
- Earlier, higher operating costs from labour and utilities were offset by higher room rates.
Corporate booking to pick up
- The Westin Kuala Lumpur showed continued strong RevPAR growth in 1Q24 led by Oil & Gas sector recovery and a strong line-up of industry conferences.
- Similarly, Australian assets benefitted from a resumption of major events in Melbourne and improved corporate bookings in Sydney, barring seasonality effects.
- - Read this at SGinvestors.io -
- UK RevPAR turned muted (-13% q-o-q) after a strong summer season, whilst occupancy stayed largely resilient. Nonetheless, the cost pressure from utilities seemed to stabilize.
- Notably, management of Frasers Hospitality Trust expects corporate event bookings to pick up across Singapore, KL and Kobe assets.
Adding retail to Crowne Plaza Kobe
- 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/ 2024-02-05
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
