Frasers Hospitality Trust - Maybank Research 2024-02-05: Mixed Picture; Moderating Momentum

• 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 an excerpt from a report by Maybank Research.
Clients of Maybank Securities may be the first to access the full PDF report @ https://www.maybanktrade.com.sg/.

Read also Maybank's most recent report:
2024-11-13 Frasers Hospitality Trust - New Growth Drivers; Better-than-expected Topline.

Previous report by Maybank:
2024-08-07 Frasers Hospitality Trust - Demand Patterns Shifting; Performance Normalising.

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