Far East Hospitality Trust - UOB Kay Hian 2024-05-06: 1Q24 Growth From Strong Room Rates & Optimising Occupancy

• Far East Hospitality Trust will benefit from the recovery of MICE events and strong room rates in Singapore due to its focus on the domestic market. The incentive fee of S$18m from divestment of Central Square could be utilised to cushion the negative impact of higher interest rates.
• - Read this at SGinvestors.io -

1Q24 Results

• Far East Hospitality Trust (SGX:Q5T) reported growth in gross revenue and NPI of 7.5% and 6.0% y-o-y respectively for 1Q24, which is in line with our expectation.

Hotels: Benefitting from higher holiday traffic.

• - Read this at SGinvestors.io -
• Occupancy eased 1.5ppt y-o-y to 80.4% as Oasia Hotel Novena and Village Hotel Albert Court were still ramping up after exiting government contracts in Oct 23 and Dec 23 respectively.
• Overall, RevPAR for hotels jumped 6.7% y-o-y to S$144 in 1Q24 and recovered to 5% above pre-pandemic levels.

Serviced residences: Steady contributor.

• Read more at SGinvestors.io.

Above is an excerpt from a report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full PDF report @ https://www.utrade.com.sg/.

Read also UOB's most recent report:
2025-02-18 Far East Hospitality Trust - Continued Recovery Driven By New Attractions & MICE Events.

Previous report by UOB:
2024-11-04 Far East Hospitality Trust 3Q24 - Healthy Seasonal Strength Driven By Chinese Tourists.

Price targets by other brokers at Far East Hospitality Trust Target Prices.

Listing of research reports at Far East Hospitality Trust Analyst Reports.

Relevant links:
Far East Hospitality Trust Share Price History,
Far East Hospitality Trust Announcements,
Far East Hospitality Trust Dividend Payout Dates & Corporate Actions,
Far East Hospitality Trust News