- Frasers Hospitality Trust's DPU for FY24 declined by 7.5% y-o-y due to higher withholding tax arising from its Australia subsidiary and rising financing costs. FY24 DPU of S$2.2592 cents, achieving 98.8% of MIBG’s estimate.
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Normalisation in key markets
- In FY24, the Singapore, Australia and UK portfolios accounted for 77% of Frasers Hospitality Trust’s gross revenue.
- The Singapore portfolio saw a 3.4ppt drop in occupancy y-o-y and a 2% decline in ADR. Management observed weaker demand across the overall Singapore market. Supply of residential projects coming onstream this year also increased competition for long-stay businesses.
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- UK’s RvePAR remained largely stable y-o-y. Management remains cautious about the moderating momentum across the UK portfolio and an increase in supply in the market. Management will continue to focus on maintaining ADR while driving occupancy opportunistically.
Continued recovery driving demand
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