OUE REIT (SGX:TS0U)'s 1Q26 gross revenue/NPI rose 6.7%/8.4% y-o-y to S$70.5mil/S$57.6mil, forming 26%/26% of our full year forecasts. The results were driven by strong performance in the hospitality segment and a decline in financing costs due to reduced interest rates and loan repayments.
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The positives
Stronger hospitality performance.
The hospitality segment registered a 15.1%/16.8% y-o-y increase in revenue and NPI to S$26.8mil and S$24.3mil respectively.
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Crowne Plaza RevPAR increased 11.7% y-o-y to S$276, driven by resilient transient traveller demand and by hosting crew members from the Disney Cruise voyage (~ 2,500 total crew members).
The US, Australia and China origin tourists led the recovery, while Indonesia faced weakness due to weakening Rupiah. We expect full-year RevPAR growth to be in the high single digits.
Office segment rental reversion momentum intact.
Read more at SGinvestors.io.
Above is an excerpt from a report by Phillip Securities Research. Clients of Phillip Capital may be the first to access the full PDF report @ https://www.stocksbnb.com/.
