Far East Hospitality Trust Likely Benefiting From Rising Visitor Arrivals -- Market Talk

Dow Jones2023-10-30

0500 GMT - Far East Hospitality Trust is likely benefiting from rising visitor arrivals in Singapore, UOB Kay Hian analyst Jonathan Koh says in a research report, noting the REIT's revenue per available room for its hotels jumped 43.6% on year in 3Q on a surge in arrivals. The volume of arrivals may rebound further as Chinese tourists represented only 9.9% of total arrivals in first nine months of 2023 versus 19.0% in 2019, the analyst says. The brokerage lifts its distribution-per-unit forecasts for the REIT by 9% for 2023 and 8% for 2024 to partly reflect the REIT's strong 3Q results. It also raises the unit's target price to S$0.76 from S$0.71 with an unchanged buy rating. Units are 0.9% higher at S$0.59. (ronnie.harui@wsj.com)

(END) Dow Jones Newswires

October 30, 2023 01:00 ET (05:00 GMT)

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