“Mega concerts drove the recovery in leisure. Supported by a series of mega concerts such as Taylor Swift's Eras Tour and Coldplay in 1QFY2024, ADR (average daily rate) increased by 8.8% y-o-y, reaching $179,” notes Liu.
Maybank Securities’ Krishna Guha, UOB Kay Hian’s Jonathan Koh and PhillipCapital’s Liu Miao Miao have maintained their “buy” calls on Far East Hospitality Trust (SGX:Q5T
) (FEHT) with unchanged target prices of 80 cents, 82 cents and 79 cents respectively. These positive outlooks follow FEHT’s results for the 1QFY2024 ended March 31.
On April 30, FEHT reported gross revenue of $27.1 million for the quarter, 7.5% higher y-o-y, while net property income (NPI) rose by 6.0% y-o-y to $25.1 million. The better performance comes after the recent recovery in the leisure sector and strong room rates.
