FEHT’s hotel revenue fell 8.2% y-o-y while revenues from serviced residences (SR) and commercial properties were 3.0% and 9.9% higher respectively y-o-y, from higher retail occupancies and rents.
Analysts at CGS International (CGSI) and Maybank Securities are keeping their respective “add” and “buy” calls on Far East Hospitality Trust (SGX:Q5T
) (FEHT) at unchanged target prices of 78 cents and 80 cents respectively following the REIT’s 3QFY2024 ended Sept results.
CGSI analysts Natalie Ong and Lock Mun Yee note that gross revenue for the period fell 4.8% y-o-y to $28.7 million, mainly due to the absence of one-off, non-room revenue for hotels contracted for government isolation in 3FY20Q23. Excluding this, revenue was 3.9% higher y-o-y.
