For its property investments portfolio, the analysts take reference to the Singapore REITs (S-REITs) that have already reported their 1HFY2024 results, and note that Far East Hospitality Trust (SGX:Q5T
) and CDL Hospitality Trusts (SGX:J85) (CDLHT) (both non-rated) achieved y-o-y revenue per available room (RevPAR) growth of 6.4% and 7.7% for their Singapore hotel operations.
Ahead of UOL Group’s upcoming 1HFY2024 results ended June 30, OCBC Investment Research (OIR)’s research team is lowering its target price from $8.24 to $8.11, but are keeping their “buy” call. UOL will be announcing its results on Aug 13.
In its Aug 6 report, the team expects to see flat to slight positive core earnings growth for UOL’s upcoming results. They say that the group’s property development segment has already achieved “decent” take-up rates and high percentage of completion, which means that there would be a lower proportion of revenue left to be recognised (based on percentage of completion method).
