Citing Singapore Tourism Board (STB), international visitor arrivals and tourism receipts are expected to rebound to 14 million and $21 billion respectively in 2023, underpinned by increasing flight connectivity and capacity as well as China’s gradual reopening. This would account for approximately two-thirds to three quarters of 2019 levels, the OIR analysts point out.
Analysts at OCBC Investment Research (OIR) and DBS Group Research are maintaining their “buy” calls on Starhill Global REIT (SGREIT) on the back of China’s reopening and return of tourists.
The OIR analysts have raised their fair value estimate to 63 cents from 55 cents previously. They highlight that SGREIT saw robust increase in its shopper traffic and tenant sales, which went up by 30% and 32.6% respectively in its 1HFY2023 ended Dec 2022.
