The REIT’s hotels reported higher revenue per available rooms (RevPAR) of $154, 2.8% higher y-o-y and 10.8% higher q-o-q while their average daily rates (ADRs) rose by 4.2% y-o-y to $180.
UOB Kay Hian analyst Jonathan Koh has kept his “buy” call on Far East Hospitality Trust (SGX:Q5T
) (FEHT) with a higher target price of 82 cents from 80 cents previously. Koh’s report dated Nov 4 comes after the trust’s 3QFY2024 ended Sept 30 results saw “healthy seasonal strength” driven by Chinese tourists.
During that quarter, FEHT benefitted from the return of Chinese tourists as its upscale and mid-tier hotels captured a bigger slice from the surge, the analyst notes.
