Financials Far East Hospitality Trust

Equities

Market Closed - Singapore S.E. Other stock markets 05:04:34 2024-04-26 am EDT			5-day change	1st Jan Change
0.61 ^SGD	-1.61%		+1.67%	-8.27%

Feb. 16	CGS-CIMB Adjusts Far East Hospitality Trust’s Price Target to SG$0.75 From SG$0.77, Keeps at Add	MT
Feb. 13	Far East Hospitality Trust Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,436	1,216	1,164	1,231	1,332	1,227	-	-
Enterprise Value (EV) ¹	2,427	2,194	2,102	1,919	1,332	1,907	1,913	1,915
P/E ratio	23.5 x	-13 x	8.9 x	6.05 x	10.2 x	19.3 x	15.5 x	17.7 x
Yield	5.15%	3.89%	4.46%	5.27%	-	6.89%	7.05%	6.72%
Capitalization / Revenue	12.4 x	14.6 x	14 x	14.7 x	12.5 x	10.9 x	10.2 x	10.4 x
EV / Revenue	21 x	26.4 x	25.2 x	23 x	12.5 x	17 x	15.9 x	16.3 x
EV / EBITDA	26.6 x	35.2 x	32.2 x	28.8 x	14.1 x	21 x	19.7 x	19.9 x
EV / FCF	24.7 x	30.5 x	30.8 x	27.1 x	-	17.1 x	16.1 x	15.6 x
FCF Yield	4.05%	3.28%	3.25%	3.7%	-	5.84%	6.21%	6.4%
Price to Book	0.86 x	0.78 x	0.71 x	0.69 x	-	0.66 x	0.67 x	0.68 x
Nbr of stocks (in thousands)	1,940,563	1,961,401	1,972,089	1,985,966	2,002,633	2,011,218	-	-
Reference price ²	0.7400	0.6200	0.5900	0.6200	0.6650	0.6100	0.6100	0.6100
Announcement Date	2/13/20	2/10/21	2/14/22	2/13/23	2/13/24	-	-	-

¹SGD in Million²SGD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	115.5	83.25	83.25	83.58	106.8	112.4	119.9	117.5
EBITDA ¹	91.16	62.31	65.22	66.55	94.77	90.8	97.24	96.1
EBIT ¹	91.16	62.31	65.22	66.55	94.77	90.88	99.12	95.93
Operating Margin	78.89%	74.85%	78.34%	79.62%	88.73%	80.85%	82.64%	81.63%
Earnings before Tax (EBT) ¹	60.49	-93.31	131.1	203.9	130.6	66.19	77.69	71.47
Net income ¹	60.37	-93.4	131	203.8	130.3	65.98	79.44	70.05
Net margin	52.25%	-112.19%	157.37%	243.79%	122.01%	58.7%	66.24%	59.6%
EPS ²	0.0315	-0.0478	0.0663	0.1024	0.0650	0.0317	0.0392	0.0345
Free Cash Flow ¹	98.38	71.9	68.33	70.93	-	111.4	118.8	122.6
FCF margin	85.14%	86.36%	82.08%	84.87%	-	99.12%	99.06%	104.28%
FCF Conversion (EBITDA)	107.92%	115.38%	104.78%	106.59%	-	122.69%	122.17%	127.52%
FCF Conversion (Net income)	162.96%	-	52.16%	34.81%	-	168.85%	149.54%	174.95%
Dividend per Share ²	0.0381	0.0241	0.0263	0.0327	-	0.0420	0.0430	0.0410
Announcement Date	2/13/20	2/10/21	2/14/22	2/13/23	2/13/24	-	-	-

¹SGD in Million²SGD

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	991	978	938	688	-	680	686	688
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	10.88 x	15.7 x	14.38 x	10.34 x	-	7.494 x	7.054 x	7.159 x
Free Cash Flow ¹	98.4	71.9	68.3	70.9	-	111	119	123
ROE (net income / shareholders' equity)	3.1%	1.72%	3.29%	3.61%	-	3.48%	4.35%	3.85%
ROA (Net income/ Total Assets)	1.91%	1.05%	2.01%	2.39%	-	2.5%	2.94%	2.76%
Assets ¹	3,160	-8,870	6,512	8,538	-	2,641	2,701	2,538
Book Value Per Share ²	0.8600	0.7900	0.8300	0.9000	-	0.9200	0.9100	0.9000
Cash Flow per Share ²	0.0500	0.0400	0.0400	0.0400	-	0.0500	0.0600	-
Capex ¹	2.77	4.55	0.94	7.24	-	4.4	4.6	4.67
Capex / Sales	2.4%	5.46%	1.13%	8.66%	-	3.91%	3.84%	3.97%
Announcement Date	2/13/20	2/10/21	2/14/22	2/13/23	2/13/24	-	-	-

¹SGD in Million²SGD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

B-

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

0.61 SGD

Average target price

0.765 SGD

Spread / Average Target

+25.41%

	1st Jan change	Capi.
FAR EAST HOSPITALITY TRUST	-8.27%	900M
VICI PROPERTIES, INC.	-10.70%	29.7B
GAMING AND LEISURE PROPERTIES, INC.	-13.96%	11.53B
RYMAN HOSPITALITY PROPERTIES, INC.	-2.73%	6.34B
APPLE HOSPITALITY REIT, INC.	-9.69%	3.64B
PARK HOTELS & RESORTS INC.	+8.30%	3.49B
CAPITALAND ASCOTT TRUST	-9.09%	2.5B
JAPAN HOTEL REIT INVESTMENT CORPORATION	+19.51%	2.44B
COVIVIO HOTELS	-8.54%	2.37B
SUNSTONE HOTEL INVESTORS, INC.	-4.01%	2.1B