0256 GMT - Far East Hospitality Trust is likely benefiting from the return of Chinese tourists to Singapore, UOB Kay Hian's Jonathan Koh says in a research report. Revenue per available room for the REIT's hotels rose 10.8% on quarter in 3Q, driven by higher tourist volume. Management expects the 30-day visa exemption arrangement between China and Singapore to have a positive impact on visitor arrivals from China, Koh notes. Many global companies have established regional headquarters and Asian hubs in Singapore, which will likely lead to more corporate travelers staying at hotels in Singapore, the analyst adds. The brokerage raises the unit's target price to S$0.82 from S$0.80 with an unchanged buy rating. Units are 1.6% lower at S$0.605. (ronnie.harui@wsj.com)
(END) Dow Jones Newswires
November 05, 2024 21:56 ET (02:56 GMT)
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