Financials Frasers Hospitality Trust

Equities

Market Closed - Singapore S.E. Other stock markets 05:06:07 2024-05-21 am EDT			5-day change	1st Jan Change
0.445 ^SGD	-1.11%		-3.26%	-10.10%

May. 15	Frasers Property Unit Selling Fraser Residence River Promenade to Tuan Sing for SG$141 Million	MT
May. 09	Frasers Hospitality’s Attributable Profit Down in Six Months Ended March 31	MT

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,354	826.1	876.4	924.5	972.7	857.1	-	-
Enterprise Value (EV) ¹	2,124	1,620	1,787	1,557	1,586	1,425	1,421	1,444
P/E ratio	28.9 x	-7.03 x	65 x	15.8 x	10.6 x	16.9 x	16.2 x	-
Yield	6.17%	3.25%	2.16%	3.41%	4.84%	5.64%	5.88%	5.62%
Capitalization / Revenue	9.04 x	9.33 x	10.2 x	9.64 x	7.9 x	6.44 x	6.27 x	6.47 x
EV / Revenue	14.2 x	18.3 x	20.9 x	16.2 x	12.9 x	10.7 x	10.4 x	10.9 x
EV / EBITDA	-	-	-	-	-	-	-	-
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	0.98 x	0.66 x	0.7 x	-	-	-	-	-
Nbr of stocks (in thousands)	1,894,217	1,921,243	1,926,074	1,926,074	1,926,074	1,926,074	-	-
Reference price ²	0.7150	0.4300	0.4550	0.4800	0.5050	0.4450	0.4450	0.4450
Announcement Date	10/29/19	10/30/20	10/28/21	11/3/22	11/6/23	-	-	-

¹SGD in Million²SGD

Estimates

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	149.8	88.57	85.53	95.86	123.2	133.2	136.6	132.5
EBITDA	-	-	-	-	-	-	-	-
EBIT	92.09	43.06	42.14	-	-	-	-	-
Operating Margin	61.47%	48.61%	49.26%	-	-	-	-	-
Earnings before Tax (EBT) ¹	55.71	-123.4	24.73	68.78	102.6	54.4	57.2	57.6
Net income ¹	51.76	-113.4	16.31	58.32	91.9	47.7	49.35	48.5
Net margin	34.55%	-128.06%	19.07%	60.84%	74.6%	35.82%	36.13%	36.6%
EPS ²	0.0247	-0.0612	0.007000	0.0303	0.0477	0.0263	0.0275	-
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	0.0441	0.0140	0.009830	0.0164	0.0244	0.0251	0.0262	0.0250
Announcement Date	10/29/19	10/30/20	10/28/21	11/3/22	11/6/23	-	-	-

¹SGD in Million²SGD

Estimates

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	769	794	910	633	613	568	564	587
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	3.65%	2.31%	1.25%	2.86%	7.28%	3.7%	3.8%	3.8%
ROA (Net income/ Total Assets)	2.09%	1.36%	0.69%	1.61%	2.06%	1.3%	1.4%	0.4%
Assets ¹	2,471	-8,315	2,355	3,620	4,467	3,669	3,525	12,125
Book Value Per Share	0.7300	0.6500	0.6500	-	-	-	-	-
Cash Flow per Share ²	0.0600	0.0300	0.0200	-	0.0400	0.0300	0.0300	-
Capex ¹	12.2	9.59	4.95	-	0.44	2.3	2.15	-
Capex / Sales	8.17%	10.82%	5.79%	-	0.36%	1.73%	1.57%	-
Announcement Date	10/29/19	10/30/20	10/28/21	11/3/22	11/6/23	-	-	-

¹SGD in Million²SGD

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

0.445 SGD

Average target price

0.565 SGD

Spread / Average Target

+26.97%

	1st Jan change	Capi.
FRASERS HOSPITALITY TRUST	-10.10%	643M
VICI PROPERTIES, INC.	-5.52%	31.52B
GAMING AND LEISURE PROPERTIES, INC.	-6.12%	12.62B
RYMAN HOSPITALITY PROPERTIES, INC.	-5.09%	6.28B
APPLE HOSPITALITY REIT, INC.	-11.68%	3.58B
PARK HOTELS & RESORTS INC.	+6.08%	3.42B
CAPITALAND ASCOTT TRUST	-8.08%	2.56B
COVIVIO HOTELS	-6.10%	2.48B
JAPAN HOTEL REIT INVESTMENT CORPORATION	+19.51%	2.44B
SUNSTONE HOTEL INVESTORS, INC.	-3.45%	2.12B