Financials Frasers Hospitality Trust

Equities

Market Closed - Singapore S.E. Other stock markets 05:06:02 2024-04-26 am EDT			5-day change	1st Jan Change
0.465 ^SGD	0.00%		+1.09%	-6.06%

Mar. 20	Frasers Hospitality Trust Turns Down Chance to Acquire Frasers Property's Stake in Capri by Fraser	MT
Mar. 04	Frasers Hospitality Trust Unit Assumes Lease of ANA Crowne Plaza Kobe	MT

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,354	826.1	876.4	924.5	972.7	895.6	-	-
Enterprise Value (EV) ¹	2,124	1,620	1,787	1,557	1,586	1,466	1,461	1,486
P/E ratio	28.9 x	-7.03 x	65 x	15.8 x	10.6 x	17.7 x	16.9 x	-
Yield	6.17%	3.25%	2.16%	3.41%	4.84%	5.61%	5.73%	5.59%
Capitalization / Revenue	9.04 x	9.33 x	10.2 x	9.64 x	7.9 x	6.71 x	6.55 x	6.75 x
EV / Revenue	14.2 x	18.3 x	20.9 x	16.2 x	12.9 x	11 x	10.7 x	11.2 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	0.4650	0.4650	0.4650
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	133.4	136.7	132.6
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	57.2	60.65	64.5
Net income ¹	51.76	-113.4	16.31	58.32	91.9	49.3	50.8	51.5
Net margin	34.55%	-128.06%	19.07%	60.84%	74.6%	36.96%	37.16%	38.84%
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	0.0261	0.0266	0.0260
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	570	566	591
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%	3.9%	4%	4.1%
ROA (Net income/ Total Assets)	2.09%	1.36%	0.69%	1.61%	2.06%	1.4%	1.45%	0.6%
Assets ¹	2,471	-8,315	2,355	3,620	4,467	3,521	3,503	8,583
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	2.1	2.15	-
Capex / Sales	8.17%	10.82%	5.79%	-	0.36%	1.57%	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

0.465 SGD

Average target price

0.575 SGD

Spread / Average Target

+23.66%

	1st Jan change	Capi.
FRASERS HOSPITALITY TRUST	-6.06%	657M
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