Singapore Stock Market News
Far East Hospitality Trust - 2Q13 below expectations
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Publish date: Mon, 12 Aug 2013, 01:38 PM
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Missing prospectus forecasts
2Q13 results for Far East Hospitality Trust (FEHT) were below our expectations and the street's. Gross revenue was S$29.3m or 7.9% lower than the IPO prospectus forecast, affected by the hotels' performance. Net property income and income available for distribution came in at S$26.9m and S$23.2m, which were 6.8% and 4.1% below the IPO forecasts, respectively.
2Q13 results for Far East Hospitality Trust (FEHT) were below our expectations and the street's. Gross revenue was S$29.3m or 7.9% lower than the IPO prospectus forecast, affected by the hotels' performance. Net property income and income available for distribution came in at S$26.9m and S$23.2m, which were 6.8% and 4.1% below the IPO forecasts, respectively.
2Q13 DPS was 1.43 S cents; 1H13 DPS of 2.81 S cents tracked below our expectations, corresponding to 47% of our prior FY13 estimate of 6.0 S cents, which we now lower to 5.7 S cents.
We have transitioned to a DDM-based model, from a RNAV model previously. Adjusting our FY13F revenue assumptions downwards, our FV falls to S$0.92 from S$1.01. We maintain a HOLD rating on FEHT and estimate a FY13 yield of 6.2%.
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foresight
above 6% yield is still a good buy..take a contrarian view if you have spare cash
2013-08-13 10:05