CGS-CIMB Research’s Eing Kar Mei and Lock Mun Yee has maintained their “add” rating and target price of 74.5 cents on Far East Hospitality Trust (FEHT) despite its weaker showing in 1HFY2021

In a July 31 report, Eing and Lock highlighted that FEHT reported lower revenue and net property income (NPI) in 1HFY2021, dropping 6% and 6.2% y-o-y respectively. 

While revenue from hotels remained flat y-o-y due to fixed rent support, serviced residence revenue declined 7.8% y-o-y to $5.7 million, and revenue from the commercial segment fell 23.2% y-o-y to $7.4 million.

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