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Monday, May 4th, 2026

Far East Hospitality Trust (FEHT) 2026 Analysis: Strong Core Earnings, 6.2% Yield, and Growth Catalysts for Singapore REIT Investors 1

Broker: CGS International
Date of Report: May 4, 2026

Excerpt from CGS International report.

Report Summary

  • Stock: Far East Hospitality Trust (FEHT SP)
  • Action/Call: Maintain ADD (Buy equivalent)
  • Target Price: S\$0.72 (unchanged)
  • Current Price (as of report): S\$0.575
  • Upside: 25.2%
  • Dividend Yield (FY26F): 6.2%
  • Key Idea/Highlight:
    • FEHT reported distributable income of S\$17.9m, up 12.1% year-on-year, supporting FY26F core earnings.
    • Management is open to asset swaps and divestments, with an ongoing strategic review that could act as a catalyst for the next phase of growth.
    • FEHT’s Singapore-centric portfolio is seen as resilient amid current market uncertainty, with mid-tier and upscale hotels positioned to benefit from travelers trading down due to high airfares.
    • Gearing as of Mar 2026 was 33.4%, with cost of debt at 2.3% and largely fixed rate loans.
    • Main risks: prolonged disruption in global travel demand or unexpected changes in interest rates.

above is an excerpt from a report by CGS International. Clients of CGS International can be the first to access the full report from the CGS International website : https://www.cgs-cimb.com

Eco World Development Group Bhd: Strong 9MFY24 Performance Aligns with Expectations

Date: September 23, 2024Broker: CGS-CIMB SecuritiesCompany O...

text Download Copy code 1SEO title: SATS Ltd (SATS SP): Embedded Resilience & FY26F Outlook | CGS International Report 2 3Here’s a summary of the SATS Ltd (SATS SP) analysis from the CGS International report: 4 5* **Recommendation:** The report reiterates an “Add” rating for SATS Ltd with a higher target price (TP) of S\$3.60 [[1]]. 6* **Financial Performance:** 4QFY3/25 net profit was S\$38.7m, slightly ahead of estimates. Revenue growth remained consistent. SATS’s cargo tonnage has outpaced global cargo demand, indicating market share gains [[1]]. 7* **FY26F Outlook:** SATS’s growing market share is expected to support earnings growth in FY26F, even with potential trade tensions. Cargo volumes are expected to grow due to market share gains, offsetting potential softening cargo demand in the latter half of FY26F [[1]]. 8* **Earnings Estimates:** FY26F-27F EPS estimates are lifted by 7.9-8.5%, and FY28F estimates are introduced, implying a 3-year earnings CAGR of 15.0% [[1]]. 9* **Valuation:** The TP of S\$3.60 implies 17.3x FY27F P/E, similar to its pre-Covid-19 mean [[2]]. 10* **Key Risks:** Margin compression from weaker operating leverage due to softening cargo volumes and a decline in the aviation travel industry due to an economic downturn [[1]]. 11* **ESG:** SATS maintains a B- ESG combined score by LSEG, with a slight improvement in its Environmental pillar score [[5]]. 12* **Financial Summary:** Revenue, Operating EBITDA, and Net Profit are projected to increase through Mar-28F. Core EPS is also expected to grow [[1]]

CGS International May 26, 2025 SATS Ltd: Embedded Resilienc...

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