- No
financials provided in this business update. 1Q22 RevPAU grew 22% YoY,
currently at 65% of pre-pandemic levels, on the back of higher ADRs and
occupancy.
- RevPAU
declined 23% QoQ due to tightening of restrictions in Jan-Feb22 in
several of ART's key markets due to resurgence of Omicron cases,
seasonal lull, as well as three properties transitioning out of
government block bookings.
- Maintain
ACCUMULATE, DDM-TP raised from S$1.23 to S$1.24. FY22e-26e DPUs raised
by 0.3-0.9% as we pencil in acquisition of Japan portfolio of rental
housing and student accommodation assets, resulting in a slight increase
in our DDM-TP. Catalysts include faster than anticipated recovery,
opportunistic divestments and acquisitions of extended stay assets.
