Positive Outlook for Far East Hospitality Trust: Buy Rating Backed by Financial Improvement and Strategic Growth OpportunitiesWe believe finance savings could offset the 1% decline in NPI and support positive distributable income. Singapore’s hotel revenue contraction tempered, with the yoy decline narrowing from -9.8% to -5.4%. Helped by the stronger 3Q25 results, 9M25 revenue/NPI were broadly in line at 74%/71% of our FY25F forecasts. YTD, finance expenses decreased 19.9% yoy to S$18.4m, which we expect to enhance distributable income for FY25F results. After the last batch of capital top-up (S$2.5m) is distributed in 2H25F, FEHT’s distribution will return to full core distribution. Guidance of a further recovery in 4Q25F for Singapore hotels In 3Q25, FEHT reported 4.3%/3.0% yoy decreases in RevPAR for its portfolio hotels/serviced residences.