This is one of my biggest holding position so I thought I should write my thoughts on their latest results.

If you just browse through their results on a glance, you should see flat results for Q4 thinking that they are doing better. They are actually not and the same issues surrounding the Singapore and Maldives market continue to languish them low. Having said that, I do see some stability in their ARR and Revpar and my thesis remains that the next few years supply for the Singapore (major) market are trending lower at 3.4% than previously known.

I’ll try to dissect them through the several markets they have presence in.

On the Singapore market, Revpar continues to hit record low of $154 (The last low over the past 10 years is $149 during GFC days) and we have not seen a reversal of the bottom just yet. I …