Singapore Hospitality REITs First signs of the Middle East conflict’s impact

研报英文原文证据摘录

Singapore Hospitality REITs First signs of the Middle East conflict’s impact

J P M O R G A N Asia Pacific Equity Research

20 May 2026

Singapore Hospitality REITs

First signs of the Middle East conflict’s impact

Apr-26 tourist arrivals fell 5.1% YoY to 1.33m (84% of the 2019 average), marking Singapore/ASEAN Property and

the first signs of conflict-related weakness. Visitor days declined 7.1% YoY to 4.47m REITs

as average length of stay eased to 3.36 days from 3.43 days in Apr-25, which may also Mervin Song, CFA AC

weigh on Apr-26 RevPAR. Year-to-date, 4M26 visitor arrivals and visitor days stand (65) 6882-7829

at 5.76m (+0.9% YoY) and 19.43m (-2.0% YoY), respectively. The outlook for mervin.song@jpmorgan.com

Singapore hospitality remains uncertain, as higher oil prices, more expensive airfares, Terence M Khi

and reduced Middle Eastern carrier capacity could continue to pressure arrivals and (65) 6882-1518

hotel demand. terence.ml.khi@jpmorgan.com

J.P. Morgan Securities Singapore Private Limited/

J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

Broad-based weakness. Apr-26 weakness in arrivals was broad-based, with the Morgan Broking (Hong Kong) Limited

notable exception of China, where arrivals increased 5.0% YoY to 217.9k. Excluding

China, arrivals fell 6.9% YoY to 1.11m. Among the top source markets, Indonesia saw

the sharpest decline, down 30.7% YoY to 164.2k, followed by Malaysia (-9.1% to

99.3k), India (-9.7% to 107.2k), and Australia (-1.3% to 115.3k). Arrivals from

Europe fell 8.9% YoY to 159.7k, which is unsurprising given the large increases in

long-haul airfares.

Figure 1: Tourist arrivals compared to the 2019 average Figure 2: Visitor days compared to the 2019 average

160% 120%

Tourist arrivals 140%

100%

120% China arrivals

100% Indonesia arrivals 80%