A Comparative Study on the Financial Performance of the Hotel Companies Listed on the Stock Exchange of Thailand and the Singapore Exchange
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Abstract
Based on the Travel and Tourism Competitiveness Index (TTCI) and hotel occupancy rates in 2019, Singapore is ranked first in the ASEAN region. This study aims to compare the financial performance between the hotel companies listed on the Stock Exchange of Thailand (SET) and the ones listed on the Singapore Exchange (SGX) for the 2016–2019 time period. The study utilizes comparative ratio analysis to assess financial performance in terms of liquidity, asset management, solvency, and profitability. For data analysis, the independent samples t–test was used to compare the financial ratios between the two hotel groups, with ten in each group.
The results of the study indicate that almost all of the ratios were significantly different. The Thai-listed hotels showed superior performance in asset management, return on assets, and return on equity. In contrast, the listed hotels in Singapore indicated better performance on liquidity and solvency. To further enhance competitiveness, Thai-listed hotels should increase liquidity and their ability to meet financial obligations.
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