CDL Hospitality Trusts (CDLT.SI), which owns hotels, is expected to benefit from the city-state’s strong tourist arrivals and bright outlook, analysts said.
OCBC Investment Research and Credit Suisse both maintained their bullish ratings and target prices of $2.00 for CDL. The company’s units were up 1.13% at $1.80 and have gained about 16% this year.
Visitor arrivals for January to February grew 13.9% year-on-year to 2.3 million, driven by the bi-annual Singapore Airshow and a recovery of business travels after the Chinese New Year holiday, data from the Singapore Tourism Board shows.
Overall, Revenue per Available Room in the first two months of the year grew 19.1% from a year ago, buoyed by higher occupancy and average room rates.
“With the hotels at integrated resorts running at near full capacity, the big spenders that are brought here by junket operations should gradually have a positive spill-over effect on high-end hotels,” OCBC said in a report.
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