Phillip ups target on CDL Hospitality

Stock Name: CDL HTrust
Company Name: CDL HOSPITALITY TRUSTS

Research House: Phillip Securities

Price Call: BUY

Target Price: 2.00

Phillip Securities Research raised its price target on CDL Hospitality Trusts, which invests in hospitality-related assets, to $2.00 from $1.91 and maintained its accumulate rating.

CDL units were up 0.5% at $1.865, having gained 21% so far this year.

Phillip said it believes CDL’s high revenue per available room will continue to gain traction in subsequent quarters, with new tourist attractions such as Garden by the Bay, the River Safari and the Marine Park opening in Singapore this year.

Phillip revised up its visitor arrival forecasts to 6% in 2012, versus 2% previously, and 8% in 2013 from 6%. It raised its 2014-2016 distribution per unit estimates for CDL by 5.6-6%.