Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-DMG likes CDL, Far East Hospitality Trust

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STOCKS NEWS SINGAPORE-DMG likes CDL, Far East Hospitality Trust Aug 27th 2012, 03:31 Sun Aug 26, 2012 11:31pm EDT DMG & Partners Securities said the recent listings of hospitality real estate investment trusts in Singapore gave investors more choices to benefit from tourism, adding that its top picks in the sector are CDL Hospitality Trusts and Far East Hospitality Trust. CDL units were up 1.3 percent at S$1.985 and have risen around 28 percent so far this year versus the 21 percent gain in the FT ST Midcap Index. Ascendas Hospitality Trust made its debut on the Singapore Exchange last month, while Far East is set to start trading at 1400 (0600 GMT) after pricing its initial public offering at the top end of an indicative range to raise $575 million. DMG said CDL and Far East, which derive more than 80 percent of revenue from Singapore, will continue to benefit from the rising tourist arrivals in the city-state. Singapore is expected to attract 14-15 million visitors this year, up from 13.2 million last year, DMG said. The broker added that a range of new attractions, together with the integrated resorts and a growing meetings, incentives, conferencing and exhibitions (MICE) market, should drive high occupancies and room rates. CDL was trading at a yield of 6.5 percent for 2013 fiscal year, while Far East traded at a 6.3 percent yield, DMG said, adding that other factors to consider include cost of funding, the sponsor's track record and characteristics of the properties. 1120 (0320 GMT) (Reporting by Eveline Danubrata in Singapore; eveline.danubrata@thomsonreuters.com) Link this Share this Digg this Email Reprints

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