CDL Hospitality Trusts (J85.SG) +0.6% at $1.78, clawing back some of yesterday’s 6.4% loss triggered by dilution stemming from $200 million placement exercise, says Dow Jones.

Volume mere fraction of yesterday’s 14.2 million units, suggesting appetite remains small, with immediate resistance at lower end of yesterday’s $1.79–$1.86 breakdown gap. With balance sheet strengthened, investors will be watching for potential acquisitions by CDLH to drive growth.

“We believe any potential yield-accretive acquisitions in the near term are likely to be of offshore assets, with Japan a likely market,” says UBS, which has Buy call with $2.22 target; but notes purchase outside Singapore may dilute CDLH’s proxy strength as REIT remains most liquid play on Singapore’s hospitality sector.