Phillip Securities upgrades Singapore Airport Terminal Services (S58.SG) to Buy from Hold to reflect improved outlook as tourist-arrivals to Singapore continue to increase, says Dow Jones.

Phillip notes: “With the opening of Resorts World Sentosa and Marina Bay Sands in February and April respectively, Singapore has entered into a new phase of growth as a tourism hub.”

Tips interim dividend of $0.06/share in November, on top of final dividend of $0.08/share to be paid in August. Lifts target to $3.28 from $2.87 after adjustments to free cash flow to equity valuation parameters. Shares +0.8% at $2.67.