Singapore's target of having 17 million tourist-arrivals, S$30 million in tourist spending annually by 2015 will prove to be modest, says CLSA, according to Dow Jones.

Notes opening of 2 casino-resorts earlier this year signals start of growth spurt for tourism sector: "The tourism sector will be one of the key drivers for the Singapore economy in the next five years."

Forecasts 18.5 million arrivals, $37 billion in tourism receipts by 2015.

Expects hotel occupancy rate to remain high, resulting in higher room rates, which will benefit stocks like Genting Singapore (G13.SG), Singapore Airlines (C6L.SG), ComfortDelgro (C52.SG), Tiger Airways (J7X.SG), CapitaMall Trust (C38U.SG).

Notes average occupancy at 85% for the first 6 months of 2010 vs 72% for same period last year.