SINGAPORE (Nov 26): OCBC has upgraded its call on CDL Hospitality Trusts from “hold” to “buy”, as its share price has declined to a sufficiently attractive level.

Year-to-date, the share price has dropped by a fifth. The uncertain tourism outlook for Singapore is not helping.

In a Nov 26 note, OCBC believes that at current levels, negatives have been priced, and that there are “glimpses” of recovery. For example, CDLHT noted during its recent results briefing that RevPAR for its Singapore hotels – which accounts for 60% of its revenue – were up 1.4% for the first 26 days of October.

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