SINGAPORE (Dec 29): UOB Kay Hian is keeping its “overweight” call on Singapore real estate investment trusts (REITs) despite visitor arrivals in Oct dipping by 1.6% y-o-y to 1.2 million visitors.
According to the latest statistics released by the Singapore Tourism Board on Dec 28, this marks the first decline in tourist arrivals in 2016, following nine consecutive months of positive visitor growth.
UOB analysts Derek Chang and Vikrant Pandey say this could possibly be due to “lingering concerns over the Aug outbreak of Zika in Singapore and the relatively quieter events calendar”.
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