CDL Hospitality: CIMB maintains outperform, increase TP to $2.30 from $2.04 using DDM, on larger-than-anticipated acquisitions and room rate growth in upcoming 3Q10 results….
Cite recent record high visitor arrivals, as an indication to a long-term uptrend for hotel DD in SG. Expect possible acquisitions in near term and factor in $300m worth of acquisition for 2010-11, lower cost of debt and lower payouts. Note that although grp is trading at premium vs peers, P/B has yet to reach peak of divergence during its last peek in 2007.
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment