Banyan Tree

Banyan Tree: DBSV notes a strong 1Q13 results with earnings rising 19% to $14m. Sees outlook for hotels and property sales continuing on an upward momentum. Notes forward bookings for hotels improving while new property launches in Phuket are selling like hot cakes. Given its asset heavy balance sheet, the house believes that setting up a REIT (probably from its Thailand properties, coupled with properties from its Indochina and China Funds) can result in the group crystalizing significant value in its balance sheet. Maintains Buy and TP $0.83.