CDL Hospitality Trusts

CDL Hospitality Trusts: OCBC maintains Hold and lower FV to $1.79. STB data shows that RevPAR for Upscale and Mid-tier Singapore hotels for Apr fell 12.8% YoY and 4.7% to $229 and $160 respectively. House understand from sources that Singapore hotel bookings have generally been weak through 2Q13. Just to recap, CDLHT’s hotels registered a RevPAR fall of 7.9% YoY to $191 in 1Q13, contributing to income available for distribution falling 2.8% to $29.0m. Concerned with an oversupply situation building up in the hospitality market, house lowering FY13 RevPAR growth assumption for CDLHT's SG hotels from 0% to -5%.