June likely to mark another record month for visitor-arrivals to Singapore, driven by increased marketing efforts by country’s two casino-resorts, says UBS, according to Dow Jones.
UBS notes latest government data showing arrivals last month +30.3% on-year to 946,000, highest ever for month of May, 6th straight month of growth.
The research house says events such as Youth Olympic Games, F1 motor race, International Congress on Aviation and Space Medicine will underpin growth in 2H10.
UBS expects hoteliers to raise room rates ahead of such events. Forecasts revenue per available room of $192 for 2010 vs $178 achieved in May, $179 in April.
Cites CDL Hospitality Trusts (J85.SG) as most liquid proxy to tourism theme; keeps at Buy with $2.22 target. Also bullish on Genting Singapore (G13.SG), keeps at Buy with $1.23 target.
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