CDL Hospitality Trusts - RHB Invest 2016-01-29: Further Headwinds Ahead

CDL HOSPITALITY TRUSTS CDLHT J85.SI 

CDL Hospitality Trusts (CDREIT SP) - Further Headwinds Ahead

• We expect headwinds to persist for CDL 
• Hospitality Trust (CDLHT) this year, mainly due to supply glut and weakness in the tourism sector. 
• We maintain SELL with an unchanged TP of SGD1.14, which implies FY16 P/BV ratio of 0.68x. 

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