Phillip Securities Research raised its price target on CDL Hospitality Trusts, which invests in hospitality-related assets, to S$2.00 from S$1.91 and maintained its accumulate rating.
CDL units were up 0.5 percent at S$1.865, having gained 21 percent so far this year.
Phillip said it believes CDL's high revenue per available room will continue to gain traction in subsequent quarters, with new tourist attractions such as Garden by the Bay, the River Safari and the Marine Park opening in Singapore this year.
Phillip revised up its visitor arrival forecasts to 6 percent in 2012, versus 2 percent previously, and 8 percent in 2013 from 6 percent. It raised its 2014-2016 distribution per unit estimates for CDL by 5.6-6 percent.
For a related company statement, click http://link.reuters.com/tem87s
0930 (0130 GMT)
(Reporting by Eveline Danubrata in Singapore; email@example.com; Editing by Chris Gallagher)