Brokers' take

OUE Hospitality Trust | BUY Target price: S$0.82 Aug 2 close: S$0.77 CIMB Research, Aug 2

H1 FY17 distribution per unit of 2.51 S cents (+24 per cent year on year) was above consensus and our expectation at 51 per cent of our full-year forecast (Q2 FY17 was at 25 per cent). We expect a stronger H2.

The beat sprang from stronger Mandarin Orchard Singapore (MOS) and faster consumption of income support . . . Crowne Plaza Changi Airport (CPCA), however, dimmed results as we now only expect it to achieve the minimum base rent of S$22.5 million for FY17 forecast versus its annual target rent of S$29 million to S$30 million.