Broker's take: CGS-CIMB reiterates 'add' on Singapore hospitality Reits, says market has priced in downside risks

The analysts cut their forecast for ART's FY20-22 distribution per unit by 18-53 per cent, and CDLHT's FY20-22 DPU by 16-36 per cent to factor in larger revenue per available room or revenue per available unit declines.Ms Eing and Ms Lock noted that ART and CDLHT had issued profit warnings recently given the"challenging environment". ART is expecting its H1 DPU to fall by 65-75 per cent year on year to 8.6-1.

Ms Eing and Ms Lock said it was"unlikely" that Singaporeans would be able to travel for leisure this year. This could indicate that the Republic may not open its borders fully to foreign leisure travellers in the near term, they said. "We see the above as a likely scenario, given the resurgence of cases in many countries recently," the analysts said.

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