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REIT Strong RevPAR in Oct 2018
■ Visitor arrivals grew 4.1% yoy in Oct despite flat Chinese arrivals. ■ Oct RevPAR grew strongly by 9.6% yoy. However, Nov and Dec RevPAR most likely will be weaker than Oct. ■ Maintain Overweight on REIT with hospitality REIT as our second preferred sub-sector. CDLHT remains our top pick in the sub-sector.
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