CDLHT announces its Q1 results this morning which was reasonable well received. NPI and DPU are up 6.4% and 9% respectively as a result of higher contribution from the New Zealand due to higher rental variable component that contributes to the stronger performance. Trading conditions in other parts of the market like Singapore, Japan, UK, Australia and Maldives remain competitive and performances are still down. If we look at the Singapore market, Q1 revpar are only slightly down from the previous year. It also trend higher than the previous quarter which is at $154 (see link). Recall that I mentioned previously the revpar during GFC went down to as low as $149. I think we are seeing bottoming taking place and will trend up from here, specifically from 2018 onwards when the law of demand outweigh the supply in the hospitality sector as a whole...