DBS maintained the Grand Hotel (0045.HK) holding rating; the target price was lowered from HK$11.95 to HK$10.14. Due to the slow recovery of the US economy, it is expected to cast a shadow over the Grand Hotel's business in fiscal year 09. DBS pointed out that there is an oversupply of hotels in Beijing in the Asian region, political tension in Thailand and the Philippines, and social instability. It is expected that this will all have a negative impact on major hotels. However, DBS added that the market should have reflected most of the stock's negative factors, leaving limited room for decline. The stock was flat at HK$8.87 on Friday.