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At 0319 GMT, Amara shares were up 6.6 percent at S$0.325 on a volume of 603,000 shares, around 4.5 times the average daily volume so far this year.
CIMB said Amara was trading at a 65 percent discount to its revised net asset value based on just its Singapore assets, offering investors a good margin of safety.
Two new hotels in Shanghai and Bangkok are also being developed and are expected to boost the company's earnings when completed in 2014 based on CIMB's estimates.
In Singapore, CIMB forecast an upside in revenue per available room as the growth in tourist arrivals is likely to outpace hotel room supply over the next two years.
Copyright Reuters, 2011