Company Name: GENTING SINGAPORE PLC
Research House: MacQuarie
Genting Singapore (G13.SG) soars to multi-year high of $1.45 in early trade on strong volume, last +11.7% at $1.43, as investors hopeful Resorts World Sentosa will continue to turn in stellar performance after helping gaming group return to profit in 2Q10 with $396.5 million earnings vs $50.7 million loss year earlier, says Dow Jones.
Results have triggered slew of upgrades by brokers, including CLSA, Credit Suisse, Morgan Stanley, Citigroup.
“Upside should be driven by consensus upgrades. We would not rule out a further EPS upgrade, as (Resorts World) Sentosa is still ramping up, gaming penetration is ramping up, and our EBITDA margin assumptions are still conservative,” says Macquarie, which has Outperform call with $1.60 target.
Orderbook quotes suggest early high of $1.45 may cap upside for time being.
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