Genting SP - Genting Singapore raised to Buy by Citi with $1.55 target

Stock Name: Genting SP
Company Name: GENTING SINGAPORE PLC
Research House: Citigroup

Citigroup upgrades Genting Singapore (G13.SG) to Buy from Sell, lifts target price to $1.55 from $0.99 after increasing FY10-FY12 earnings estimates by 20%-80% to factor in robust 2Q10 results, according to Dow Jones.



Citigroup notes performance confirms Genting as preeminent casino-resort operator in Singapore vs rival Las Vegas Sands.



Research house says Resorts World Sentosa commands 67% of Singapore gaming revenue, based on average 2Q10 daily revenue: “The first-mover advantage of RWS and well-targeted product offering has achieved better loyalty with its customer base, of which two-thirds are non-Singaporeans.”



Shares +12.5% at $1.44.