Genting SP - Genting Singapore started at Outperform by Daiwa

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

Daiwa initiates coverage on Genting Singapore (G13.SG) with Outperform call, $2.06 target price, based on 15x 2011 EV/EBITDA, says Dow Jones.



Daiwa says as convention and tourism market, Singapore provides strong platform, supportive infrastructure for gaming group’s Resorts World Sentosa.



Research house tips respective revenue, EBITDA CAGR of 25%, 32% to $4.3 billion, $2.0 billion over 2010-2012; “combining gaming and a world-class theme park, we believe RWS has a unique position in the region. With Universal Studios Singapore on one side, RWS can leverage on Genting Group’s expertise and customer database in gaming and resort operation.”



Shares last +1.1% at $1.85.