Genting SP - Genting Singapore target raised to $1.99 by BNP; Keeps Buy

Stock Name: Genting SP
Company Name: GENTING SINGAPORE PLC
Research House: BNP Paribas

BNP Paribas raises Genting Singapore (G13.SG) target price to $1.99 from $1.35, keeps Buy rating after casino operator reports strong 2Q earnings, erases doubts about profitability in first year of operations, says Dow Jones.



“Management highlighted that in the next two quarters, they will be increasing the number of tickets sold for the (Universal Studios) theme park (at Resorts World Sentosa), and expect arrivals to rise too. In 2H10, Singapore will not only see the main year-end holidays, but will also host the Formula 1 and the Youth Olympic Games, which imply a sharp rise in tourists to Singapore,” BNP Paribas says; adds, Genting Singapore “will set new record EBITDA performances in the subsequent quarters.”



Stock +4.1% at $1.52.