Genting SP - Genting Singapore target raised to $1.01 by Nomura

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

Nomura raises Genting Singapore (G17.SG) target price to $1.01 from $0.71 but maintains Reduced trading recommendation, says Dow Jones.



Following better-than-expected 2Q earnings, has raised EBITDA forecasts for both 2010, 2011 to $1 billion from $482 million and $667 million respectively.



But expects 2Q may have been peak quarter with 3Q normalised earnings expected to fall. Notes “consensus expectations have gone to $6 billion, which we believe is not realistic given stringent junket rules”.



Expects market size likely to be closer to $4 billion. Share price last down 0.6% at $1.54.