Genting SP - Genting Singapore target raised to $2.60 by Deutsche

Stock Name: Genting SP
Company Name: GENTING SINGAPORE PLC
Research House: Deutsche Bank

Deutsche Bank lifts Genting Singapore (G13.SG) target price to $2.60 from $1.93, based on 14x EV/EBITDA, after raising core FY10-12 earnings forecasts by 34%-42%, says Dow Jones.



“We believe Street expectations are still reasonable and see further upside should junkets be allowed to operate,” says Deutsche Bank.

Research house expects junkets to be licensed in Singapore by early 2011: “We understand that roughly 20 junkets have applied for a license with the Casino Regulatory Authority and an interview process has begun.”



Keeps Buy call, but expects limited upside in near term after recent strong run-up. Shares up 1.99% at $2.05.