Genting SP - Genting Singapore target raised to $2.36 by DBS Vickers

Stock Name: Genting SP
Company Name: GENTING SINGAPORE PLC
Research House: DBS Vickers

DBS Vickers lifts Genting Singapore (G13.SG) target price to $2.36 from $2.00, based on 16.5x 2011-2012 EV/EBITDA vs 15x assigned to Wynn Macau (1128.HK), according to Dow Jones.



DBS Vickers says gaming group deserves premium valuation as it has highest profitability among Asian peers, strong earnings growth, backed by Singapore’s duopoly gaming market.

Broker keeps Buy call, saying: “The next wave of re-rating will likely come from (valuation) multiple expansions as earnings visibility improves and Asian robust consumption theme continues to be in vogue.”



Shares +2.1% at $1.95.