Stock Name: Genting SP
Company Name: GENTING SINGAPORE PLC
Research House: MacQuarie
Says sequential fall in 3Q10 earnings “showed how quickly MBS closed the competitive gap with RWS in the VIP segment.” Net profit at $187.8 million vs 2Q10’s $396.5 million. Adds risk of government intervention can’t be ruled out as “Singapore could take more aggressive measures to curb local gambling.”
Company Name: GENTING SINGAPORE PLC
Research House: MacQuarie
Macquarie downgrades Genting Singapore (G13.SG) to Underperform from Neutral; “we believe the current consensus expectations for Genting Singapore are overly aggressive. In our view, they do not capture the risk of competition from Marina Bay Sands, rising political risk and limited impact from junket approvals.”
Says sequential fall in 3Q10 earnings “showed how quickly MBS closed the competitive gap with RWS in the VIP segment.” Net profit at $187.8 million vs 2Q10’s $396.5 million. Adds risk of government intervention can’t be ruled out as “Singapore could take more aggressive measures to curb local gambling.”
Still, lifts target price to $1.83 from $1.75 to account for higher estimates for Singapore gaming market.
Shares off 1.4% at $2.07.
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