Stock Name: Genting SP
Company Name: GENTING SINGAPORE PLC
Research House: Phillip Securities
Company Name: GENTING SINGAPORE PLC
Research House: Phillip Securities
Phillip Securities initiates coverage of Genting Singapore (G13.SG) with a Buy call and a target price of $2.74 based on its EBITDA of $2.3 billion in 2011, with enterprise value estimated at $34.9 billion based on 15x EV/EBITDA.
It expects the company to record strong revenue growth in 2011 which is likely to translate to higher earnings.
“We believe better economic growth conditions, concerted efforts by the government to boost tourism figures and junkets operations are positive catalysts for Genting Singapore,” it adds. The shares flat at $2.19.
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