Stock Name: Genting SP
Company Name: GENTING SINGAPORE PLC
Nomura Research in a Sept 5 research report says: "To incorporate the recent disappointing Q2 earnings and a deteriorating macro environment, we are lowering our Q4 rolling chip volumes by 23% which still implies 9% sequential growth from Q3.
"However, we are cutting our EBITDA estimates by 3% to $372 million for 3Q11 and by 17% to $336 million for 4Q11 after incorporating bad-debt write-offs of $12 million and $38 million for the two quarters.
"After the recent correction across all gaming stocks in Macau, we are benchmarking our target price to the latest 2012E sector average EV/EBITDA of 11.5 times, down from 12.7 times previously. Correspondingly, we are lowering our target price by 18% to $1.41. MAINTAIN REDUCE."
Company Name: GENTING SINGAPORE PLC
| Research House: Nomura | Price Call: SELL | Target Price: 1.41 |
Nomura Research in a Sept 5 research report says: "To incorporate the recent disappointing Q2 earnings and a deteriorating macro environment, we are lowering our Q4 rolling chip volumes by 23% which still implies 9% sequential growth from Q3.
"However, we are cutting our EBITDA estimates by 3% to $372 million for 3Q11 and by 17% to $336 million for 4Q11 after incorporating bad-debt write-offs of $12 million and $38 million for the two quarters.
"After the recent correction across all gaming stocks in Macau, we are benchmarking our target price to the latest 2012E sector average EV/EBITDA of 11.5 times, down from 12.7 times previously. Correspondingly, we are lowering our target price by 18% to $1.41. MAINTAIN REDUCE."
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