Stock Name: Genting SP
Company Name: GENTING SINGAPORE PLC
Nomura Research in an Oct 19 research report says: "YTD end-August, monthly visitor arrivals to Singapore have averaged above 1mn, a big contrast to 2010's tourism monthly statistics where it only breached the 1 million mark twice - Jul (1.09 million) and Dec (1.13 million).
"We believe tourist arrivals to Singapore could at least hit 13.4mn, implying an impressive 14% rise in 2011F. The biggest surprise comes from the Chinese tourist arrival statistics, which averaged 183,834 from July to August, 46% higher than 1H's monthly average of 126,275. GENS could be a beneficiary of this trend.
"Despite the YTD 26% fall in share price, GENS remains a Reduce, as its valuations remain expensive with FY12 EV/EBITDA of 12.6x, at a 43% premium to regional peers. Target price remains at $1.41. REDUCE."
Company Name: GENTING SINGAPORE PLC
| Research House: Nomura | Price Call: SELL | Target Price: 1.41 |
Nomura Research in an Oct 19 research report says: "YTD end-August, monthly visitor arrivals to Singapore have averaged above 1mn, a big contrast to 2010's tourism monthly statistics where it only breached the 1 million mark twice - Jul (1.09 million) and Dec (1.13 million).
"We believe tourist arrivals to Singapore could at least hit 13.4mn, implying an impressive 14% rise in 2011F. The biggest surprise comes from the Chinese tourist arrival statistics, which averaged 183,834 from July to August, 46% higher than 1H's monthly average of 126,275. GENS could be a beneficiary of this trend.
"Despite the YTD 26% fall in share price, GENS remains a Reduce, as its valuations remain expensive with FY12 EV/EBITDA of 12.6x, at a 43% premium to regional peers. Target price remains at $1.41. REDUCE."
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