Stock Name: Genting HK US$
Company Name: GENTING HONG KONG LIMITED
Company Name: GENTING HONG KONG LIMITED
| Research House: CIMB | Price Call: BUY | Target Price: 0.54 |
Target US$0.54
Solid topline growth at Star Cruises and a higher-than-expected share of profits from jointly controlled entities (JCE) enabled Genting HK to beat earnings expectations. As its cruise and gaming businesses continue to deliver, fundamentals appear to be improving. FY11 core net profit is 28% above our forecast and 16% above consensus. We raise our FY12-14 EPS by 7-19% on adjustments for Star Cruises' revenue and JCE contributions assumptions. Maintain Outperform and blended 9x CY13 EV/EBITDA target price.
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