Genting Singapore

Genting Singapore +2.2% to $0.945 on broad market rise although stock unable to head back to $1.00 level since it reported huge 1Q10 loss due to impairment charge attributed to weak UK operations. Fundamentals in Singapore, however, remain positive with latest official data showing 20.4% yoy rise in visitor-arrivals in Apr despite April being traditionally a weaker month vs Feb & Mar given the lack of holidays. JPM has Overweight call with $1.35 target. Resistance at $0.975.