Genting SP

Genting SP: BOA-ML raises target to $1.40 from $1.22 after increasing EBITDA estimates (FY10 +13%, FY11 +12%). Expects Genting to gain market share from slot clubs in Singapore, given its strong product offering - electronic table games, progressive jackpots and a higher payout ratio. Says recent decision to sell money-losing UK operations positive as it enables Genting to focus on Resorts World, boost balance sheet for next leg of growth, and possibly venture into developed markets by 2012.