Genting SP

Genting SP: CLSA lifts target to $1.30 from $1.20, based on 13X EV/EBITDA. Expects FY11 EBITDA growth of 39%, underpinned by robust tourist arrivals to Singapore. Still, downgrades to Outperform from Buy on limited upside to new target from current levels. Says 2Q10 results, due August 12, will offer reliable indication of Singapore’s gaming potential, will also reinforce co’s "excellent" mgt credentials - mgt has apparently read the landscape much better than the market had expected.