Genting S’pore

Genting S’pore; JP Morgan raises target price from $1.35 to $1.45, citing gaming group is well placed to expand beyond S’pore and bid for new greenfield opportunities in Asia. With $4.2bn in debt, $3.3bn in cash, the group will be able to generate average of $1bn in EBITDA over next few years, which is adequate to finance remaining $800m capex for phase 2 of RWS. Raising gaming EBITDA estimates to assume higher revenue from slot machines. Shares +0.9% to $1.16, just off 6-month high of $1.21.