Genting Spore

Genting Spore: Macquarie lifts target price to $2.10 from $1.60 after increasing FY11 EBITDA forecast by 23% to factor in stronger margin assumptions as economies of scale should help to keep margin higher than initially anticipated. Mgmt confident that the aquarium and museum (at Resorts World Sentosa) will not be negative EBITDA when they open. Keeps Outperform call, highlighting possibility of another EPS upgrade as RWS still ramping up & gaming penetration continues to increase.