Genting SP: remains most active stock. Off 1.1% at $1.78 with over 221m shares traded, as investors book some gains after recent strong run-up, fuelled by hopes earnings momentum will continue into coming quarters after return to profitability in 2Q10. UOBKH has Hold call with $1.59 target; says own checks show gaming activity at Resorts World Sentosa over Jul-Aug points to noticeably weaker 3Q10 vs 2Q10, with traffic in Aug affected by ''hungry ghost'' month…
Tips 3Q10 gaming EBITDA of under $350m vs est $480m in 2Q10. Adds near-term valuations stretched, with stock trading at 11.7X 2011 EV/EBITDA vs 11.3X for Las Vegas Sands, which operates many more casinos than Genting SP.
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