Thursday, September 30, 2010

Genting SP

Genting SP: commencement of junket operations to be next catalyst for stock re-rating. Applications from junket operators are currently being reviewed by the regulatory authorities, with market expecting some junkets to be licensed by early next year. Street estimates place the size of Spore’s gaming market at btwn US$5.7-6.5bn, and reckon junket operations could boost the market by btwn US$0.3-1.5bn in just the first year of rollout alone….

In comparison, Macau’s gaming mkt, which includes an established junket segment, is expected to grow to US$16bn in 2011. Majority of Street still bullish on longer term prospects for GENS; hence near term pullback may provide opportunities for entry. UOBK last week noted $1.73 as a possible level to accumulate.

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