Genting: Merrill Lynch remains confident on SG’s gaming market, projecting mkt size to reach S$7-8b by FY11. Continue to like GentingSP, with top of range EBITDA estimated earnings of $1.7B for FY10 and PT of $2.20 based on SOTP valuations, representing 12x FY11E EV/EBITDA...
However cites GenSP recent 83% run away and recommend investors switch to Genting Berhad, which is currently trading at 36% discount to its RNAV, with TP of M$12.50.
No comments:
Post a Comment