Genting HK

Genting HK: +3.5% at US$0.45 as broad market uptick revives interest in counter. While stock has pulled back some 21% from 52-wk high of US$0.55 set 3 wks ago, gains this year still substantial, +67% ytd, +129% since beginning 2H10 on optimism over company's investment in Resorts World Manila (RWM). Still, UOBK says stock has run up too much in short time; notes that while recent visits to Manila and the Penang cruise provided assurance that its optimistic earnings forecasts for 2011 can be met, there is little room for upside. Says RWM would soon face more competition by end 2012, as Philippines-listed Belle Corp targeting soft opening of casino by 4Q11, while privately-held Bloombury on track to open 5-star hotel-casino by 4Q12. Support at US$0.40, resistance at US$0.48 (20d MA).