Genting SP: DBSV maintains Buy with TP of $2.70. Note that grp remains the market leader with 53% share of net revenue and 52% of EBITDA, despite MBS ramping up its 3Q10 (full qtr contribution)….
Cite that while competition could intensify, SG gaming market is still in its infancy and should continue to grow strongly (2011F: US$5b vs 2010F: US$3.5b), with potential upside coming from junkets (first licence may be issued in 1Q11) and reaching out to new markets.
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