Genting SP: Credit Suisse maintains OutPerform with $2.65 TP, with a big Question ‘What are investors worried about?’ Believe the following will be positive for GENS:
(1) strong tourist arrivals growth (project +16% YoY for 2011),
(2) positive GDP growth for SG and other Asian economies for 2011-12E and
(3) an active stock market. Trims FY11-12E net profits by 4-5% to incorporate pre-opening expenses and higher interest charges.
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