Genting Spore: CS maintains O/p with TP $2.65. Note that Local millionaires, foreign property buyers and tourists could be a potential beneficiary of rising wealth trends in Spore. Believe mainland Chinese property investors will find it hard to resist Spore’s VIP gaming tables. Spore continues to enjoy strong tourist arrival trends, with 1Q11 tourist arrivals +15.7% YoY….
Expect Grp to benefit from: (1) rising tourist arrivals to Spore, (2) +ve GDP growth in Spore and neighbouring Asian economies through 2011-12, (3) an active property market could be +ve for VIP casino revenues and (4) robust commodity prices in Malaysia.
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