Genting SP: UBS downgrades to Neutral from Buy, TP $1.65 from $2.08. House note that profit growth may remain subdued in 2012. A quiet end to 2011 for Spore gaming market, as since Q410, RWS’ VIP vol have been on a declining trend due to intense competition, lower mkt demand, change in business practices and greater, caution on credit extension.
SG VIP market in Q4 was weak - estimate VIP vol declined 20-25% qoq, and 10-15% yoy, while mass rev grew mid-single digit qoq and mid 20%’s yoy. House reduce 2012e EBITDA for RWS by 12% to S$1.67bn (4% growth on 2011e).
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