Genting SP: DB maintains Hold, TP $1.80, MBS momentum decelerates in 4Q. Expect EBITDA of $425.8m vs. consensus estimates of $464m and expect GENS to report QoQ growth and unlike MBS, 4Q is a seasonally stronger qtr for GENS given its more ASEAN focused clientele.
Hence, expect to see some market share shift in favour of GENS in 4Q (vs.3Q at 47% on hold adjusted basis). But overall market vol trend is likely to be lacklustre given MBS's performance and tighter industry credit policy. This again shows Singapore's gaming market is high volatility – especially in the VIP segment given its lack of hinterland/captive mkt.
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