Genting HK

Genting HK: Macquarie says the current share price offers "free" entry into Resorts World Manila; estimates RWM's 1Q12 volumes rose 69% on-year, with robust gross gaming revenue; notes RWM expects more overseas players in coming quarters, while the new 712-room Remington hotel is expected to draw more mid-tier VIP players. While two new casinos are set to open in 2013, Macquarie expects they will increase the pie and cannibalize local public casinos first; it notes RWM has another 9 months of monopoly left and Macquarie expects it to further strengthen its products, marketing and client base. RWM also targets a 2016 open for new casino Resorts World Bayshore. After the stock's recent decline, ex-cruise and other businesses, Macquarie believes RWM is available free currently. Adds, there is a strong possibility of the IPO of its U.S. cruise liner in the next 12 months. Keeps an Outperform call with TP US$0.47. The stock is down 1.6% at US$0.32.