Thursday, June 28, 2012
Genting SP / Genting HK
Genting SP / Genting HK: Dow Jones says the rivalry of GENS vs Crown (CWN.AU) may have ratcheted up a notch, people familiar with the matter say. Melco Crown (6883.HK) is getting set to enter the Philippine casino market, entering a deal to develop a casino with local property developer Belle Corp. (BEL.PH), one of just four companies with licenses to build casinos in the Manila Bay area. Genting HK is another, operating Resorts World Manila. Genting has been tip-toeing into Crown's backyard, with Genting HK and Genting SP taking a combined 9.9% stake in Echo (EGP.AU), which is 10% owned by Crown; both Genting and Crown are seeking regulator approval to increase their stakes. The market has been cool to GENS' Australian moves; the stock is down 1.4% at $1.38, touching levels last seen in Aug '10. Even as market players gravitate toward dividend-paying stocks, GENS' one-Singapore-cent annual payout likely won't offer much support compared with higher-yielding peers. Typically thinly traded GENHK is up 1.6% at $0.315.