Monday, March 25, 2013

Genting HK

Genting HK: UOB Kay Hian maintains Sell with US$0.39 TP. Note that while GENHK’s 2H12 earnings recovery was impressive, its near-term valuations would be dampened by concerns of rising competition for its 50%-owned RWM in the intermediate term. While there will be potential long-term upside driven by the cruise divisions, valuations are rich for now.

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