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.