Genting SP

Genting SP: Deutsche expecting a seasonally good quarter, underpin by strong VIP rolling volume given Chinese New Year effect while mass market is likely to stay firm. House forecast EBITDA of $379m and rev of $830m. View gels well with Merrill’s recent report where the house believe earnings have hit trough and could surprise in the next few qets. Mgt reaffirmed its appetite for credit extension, which the house believe will continue to be a key driver of the 15% VIP roll growth that house is projecting.