Genting SP

Genting SP: UOB Kay Hian maintains Sell with $1.17 TP. House continue to expect Genting SP to deliver weak EBITDA trend through 2014, albeit the seasonally slower 2Q13 EBITDA should improve meaningfully from 1Q13’s dismal level of S$250m, as win rate normalises. GEN SP continues to be dogged by difficult industry conditions – sluggish mass-market and VIP patronage. House trim 2014 EBITDA forecast by 4%.