Genting HK

Genting HK: Entered an underwriting agreement to sell 7.5m or 3.66% stake in Norwegian Cruise Line Holdings (NCLH) shares through a block trade, which will reduce the stake to 27.7%. Ultimately, this would rake in an est. disposal gain of US$162.6m, and is expected to lower FY14-15e earnings by ~6-7% on lower associate contribution. Deutsche also highlights management is in the midst of seeking shareholders mandate to divest the remaining stakes in NCLH. Upside catalysts are dividends, M&A and construction start at RWBayshore. Deutsche Bank reiterates Buy with TP $0.53