Genting SP

Genting SP: announced that all the conditions precedent for the JV with Landing Int’l to develop and operate a US$2.2b IR on Jeju Island have been met in order for the deal to move forward. This includes govet approvals for the JV as well as execution of management agreements between GENS and Landing with regards to gaming operations, the theme park, hotel and residence business. CIMB notes that an endorsement by the Korean government could be a catalyst for GENS’s share price which has remained flat since announcing the JV on 7 Feb. In comparison, Landing’s share price has risen 24%. The house values GENS’s 52% effective stake in the project at $0.09 per share in GENS’s RNAV. Maintains Add with TP $1.81.