GENS

GENS: Deutsche guides that operational trends at RWS are still mixed but with the valuation at more than -1SD below historical EV/EBITDA, much of the softness in Singapore market has already being priced in. A mornalization of the VIP hold rate (2.5% in FY13) could lift FY14 EBITDA by 20% i.e., the consensus forecast assumes zero growth. The recent venture into Jeju is incrementally positive ($0.023/share) but Japan, if successful, can create significant value of $0.49-66/share (assuming a 60-80% stake in JV). Deutsche maintains Buy on GENS with TP$1.54.