Genting Hong Kong

Genting Hong Kong (GENHK): DB maintains BUY rating (TP US$0.50) on attractive valuations. GENHK's holdings in Norwegian Cruise Line Holdings (NCLH) is worth US$0.20/share based on the current share price of US$29.85. Upon shareholders approval, DB believes GENHK is likely to further pare down its stake in NCLH, depending on market conditions and appetite. The counter is trading at 29% discount to market SOTP of US$0.55/share.