Genting HK

Genting HK: Announced that its President, David Chua has resigned to pursue personal interest. David Chua was primarily involved in managing the opening in 2009 of Resorts World Manila (RWM), and under his watch, he was involvted in getting GENHK’s associates Travellers and Norwegian Cruise Line Holdings (NCLH) to list on the Philippine stock exchange and Nasdaq respectively. In any case, Deutsche notes that the stock is trading at 32% discount to market SOTP of US$0.58/share. DB has a Buy call with a TP of US$0.50/share pegged at 20% discount to its SOTP.