Genting Spore

Genting Spore: DB lifts target price to $2.60 from $1.93, based on 14X EV/EBITDA, after raising core FY10-12 earnings forecasts by 34-42%; noting street expectations are still reasonable & seeing further upside should junkets be allowed to operate. Expects junkets to be licensed in Spore by early 2011; highlighting that ~20 junkets have applied for a license with the Casino Regulatory Authority. Keeps Buy call but expects limited upside in near term after recent strong run-up.