Genting SP: Las Vegas Sands Corp reported 3Q EPS of US34cts/sh, topping avg analysts’ estimates of US24cts/sh. LVS received a big boost due to outstanding results at Marina Bay Sands in Spore, which cash flow came in at US$242m (~S$314m)…
GENS is assumed to have market share of at least 50%. Street estimates for GENS 3Q10 EBITDA is btwn S$300-385m, hence LVS’ results suggest GENS should not disappoint. However, if GENS does surprise on the upside/ downside, expect a new round of re-rating/ de-rating to kick off...
Stock price likely to remain volatile; following the recent run-up in share price, the Street has reverted to a mix of Buy, Sell and Hold calls, from virtually all Buys just 2 mths ago. Recent target prices range btwn $1.50 - 2.45.
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