Genting HK

Genting HK: Macquarie reiterates O/p with US$0.56 TP. Note that Resorts World Manila is on track to achieve FY estimate of US$223m Ebitda and US$178m in Profit after tax. Given 50% stake in RWM, GENHK at 9.8x 2011E adjusted EV/EBITDA provides cheapest entry into the booming Philippine gaming mkt. GENHK could also become a pure land-casino player in a few yrs post its stake sale in Norwegian Cruise Line.