Genting SP: 1Q11 results on 12 May. Rival LVS reported disappointing qtr profits at MBS, with MBS generating EBITDA of US$284.5m in 1Q, well below estimates of US$325m. JP Morgan who has Neutral call, do not expect significant positive earnings revision after set of numbers from MBS, while UBS maintains Buy with $2.30 TP, noting that it is difficult to have clear read through for GEN SP 1Q results, but believe MBS growth in mass market is ahead of RWS’ mass market growth….
Deutsche maintains Buy with $2.43 TP, and expect a strong 1Q with EBITDA of $500m (+31% QoQ), on 20% rev growth to $944m, driven by strong VIP rolling vol, better VIP hold while mass gaming is expected to be relatively flat.
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