Genting SP: +1% at $2.10, after slipping 1.9% yday when Las Vegas Sands' 1Q10 results revealed a disappointing 11% property EBITDA fall to S$349.3m at MBS...
ben_oh: UOBK notes much of the earnings fall was attributed to poor luck factor (EBITDA would be S$36m higher at theoretical win percentage), otherwise MBS’s 1Q11 figures were consistent with expectations for a seasonal uptrend in betting intensity (esp VIP), as well as for moderate uptrend in slot hold and low single-digit growth in the mass market table segment...
Says GENS’s share price slippage provides a trading opportunity, as RWS could still potentially deliver a strong 1Q11 EBITDA that could create short term upside for the shares. Tips GENS as lucky pick for the quarter. While house maintains HOLD and $2.02 TP, notes GENS’s share price could trade up to $2.30 or its 2010 peak EV/EBITDA of 16x, or possibly higher, should it deliver a ‘perfect’ quarter, driven by the seasonally strong quarter and above theoretical win %.
No comments:
Post a Comment