Genting HK: media rpts say Travellers Int’l (owner of Resorts World Manila) could be planning an IPO of US$0.5-1b. GENHK, as a 50% sh/h of Travellers, could see significant value unlocking if the IPO goes through. Travellers, which is said to be in process of hiring banks for the deal, may also carry out a dual-listing in Spore and the Philippines.
Recall GENHK also owns 50% stake in Norwegian Cruise Lines (NCL), and that has also been slated for IPO in the US over the 6 mths...
Macquarie estimates Travellers to be worth US$0.18/sh to GENHK (based on casino peer avg 12x EV/EBITDA), and NCL to be worth another US$0.18/sh (based on cruise peer avg of 10x EV/EBITDA). With the Macau land and laid-up ships valued at US$0.04/sh, this implies Star Cruises, valued at US$0.16/sh, comes free.
House reiterates Outperform with US$0.56 TP, says value unlocking from both IPOs could lead to significant re-rating of the stock.
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