Genting SP: CLSA and BNP Parbisa maintains Buy with $3.00 TP and $2.42TP Respectively. CLSA note that LVS reported strong 2Q11 in MBS, but it is still tough to make any meaningful judgment on Genting, as Co. did not give any guidance as to their understanding of market share for qtr, but suspect that LVS has gained some market share, especially in the VIP segment.
House believe that GENS still has larger share of the market. EBITDA Margin for MBS remains healthy and house continue to believe in the long term growth profile of SG. Believe excessive share price correction on Genting should be seen as a buying opportunity given that it is likely to generate annual free cash flow in excess of US$2 in the near future. BUY, TP $3.00.
No comments:
Post a Comment