Genting SP: Citi note that grp may produce a positive surprise when it reports 3Q results, helped by the Formula 1 race and a nine-day holiday in Indonesia, with strong results posted by rival MBS, which reported 3Q EBITDA of US$413.9m with growth in VIP rolling volume and mass-market drop.
The house sees potential upside to its estimate of Genting SP's 3Q EBITDA at $421m, and keeps a Buy call with a $2.30 TP. Citi also revises its 2011 forecast of Singapore''s gaming market size to US$6.1b from US$5.9b, reflecting MBS's results. On estimates, SG is on track to generate as much (gross gaming revenue) as Las Vegas. Meanwhile Macquarie has neutral call with $1.62 TP.
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