Genting HK: Macquarie labels stock the ‘cheapest casino stock in the region.’
At current stock price of US$0.28 cents, RWM business in which GENHK has 50% stake is available only at 1.3x 2012 EV / EBITDA.
Valuing the cruise business at only 7x EV / EBITDA (15% discount to CCLand RCL in US), the
Manila casino business is available almost for free. Believe the risk-reward is favourable and advise investors to accumulate the stock.
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