Genting SP: Deutsche maintains Hold, TP $1.89. Trimming earnings and TP, add that few surprises expected expect the Spore gaming market to post robust growth of over 20% in a seasonally stronger 2H.
Growth, however is likely to come from MBS which delivered strong 3Q operational trends. Believe GENS will be in a better position to fend off market share loss in 2012 as it adds high-end suites/villas and enhances its non-gaming product offerings from the West Zone. Marginally revise down TP to $1.89 on a 2012 EV/EBITDA multiple of 11x.
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