Regional Gaming - Genting Singapore: Maintain Buy Taking stock

More upbeat. Resorts World Sentosa's (RWS) VIP volume has likely troughed in 4Q11 but will recover going forward. The two new junkets may not add greatly to VIP volume but more and larger junkets may be approved next year. The S$2.5b of perpetual bonds (PBs) may be for a Mongolian casino soon. We lower our earnings estimates by 22-24% to account for lower VIP volume and the PBs. Maintain Buy on Genting Singapore (GENS) with the TP trimmed by 5% to S$2.00.
 

Source: Kim Eng Research - 16 April 2012