Genting Hong Kong - Reaping value | I3investor

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Genting Hong Kong - Reaping value

StockFanatic

Publish date: Wed, 21 Aug 2013, 05:46 PM

At 11% of our full-year core EPS compared to seasonally-adjusted expectations of 13%, 1H13 results were below expectations because of Star Cruises and tax. The contribution of Travellers and NCL, which is expected to provide 92% of full-year core net profit, came in line.

We cut our EPS forecasts by 2-4% as we adjust our cost estimates for Star Cruises. Our RNAV target price is cut for the lower valuation of the Asian cruise business, still pegged to 8x EV/EBITDA. A key catalyst is the continued re-rating of NCL and Travellers. Outperform maintained.

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