Genting Singapore Plc jumped by the most in almost eight months after Southeast Asia’s largest casino operator by market value reported first-quarter profit almost doubled.

Genting gained as much as 3.4%, the most since Sept. 11, before trading up 2.7% to $1.345 as of 10:40 a.m. in Singapore. Net profit increased 97% to $228.49 million in the three months ended March from a year earlier, the company said yesterday in a statement to the Singapore exchange. Revenue climbed 24% to $828.83 million, with contributions from its casino on Sentosa island increasing 29% to $671.94 million, according to the statement.

“While management remains cautious about the rest of the year, especially as elections are in the offing in Indonesia and Thailand, and given macro uncertainties in China, we think the street will view these results as a welcome relief after a few disappointing quarters,” Tushar Mohata, an analyst at Nomura Holdings Inc. in Kuala Lumpur, wrote in a note to clients today.

Besides improving earnings, Mohata said Genting’s casino resort project on South Korea’s Jeju island and the potential opening of Japan for gambling operators will provide near-term catalysts for the company’s shares.

Genting said in February that it and Landing International Development will build a US$2.2 billion ($2.8 billion) casino resort on Jeju island, with construction to start in July. The resort will initially target visitors from eastern and northern China. The company yesterday said it plans to pursue opportunities in Japan with Japanese partners.

Genting’s “share price will continue to be supported by the Japan newsflow,” Vincent Khoo, an analyst at UOB-Kay Hian Holdings in Kuala Lumpur, wrote in a note to clients. “The much-anticipated Japan gaming bill will be debated in the Lower House at the end of May.”

UOB Kay Hian raised its rating on the stock to hold from sell, while OCBC Investment Research upgraded it to buy from hold.