Genting has consolidated briefly from 1.30 to 1.32 for about a week and today we have seen a slight breakout on TOP 10 VOLUME. May see it recover back to 1.36 then 1.40 level. Note that at this level, it has also just broken up above the 20 DAY short term MA (Green line) which can signal an upward reversal.
Stop loss 1.285
CIMB – 28 MACH 2014
Genting Singapore (AD, TP:S$1.81) - Moving forward with Jeju
Genting Singapore (GENS) has announced that the conditions precedent for the JV to develop a US$2.2bn integrated resort (IR) on Jeju Island have been met. This includes government approvals for the venture. We therefore expect some form of official announcement by the Korean government to follow, similar to the Caesar, Lippo and OUE JV in Incheon. We keep our RNAV-based target price and EPS forecasts, and maintain an Add rating. The key catalyst for GENS’s share price is the utilisation of excess capital on its balance sheet. The Jeju JV is a prelude to the full potential of GENS’s balance sheet, which is expected to be fully unlocked if it does secure a concession in Japan as well.
Genting Singapore (GENS) has announced that the conditions precedent for the JV to develop a US$2.2bn integrated resort (IR) on Jeju Island have been met. This includes government approvals for the venture. We therefore expect some form of official announcement by the Korean government to follow, similar to the Caesar, Lippo and OUE JV in Incheon. We keep our RNAV-based target price and EPS forecasts, and maintain an Add rating. The key catalyst for GENS’s share price is the utilisation of excess capital on its balance sheet. The Jeju JV is a prelude to the full potential of GENS’s balance sheet, which is expected to be fully unlocked if it does secure a concession in Japan as well.
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