Genting Singapore

WAITING AT 70 cent with SIFU SAM. I think will take some profit from KLSE and change to SINGAPORE MARKET. WHAT DO YOU THINK??????
0144 GMT [Dow Jones] STOCK CALL: JPMorgan starts Genting Singapore (G13.SG) at Overweight with S$1.20 sum-of-parts target price
DJ MARKET TALK: JPM Starts Genting Singapore At Buy,S$1.20 Target
0144 GMT [Dow Jones] STOCK CALL: JPMorgan starts Genting Singapore (G13.SG) at Overweight with S$1.20 sum-of-parts target price, valuing Singapore business at 14X FY12 EV/EBITDA. Says run-up to opening of Resorts World At Sentosa early next year could prompt re-rating of share price; "this is a concept stock and, therefore, we believe that expectations could run ahead of fundamentals in the short term." Says stock trading above S$2 "is not out of the realm of possibility." Adds, concerns on execution, cost overruns should abate as opening of Sentosa project draws near. Expects Genting's U.K. contributions to group revenue to fall to 10%-20% from close to 100% currently once Singapore resort opens, but adds company still well positioned to benefit from recovery in U.K. casino market, given it's largest casino operator there with 44 outlets and its recent startup of online casino which offers more than 200 games. Stock +1.8% at S$0.83; STI +1.0%. (FKH)

(END) Dow Jones Newswires

August 10, 2009 21:44 ET (01:44 GMT)

Copyright (c) 2009 Dow Jones & Company, Inc.


DJ MARKET TALK: Genting Singapore +3.7%; Eyes On Sentosa Resort
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0336 GMT [Dow Jones] Genting Singapore (G13.SG) +3.7% at S$0.845 on robust volume as expectations of better prospects once Sentosa casino-resort opens early next year offset widely-flagged 2Q09 loss. "We expect strong news flow from Resorts World At Sentosa in the coming months as it gears up for its opening," says CIMB. Notes 2Q09 net loss of S$50.7 million vs S$1.8 million loss in 2Q08 not surprising given hefty pre-opening expenses incurred for Sentosa project. Adds U.K. operations stabilizing after several quarters of weakness, as stringent cost controls, pickup in business volume narrow 2Q09 pretax loss to S$5 million from S$16 million loss year earlier. CIMB keeps Trading Buy with S$1.05 target price. Resistance eyed at last month's high of S$0.875. (FKH)

(END) Dow Jones Newswires

August 10, 2009 23:36 ET (03:36 GMT)

Copyright (c) 2009 Dow Jones & Company, Inc.

Genting Sinapore trades up even up possible losses for the quarter buy on weakness......
0048 GMT [Dow Jones] Genting Singapore (G13.SG) may head lower in response to gaming group's huge 2Q08 loss, guidance for hit to FY09 bottomline due to high costs to be incurred from opening of Sentosa casino-resort early next year. 2Q09 net loss ballooned to S$50.7 million from S$1.8 million loss year earlier due to spike in expenses related to Sentosa project, lower rental from properties in London due to economic downturn. Company expects strain on bottomline to persist in coming quarters, citing Sentosa project expenses, continued weakness in U.K. gaming business due to reduced patronage in wake of economic downturn. Still, stock's downside may be limited as weak results not unexpected since high costs for Singapore casino project widely known, although uncertainty over U.K. operations may still weigh. "U.K. operations remain a wild card," says OCBC; "besides the still uncertain economic environment, there are also several new measures by the U.K. government to raise gaming taxes." Keeps Hold call but raises target to S$0.85 from S$0.76 after reducing FY10 loss forecast by 49% to reflect improved prospects next year. Stock closed down 0.6% at S$0.815 Friday (market closed yesterday for public holiday). Initial support at S$0.80, last breached July 23. (FKH)