呵呵!大华继显昨天下调云顶至1.85了,说了一堆基本面的事儿.走着瞧吧!?
Watch those chips
Genting Singapore has just been downgraded to a sell by UOB KayHian. Apart from being the most expensive casino stock in Asia -- the stock trades at EV/EBITDA of 17.5 times, and PER of 30 times -- UOB KayHian reckons that junkets are not likely to be legalised any time soon. Also, its 3Q10 results were below the consensus gaming EBITDA forecasts of $320 million to $330 million for that quarter. “Marina Bay Sands could be gaining market share to eventually take pole position (MBS’s market share was 33% in 2Q10 and 47% in 3Q10),” UOB KayHian states, adding that “EBITDA margins could fall significantly, reflecting intensifying overseas marketing efforts and greater dependency in the lower (junket-like) margin high roller segment.”
However non-gaming revenue could improve. Universal Studios Singapore has been drawing in the crowds, and better hotel revenues are likely as more hotels open this year and RevPAR rises. UOB KayHian has a target of $1.85 for Genting Singapore, and the stock last traded at $2.22.