OCBC upgrades Genting Singapore (G13.SG) to Hold from Sell following the stock's around 14% decline since positing slightly softer-than-expected 1Q13 results.
The house believes "that its operations are entering a 'steady state', especially for the non-gaming business, now that Resorts World Sentosa (RWS) will be in its first year of being fully opened."
Furthermore, it says that Genting does not expect to see much impact from the recent revision in the gaming rules that introduced more measures to curb casino visits for financially distressed persons.
"We have already pared our estimates after its 1Q13 results and we see no need for any revision for now. But we upgrade our rating from Sell to Hold as the current share price is hovering around our unchanged DCF-based fair value of $1.41."
Thursday, June 6, 2013
OCBC raises Genting Singapore to Hold from Sell
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