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.
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