0109 GMT [Dow Jones] STOCK CALL: Morgan Stanley initiates Genting Singapore (G13.SG) at Overweight, sets S$1.30 target price. Broker says stock is only Singapore-listed gaming play, is first mover in protected duopoly with its Resorts World Sentosa (RWS) casino-resort set to open earlier than rival Marina Bay Sands. Estimates Singapore gaming revenues will be around US$3.0 billion, thinks RWS could capture over 50% of the market in its first year of operation. Notes gaming stocks tend to do well in months leading up to opening of new casinos, "we expect Genting Singapore to outperform before its RWS mega-casino opens in 1Q10." Says company can easily target high spending gamblers from Macau, Australia and mass-market punters from Malaysia, while its Universal Studios theme park could also help drive visitor levels. Shares flat at S$1.13; STI off 0.3%.
Dow Jones Newswires
October 12, 2009 21:09 ET (01:09 GMT)
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