0127 GMT [Dow Jones] STOCK CALL: UBS raises Genting Bhd. (3182.KU) target to MYR7.90 from MYR7.20 after factoring in new forecasts for Resorts World Sentosa following starting coverage of Genting Singapore (G13.SG) at Sell, target S$0.82. Raises 2009-11 EPS forecasts for Malaysian company by 6%, 17.5%, 12%. Says RWS likely to be one of best and most profitable casinos globally; expects 2010 opening could be catalyst for Genting's earnings growth; tips Genting's 2009-12 EBIT CAGR at 20%. Keeps at Buy. Adds, "however, we believe Genting Malaysia's (4715.KU) share price has greater potential upside than Genting's, given Genting Malaysia's strong year-to-date share price out-performance. We think a key catalyst for Genting Malaysia would be when it uses its MYR4.8 billion cash to expand into new casino markets; in particular Macau or the U.S." Genting shares down 1.0% at MYR5.92, Genting Malaysia down 1.4% at MYR2.74, Genting Singapore down 0.6% at S$0.86. (LES)
(END) Dow Jones Newswires
August 17, 2009 21:27 ET (01:27 GMT)
Copyright (c) 2009 Dow Jones & Company, Inc.
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