0041 GMT [Dow Jones] STOCK CALL: BNP Paribas initiates Genting Singapore (G13.SG) at Buy, sets S$1.35 price target. Broker upbeat on prospects for gaming company's new integrated resort (IR) Resorts World Sentosa, expects family-oriented offering will be bigger pull on tourists than rival Marina Sands casino. Says company's visitor targets of 11 million in 2010 and 13 million in 2011 look achievable, "with 30 million visitors transiting through Changi airport in 2008, Singapore already has the numbers to support Resorts World Sentosa." Tips further upside for shares, "stock's run-up is a start of re-rating and we expect continued performance as we get closer to the opening date." Says share price catalysts are award of casino license in 4Q09, possible opening before end-March 2010 and market realization that year 1 (2010) will be EBITDA positive. Shares closed down 3.4% at S$1.12 Friday. (KIG)
Dow Jones Newswires
September 27, 2009 20:41 ET (00:41 GMT)
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