It adds, anecdotal evidence suggests Genting had a happy holiday season: “The integrated resort was packed in end-2010; hotels were operating at maximum capacity while theme park tickets were sold out for November-December. Aside from year-end festivities, strong CPO prices could have boosted spending by punters from nearby Johor.”
It adds, taking 2010-12E EBITDA CAGR into account, the stock “appears relatively cheap vs global peers.” Credit Suisse’s target of $2.65 implies 30% potential; shares are down 1.5% at $2.03.