Tags: Genting Singapore | Marina Bay Sands | UBS

WRITTEN BY DOW JONES & CO, INC

THURSDAY, 21 OCTOBER 2010 10:50

Share this  Digg  Del.icio.us  StumbleUpon  Netscape  Yahoo  Technorati  Googlize this  Facebook Export PDF Print E-mail UBS downgrades Genting Singapore (G13.SG) to Neutral vs Buy, says “future still bright, but need to pause for breath.” Expects 3Q EBITDA of $385 million vs $504 million in 2Q; “while the headline 24% sequential decline appears steep, 2Q margin was predicated on a very high VIP hold, while the (Marina Bay Sands) ramp up in both VIP and mass during 3Q has been rapid.”    Says such result may disappoint market, considering stock’s rapid rise, but if RWS delivers EBITDA in region of $375 million-$410 million in 3Q, “the bigger picture story remains perfectly valid: this is a casino resort that can generate $1.6 billion of EBITDA in year one of a seven-year duopoly.”    Adds, any signs that 2Q VIP volumes at RWS unsustainable on structural reasons, “would be more of an issue.” Raises target to $2.39 vs $2.02, ups 2011E EBITDA by around 11% to $1.8 billion.    Shares off 1.3% at $2.23.

Yeah! Thanks! Just put lo... a bit only... 

Later must go see MapletreeInd already!

Cool !

Hope you get it and it starts to climb.

SO FAST ?!! You dont foresee that it will drop later in the afternoon ?

almost wanted to sell at 2.21..... but decided to hold and see what the afternoon brings.....

glad that you are back in genting :D

If you are looking at the STI chart, it is plunging all the way down to 3150 and now bouncing up a little bit to 3160. The sell-off has already stopped and recovering slightly.

The earlier sell-off looks like a lot of short-term traders are preparing for MIT at 2pm. With a sharp STI downturn, it isn't just GSP that is selling off, but a lot of other blue chip counters as well. 

Looks like with a 1 billion IPO like Maple, it tends to suck a lot of liquidity off the market.  

Sometimes u're god, somethimes god tell you.

Sometimes u got the banana, .... hehe