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Broker's Take: Genting Singapore a decent bet for a potential Japan IR win: OCBC

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CASINO Genting Singapore, which saw its share price plummet to its lowest level in more than four years recently, is worth a "hold", as value is starting to emerge around current levels - ST PHOTO FILE

CASINO Genting Singapore, which saw its share price plummet to its lowest level in more than four years recently, is worth a "hold", as value is starting to emerge around current levels.

The company is also seen as "a decent bet" as a strong contender for Japan's potential US$10 billion integrated resort (IR) project, OCBC Investment Research said on Tuesday.

But while Japan's Prime Minister Shinzo Abe's main ruling Liberal Democratic Party (LDP) is aiming to have a new Bill on gambling ratified in the current Diet session, opposition to the Bill has been strong, delaying a setback to operators anxious for the launch of Asia's next big gambling market.

At 12:12pm, Genting Singapore was trading around S$1.015 a share, down 3.5 cents, or 3 per cent. About 29 million shares changed hands.

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OCBC has a fair value of S$1.03 a share for the gaming stock, which has been bogged down by near-term negatives.

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