Broker's Take: Genting Singapore a decent bet for a potential Japan IR win: OCBC
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.
OCBC has a fair value of S$1.03 a share for the gaming stock, which has been bogged down by near-term negatives.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
S&P slashes Boeing credit outlook as rating hovers above junk status
Honda to spend US$11 billion on EV strategy in Canada
GlaxoSmithKline sues Pfizer and BioNTech over Covid-19 vaccine technology
Mapletree Industrial Trust Q4 DPU rises 0.9% to S$0.0336
Nasdaq’s profit falls as shaky economy keeps IPO revival elusive
iFast Q1 net profit surges on ePension unit performance