Brokers' take

Genting Singapore | Buy Target price: S$1.25 May 4 close: S$1.085 Maybank Kim Eng Research, May 4

Genting Singapore will report Q1 FY17 results on May 12, 2017. While it may have ceded mass market share in Q1 FY17, we believe it will regain this in Q2 FY17. Factoring in higher VIP volume and lower VIP rebate rates, we lift our earning before interest, tax, depreciation and amortisation (Ebitda) by 14 to 16 per cent and our target price by 14 per cent to S$1.25. This remains based on 12 times FY17 estimated enterprise value-to-Ebitda, its eight-year mean. We now estimate Q1 FY17 estimated Ebitda of S$250 million (Q4 FY16: S$233.7 million, Q1 FY16: S$192.5 million). Maintain "buy" with catalysts expected from a potential Japanese casino licence. Risks to our call include below theoretical VIP win rates and more bad debts.

Hongkong Land Holdings | Buy Target price: US$8.51 May 4 close: US$7.68 DBS Group Research, May 4