Genting Singapore (GENS SP): Ohayou Gozaimasu!
- BUY Entry – 0.84 Target – 0.95 Stop Loss – 0.78
- Genting Singapore is one of two groups that have qualified for the Japanese city of Yokohama’s request-for-proposal (RFP) process for a commercial partner for a casino resort, according to media reports. The media report cited public broadcaster NHK which had named Genting Singapore and Melco Resorts and Entertainment as the two groups that had qualified.
- Shares of Genting Singapore were recently sold-off due to rising Covid-19 cases in Singapore and the subsequent tightening measures. However, we think the sell-off is a buying opportunity, given that Genting remains a good reopening play, in addition to standing a good chance of securing the Yokohama Integrated Resort project.
- Analysts expectations aren’t very high – mainly as we think that the markets have not fully accounted for the Yokohama IRs. There are 8 BUYS / 11 HOLDS / 1 SELL and a 12-month average target price of S$0.95 (implied 11% upside).