Reuters: Hot Stocks: STOCKS NEWS ASEAN-CIMB ups Genting Hong Kong target to S$0.54

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STOCKS NEWS ASEAN-CIMB ups Genting Hong Kong target to S$0.54 Mar 23rd 2012, 04:07 Fri Mar 23, 2012 12:07am EDT CIMB Research has raised its target price for Genting Hong Kong Ltd to $0.54 from $0.52 and kept its outperform rating, citing strong revenue growth at its cruise ship business. The broker raised its 2012-2014 earnings per share estimate for Genting Hong Kong, which is listed in both the Chinese territory and Singapore, by 7-19 percent to account for the higher share of profits from its jointly controlled entities. "We believe Genting Hong Kong is still undervalued, particularly as it shows promising growth prospects on all fronts," said CIMB in a report. The Star Cruises business, for example, is expected to remain resilient over the next few quarters, as it captures growing regional demand for casino gaming. By 0331 GMT, shares of Genting Hong Kong were 1.3 percent higher at $0.39. They have surged 47 percent since the start of the year. 1132 (0332 GMT) Reporting by Charmian Kok in Singapore Reuters messaging rm://charmian.kok.thomsonreuters.com@reuters.net ************************************************************ 08:48 STOCKS NEWS ASEAN-Singapore's index futures rise 0.15 pct Singapore MSCI March futures gained 0.15 percent on Friday, indicating the benchmark Straits Times Index could edge higher despite bad news on the global front. Oil prices plunged nearly $2 per barrel and global stocks fell for a third consecutive session on Thursday, as shrinking manufacturing in China and in the two largest economies of the euro zone fueled worries about global growth. Tokyo's Nikkei share average was down 1.1 percent early on Friday and MSCI's broadest index of Asia Pacific shares outside Japan lost 0.2 percent. Stocks in resource-dependent Australia fell 0.5 percent. 0841 (0041 GMT) Reporting by Eveline Danubrata in Singapore Reuters messaging rm://eveline.danubrata.thomsonreuters.com@reuters.net Link this Share this Digg this Email Reprints

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