Reuters: Hot Stocks: STOCKS NEWS SINGAPORE-RHB downgrades Genting to market perform

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STOCKS NEWS SINGAPORE-RHB downgrades Genting to market perform Apr 18th 2012, 02:52 Tue Apr 17, 2012 10:52pm EDT RHB Research downgraded casino operator Genting Singapore PLC to market perform from outperform after the recent rally in its share price. The broker also lowered its net profit forecast for the fiscal years 2012 to 2014 by 6.5 to 13 percent. RHB said Genting, a unit of Malaysian group Genting Bhd , has a market share in Singapore of 47 percent on a gross gaming revenue (GGR) level in the fourth quarter of fiscal 2011 and of 51 percent overall for the fiscal year. "Going forward, management expects overall GGR market share to remain around the 50 percent mark on an annual basis, as both properties continue to see volatilities in market share depending on luck factor on a quarterly basis," RHB said. "This is in line with our projections for FY12, but slightly below our expectations for FY13-14 of 51-52 percent. As such, we have revised our market share assumptions downwards to 50 percent for FY13-14." Earnings are likely to see a boost after the first quarter from contributions from Genting's two junket operators, new hotel rooms and stronger marketing efforts, it said. Genting's shares were up 0.9 percent on Wednesday at S$1.71, outperforming the 0.5 percent rise in the benchmark Singapore Straits Times Index. Genting shares have risen by more than 13 percent so far this year. 1037 (0237 GMT) (Reporting by Leonard How in Singapore; leonard.how@thomsonreuters.com) *********************************************************** 10:01 STOCKS NEWS SINGAPORE-DMG prefers HK Exchange over SGX DMG & Partners recommended investors switch from Singapore Exchange Ltd (SGX) to Hong Kong Exchanges and Clearing Ltd due to better long-term earnings potential of the Hong Kong bourse. The remarks came after SGX, Asia's third-biggest listed bourse, posted a forecast-beating 16 percent rise in quarterly profit and said it sees growing interest from international companies to list in the city-state. SGX Chief Executive Magnus Bocker recently introduced a new business structure in a bid to improve its growth prospects. He is taking direct responsibility for the listings business and overseeing the separate sales and clients unit. "SGX trades at a price-earnings ratio close to peers such as Hong Kong Exchange, and we see better long-term earnings growth potential for Hong Kong Exchange. Hence, we recommend investors to switch from SGX to Hong Kong Exchange," DMG said in a report. The broker has a sell recommendation on SGX stock and a target price of S$5.40. SGX shares gained as much as 1.5 percent on Wednesday to S$6.82. They have risen by around 10 percent so far this year, underperforming the 13 percent gain in the broader Singapore benchmark index 0946 (0146 GMT) (Reporting by Harry Suhartono in Singapore; harry.suhartono@thomsonreuters.com) *********************************************************** 08:39 STOCKS NEWS SINGAPORE-Index futures rise Singapore Index Futures rose 0.91 percent early on Wednesday, indicating the benchmark Straits Times Index would open higher. Key Asian markets are opening up after forecast-beating results by some major U.S. companies, which drove the rally in Wall Street. 0833 (0033 GMT) (Reporting by Harry Suhartono in Singapore; harry.suhartono@thomsonreuters.com) Link this Share this Digg this Email Reprints

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