Monday, October 09, 2006

Stock Upgraded: Genting with target price raise to 0.45 by CIMB-GK

CIMB-GK Research says it has raised its target price for Genting International to 0.45 sgd from 0.43 sgd to factor-in the higher prices of Stanley Leisure and London Clubs. CIMB-GK is keeping its "outperform" rating for the stock, in view of the good chance that the company and its partner have of winning the bidding to build a casino resort on Sentosa island here. "We reiterate our belief that Genting International stands the best chance of success, with its impressive Universal Studios proposal and gaming know-how," CIMB-GK said in a note. "Winning the Sentosa bid would propel (its) target price to 0.51 sgd," it said. At 10.57 am, Genting International was up 0.015 sgd or 4.11 pct at 0.38, on hefty volume of 22.14 mln shares.

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