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MAYBANK Kim Eng (Maybank KE) has upgraded its call on Genting Singapore to "buy" from "hold" while raising its target price to S$1.16 from S$0.86 previously.
This comes on the assumption that Genting's joint venture (JV) with Sega Sammy Holdings will win the Yokohama integrated resort (IR) request for proposal (RFP) process.
Maybank KE estimates that the anticipated win will add S$1.8 billion or S$0.30 per share to Genting's earnings, should the group own 50 per cent of the JV.
To recap, Japanese media on Monday announced that only two groups had qualified for Yokohama's IR RFP process, namely the Genting-Sega Sammy JV and Melco Resorts & Entertainment.
Analyst Yin Shao Yang in a Wednesday report called the JV "unexpected". Yokohama's IR bid through a request for concept in 2019 had seven major gaming operators participating, including Genting.
Hi KKvin, just sharing as the news is nothing direct relates to Genting but indirect means eventually thing back to normal the gaming revenue will back on track same goes for Genting US, UK, Singapore and Malaysia.
