March 14, 2013

Affin upgrades Genting to 'buy'

Stock Name: GENTING
Company Name: GENTING BHD
Research House: AFFINPrice Call: BUYTarget Price: 11.60



Affin Investment Bank upgraded Genting Bhd to 'buy' from 'reduce', saying it sees an emerging catalyst following the power-to-gaming group's plan to expand into Las Vegas.

"The emerging earnings growth driver will now drive share price performance, we opine," Affin said in a research note on Thursday.

The research house raised its target price on Genting to RM11.60 per share from RM8.75. It also raised its fair value on Genting Singapore PLC's to S$1.50 per share from S$1.20.

"Consistent with our initial assessment, we are positive on Resorts World Las Vegas as regulatory risk is low; infrastructure is well placed to support tourism trajectory; and importantly, recovery in gross gaming revenue is accompanied by a higher VIP (Very Important Person) baccarat mix and foreign visitation to Las Vegas," Affin said.

Genting on March 5 said it would purchase an unfinished resort on the Las Vegas strip from Boyd Gaming Corp for US$350 million, marking its first push into the US gambling hub.

As of 9.17am, the stock was down 0.51 per cent at RM9.75 per share. Since March 5, when the announcement was made, Genting shares have dropped 1 per cent.

The benchmark stock index fell 0.49 per cent.-- Reuters

Power - Shortlisted 3000MW New Coal-Fired Power Plant

Stock Name: TENAGA
Company Name: TENAGA NASIONAL BHD
Research House: MIDFPrice Call: BUYTarget Price: 8.20



March 13, 2013

March 12, 2013

Award of Bus Rapid Transit-Sunway Line

Stock Name: SUNWAY
Company Name: SUNWAY BERHAD
Research House: TAPrice Call: BUYTarget Price: 3.59



Strategic Alliance with Zest Airway

Stock Name: AIRASIA
Company Name: AIRASIA BHD
Research House: TAPrice Call: BUYTarget Price: 3.58



Capital ratios and net profit (PATAMI) expected to improve post disposal

Stock Name: AFG
Company Name: ALLIANCE FINANCIAL GROUP BHD
Research House: MIDFPrice Call: BUYTarget Price: 4.50



Strategic alliance to secure landing rights in NAIA

Stock Name: AIRASIA
Company Name: AIRASIA BHD
Research House: MIDFPrice Call: BUYTarget Price: 3.45



MIDF raises Sunway target price

Stock Name: SUNWAY
Company Name: SUNWAY BERHAD
Research House: MIDFPrice Call: BUYTarget Price: 3.50



MIDF Research raised its target price on Sunway Bhd to RM3.50 per share from RM2.96 after the construction and property group secured a RM452.5 million contract to build a bus rapid transit line in Bandar Sunway.

"We are reducing the discount as we believe sentiment towards Sunway is improving," the research house said in a note on Tuesday. It maintained a 'buy' rating on the stock.

MIDF said the RM452.5 million project will benefit Sunway even though the company has to additionally and separately contribute works estimated at a cost of RM99 million as part of its continuous corporate social responsibility initiative.

"The property segment will benefit as one of the stations is located at Sunway South Quay, an ongoing project in Sunway City," MIDF said.

"Apart from that, other segments like property investment, leisure (Sunway Lagoon Theme Park) and education (Monash University) will also benefit from enhanced connectivity," it added.

As of 10.01am, the shares were unchanged at RM2.76, while the benchmark stock index rose 0.01 per cent.-- Reuters