Hwang DBS Vickers Research has upgraded Genting Malaysia to Hold and raised the target price to RM3.40 from RM2.50 after its unit Genting New York obtained the final approval for the Aqueduct racino.
The research house said on Wednesday, Sept 15 the racino would provide a 5%-19% boost to the 2011-2012 earnings before interest, taxation, depreciation and amortisation.
HDBSVR said Malaysian gaming operations have proven to be resilient. It also said the share price was supported by an aggressive buy-back programme.
“Upgrade to Hold, TP raised to RM3.40 (from RM2.50),” it said.
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