ASEAN Gaming:Warming up to Genting Singapore, despite Cutting Singapore GGR Forecast

Upgrading Genting Singapore to Neutral — GENS is currently trading at an alltimelow ~8.5x 2013E EV/EBITDA multiple (based on consensus earnings). Whilewe expect our competition will continue to cut estimates to closer to where ourforecast stands, in our opinion, downside risk in the stock is limited (GENS shareprice declined by only ~6% in the last 30 days, outperforming most of the Macaugaming stocks in the same period). Despite trimming our earnings estimates andlowering our TP from S$1.47 to S$1.42, we upgrade GENS from Sell to Neutral.