SINGAPORE (May 17): OCBC Research is upgrading Genting Singapore to “hold” on the back of better-than-expected 1Q16 results and raising its fair value estimate on the stock to 72 cents from 60 cents on 23% higher FY16 earnings forecast.

OCBC says Genting Singapore made a better-than-expected start to FY16. Although 1Q16 revenue slipped 5% to $608.0 million, it met about 30% of OCBC’s FY16 forecast.

According to management, Resorts World Sentosa recorded a 11% q-o-q increase in Adjusted EBITDA of $201.2 million, boosted by growth in the regional gaming volume for VIP and premium mass, as well as improved VIP rolling win percentage of 3.9% versus 1.4% for MBS.

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