SINGAPORE (Dec 21): DBS Group Research is reiterating its “buy” call on Genting Singapore with a higher target price of $1.15, citing earnings recovery and potential doubling of dividends.

Analyst Mervin Song believes that now is an opportune time to buy into the stock, with 2017 marking a recovery in earnings “after two tough years”.

This is driven by recovery in VIP volumes as it bottoms out this year, normalising of VIP win rates to 2.85% from 2.6% in 9M16 – as well as the easing of bad debts from a more selective and conservative credit policy over the past year.

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