STOCKS NEWS SINGAPORE-Deutsche cuts Singapore 2013 casino growth estimate
Deutsche lowered its growth estimate for Singapore's gaming market in 2013 to 3 percent, from 6 percent previously, underpinned by a 3 percent increase in the VIP segment and 4 percent mass revenue growth.
Deutsche said it expects Singapore's total gaming market size to be S$7.4 billion ($6.1 billion) in 2013.
The Singapore VIP market is highly dependent on foreign players, Deutsche said, adding that it believes the city-state is nearing the bottom of the negative VIP growth trend.
But Deutsche expects more meaningful VIP growth in the second half of 2013, citing a soft regional economic outlook, as well as the estimated gradual economic recovery and policy and economic reforms following a leadership transition in China.
Deutsche has a 'hold' rating and S$1.27 target price on Genting Singapore PLC. The casino operator's stock was down 2 percent, while the broader Straits Times Index was flat on Monday.
Genting Singapore shares have fallen 17 percent so far this year, versus the 16 percent gain in the index.
1425 (0625 GMT)
(Reporting by Eveline Danubrata in Singapore; Editing by G.Ram Mohan; firstname.lastname@example.org)
12:30 STOCKS NEWS SINGAPORE-Shares advance to 8-week high
Singapore shares advanced to an eight-week high, in line with other Asian bourses, as firm manufacturing data from China helped to boost confidence about a recovering global economy.
The Straits Times Index (STI) was up 0.2 percent at 3,076.49 points while the MSCI's broadest index of Asia-Pacific shares outside Japan climbed 0.1 percent.
DBS Vickers said it expects the STI to trade in a narrow 3,030-3,090 range over the next three weeks in its traditional year-end lull period.
The pace of activity in China's vast manufacturing sector quickened for the first time in 13 months in November, with the final reading for the HSBC Purchasing Managers' Survey (PMI) rising to 50.5 in November, further evidence that the economy is reviving after seven quarters of slowing growth.
DMG & Parters said it still likes Singapore-listed real estate investment trusts in the near term, which will benefit from a low interest rate environment and ample liquidity as a result of quantitative easing from central banks globally.
The brokerage prefers REITs with exposure to office and retail markets, with Frasers Commercial Trust being the top pick. DMG has a 'buy' rating on the REIT with a target price of S$1.41.
Singapore REITS have surged 33 percent since the start of the year, against a broader market that is up 16.3 percent.
1225 (0425 GMT)
- Tweet this
- Share this
- Digg this
- Putin admits Russian forces were deployed to Crimea
- South Korea investigates capsized ferry crew as rescue hampered by tides |
- UPDATE 7-Tennis-Monte Carlo Masters men's singles round 3 results
- Search for Malaysia jet refocuses on drone scans of sea floor
- Singer Chris Brown's bodyguard on trial for assault