STOCKS NEWS SINGAPORE-Genting Hong Kong at 17-month high
Shares of Genting Hong Kong Ltd rose as much as 6.2 percent to a 17-month high after its part-owned unit Norwegian Cruise Line Holdings Ltd (NCL) made a strong market debut on the Nasdaq.
By 0204 GMT, Genting Hong Kong shares were up 2.5 percent at $0.415 with 14 million shares traded, compared to its full day average volume of 17 million shares over the last five sessions.
Genting Hong Kong has jumped 20 percent since the start of the year.
On Friday, shares of NCL, a global cruise line operator, surged 30.5 percent above its initial public offering price of $19 on its first day of trading.
CIMB Research said this values the company at $5 billion versus its estimate of $2.4 billion and the company's initial valuation of $1 billion when Genting Hong Kong bought it in 2000.
"Guidance from the IPO shows that our numbers and valuations of NCL were too conservative," said CIMB, adding that its two new ships will command a 30 percent premium in ticket pricing, making them key growth drivers for NCL and Genting Hong Kong.
CIMB raises its earnings per share forecasts for Genting Hong Kong by 3-40 percent, and said the next big catalyst for its shares would be the listing of Travellers, which develops and operates its Manila integrated resort.
1007 (0207 GMT)
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