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; email@example.com)
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
1225 (0425 GMT)