Bank of America-Merrill Lynch raises Genting Singapore (G13.SG) target price to $1.40 from $1.22 after increasing EBITDA estimates for FY10 by 13%, for FY11 by 12% to account for sustainable strong performance of slot machines at Resorts World Sentosa, says Dow Jones.

“We attribute this to the strong product offering - electronic table games, progressive jackpots and a higher payout ratio - which enables it to gain market share from slot clubs in Singapore,” says BoA-ML. Keeps Buy call.

The research house says recent decision to sell money-losing UK operations positive as it enables Genting to focus on Resorts World, boost balance sheet for next leg of growth, possibly venture into developed markets by 2012.

Shares +3.5% at $1.18.