SINGAPORE (Oct 25): UOB KayHian is maintaining Genting Singapore (GENS) at “buy” given now the stock is trading at a historically low valuation and should start to significantly rerate next year as newsflow of its bid for a casino resort in Japan intensify.

GENS currently trades at an attractive 5.9-6.0x 2018/19 EV/EBITDA, which is below –2SD to its mean EV/EBITDA, according to UOB.

“We expect valuations to trend up over time, supported by its unexcited but stable Singapore operations and as its bidding for Japan’s integrated resorts (IR) concession builds up to the request for proposal (RFP) stage,” says lead analyst Vincent Khoo in a Thursday report.

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