Genting Bhd (BUY)
GenS Introduces Its First
Integrated LCP
Resorts World Sentosa (RWS) will be launching a loyalty card programme
(LCP) with a gamut of resort-wide privileges unparalleled within any single
destination in Singapore
on 1 April 2012.
With the introduction of RWS INVITES, we opined that
this would attract more customers to the resort as they will be able to have
perks and benefits as they spend in the integrated resort (IR), especially
customers from the mass-market. This will hence bring more stability toward
GenS’s earnings when the proportion of mass-market vs. VIP customers balances.
Furthermore, we expect RWS to gain back its market
share from Marina Bay Sands (MBS) from this programme as the increase in
visitors to the IR indirectly increases the casino patronage.
No changes made to our
forecast. Maintain BUY on GenT with TP of
RM11.50.
Source: HLIB Research 22 March 2012
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