Genting HK

Genting HK: UOB Kay Hian maintains Sell with US$0.32 TP. House expect GENHK’s share price to retrace as the minor positive of 50%- owned NCL Corp’s listing will be offset by looming competition in Manila. The IPO entails NCL issuing 12% new shares priced at US$16-18/share, implying a rich post-IPO valuation of 10.7-11.4x 2013F EV/EBITDA. House expect investors to impute a significant discount on NCL when valuing GENHK’s SOTP value.