Genting HK

Genting HK: climbs to a 17-month high after its 50%-owned Norwegian Cruise Line surged 30.5% on its Nasdaq trading debut Friday. GENHK is up 3.7% at US$0.42, trading at its highest levels since Aug 2011. NCL, a cruise-ship operator, now has a market value of about US$5 b, beating market expectations and prompting CIMB to raise its TP for Genting HK to US$0.55 from US$0.48. While NCL's current value beats CIMB's own valuation of US$2.4 billion, the house has decided to use the IPO valuation of US$3.7 b to be conservative given that GENHK has started to become a holding company of listed assets.Believes two new ships that will command a 30% premium in ticket pricing are key growth drivers for NCL (and GENHK) . The house raises GENHK's EPS forecasts by 3%-40%.