Genting SP

Macau Gaming / Genting SP: Macau's gambling rev jumped 13.5% to a record $38b in 2012, official figures showed Wed, despite the pace of growth slowing from a 2011 yoy increase of 42%. Despite that, analysts said Macau's better-than-expected Dec gaming revenue -- which rose 19.6% yoy suggested a rebound was in sight. CLSA note that with initial signs of macro-economic recovery in China, infrastructure improvements and a more stable political environment, house current gaming revenue estimate might appear to be on the conservative side. We note that CS in their latest 2013 strategy report tips Genting SP / SG Gaming to be a beneficiary of an improved economic backdrop in China, which could spur SG gaming revenue.