0259 GMT [Dow Jones] STOCK CALL: Macquarie raises Genting (3182.KU) target price to MYR9.50 from MYR7.50 and keeps Outperform call after upgrading target price for Genting Singapore (G13.SG) to S$1.14 from S$0.70, raising 2010 earnings by 20% after assuming full year earnings from Genting Singapore and marking to market Genting's other listed investments. "Despite the strong performance, we believe that Genting is still cheap at 11X PER and 3.6X EV/EBITDA for 2010," says analyst Edward Ong. Believes, RNAV-based target price of MYR9.50 has further upside from at least 3 sources; "higher revenue risk in Singapore, new production or transactions at the oil & gas division, and revenue surprises at the Malaysian leisure division," he adds. Genting down 1.5% at MYR6.54. (VGB)

0255 GMT [Dow Jones] Genting Singapore (G13.SG) bucks market as hopes that company's upcoming casino resort on Singapore's Sentosa island will boost earnings continue to support shares. Shares +1.0% at S$1.01 vs STI off 0.8%; order book quotes suggest near-term resistance at year-to- date high of S$1.03. Stock has sharply outperformed STI over past month on growing excitement over casino opening early next year, rising 20% vs STI's 3% fall. CLSA says estimates for company's casino earnings may be overly cautious, company may do better than expected in terms of profit margins, market share. Broker says shares could be worth as much as S$3.00 on more bullish assumptions; "we have run a number of blue sky scenarios which implies the stock could be worth as much as S$3.00, implying 200% upside." But maintains Buy rating and S$1.10 price target for now. (KIG)