The stock's current undemanding valuations of 5.7 times FY10 enterprise value/ earnings before interest, tax, depreciation and amortisation (EV/EBITDA) versus its historical average of 7 times and the regional peer average of 7 times to 10 times, indicates that the potential competitive risk emanating from the Singapore integrated resort has largely been priced in.
"Stripping out its net cash/share of 90 sen, the stock trades at 8.9x FY10 PER.
Maintain BUY with a target price of RM3.25 (10% discount to RNAV of RM3.60)."
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