Genting Singapore Shares Rise on Visa-Free Deal With China

Dow Jones01-26

By Amanda Lee

Genting Singapore shares rose on news that Singapore and China will kick off a visa-free travel arrangement on Feb. 9, coinciding with the Lunar New Year holiday.

Shares of Genting Singapore, one of two casino operators in the Southeast Asian city-state, were 5.6% higher at 1.03 Singapore dollars (77 U.S. cents) at midday Friday, on track for their second biggest one-day percentage gain in a year. The rise took shares into the green in 2024.

The gains came after Singapore and China on Thursday announced a start date for the visa-free deal, which will allow travelers to visit their countries for up to 30 days without a visa.

Nomura analyst Tushar Mohata said the news "raises expectations of visitation and earnings growth" for the company this year.

He has a buy rating on the stock with a S$1.26 target price.

"The stock has lagged the performance of its subsidiaries," he said in a separate research note recently. "At current levels, the holding company's [revalued net asset value] discount is unjustifiably wide, and we think this discount will narrow once macro risks ease and further tourism recovery takes place" this year, he said.

Write to Amanda Lee at amanda.lee@wsj.com

(END) Dow Jones Newswires

January 26, 2024 00:00 ET (05:00 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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