Whatever news it was that fuel the buying frenzy for Genting Berhad did not really matter from hindsight. Was it the fantastic revenue from the 2nd Q of 2010 for RWS or was it the 'almost in the bag' NY Racino project bidding?
Truth be told, the buyers came out from the woodwork and devour fervishly until the counter ended up 48 sen to RM8.18 at its close on 13 August.
AmResearch has reportedly raised its FY10F net profit forecast for Genting Berhad to RM2.8 billion from RM1.3 billion due to higher contributions from Genting Singapore.
'New fair value for Genting Bhd is RM10.67/share versus RM7.66/share previously,' it said.
Will there be a price shoulder build above RM8.00 so that there will be a breather before Genting climbs purportedly to the new price of RM10.67?
This we will have to see.
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