Macquarie Securities says the stock is worth US$0.60 based on the sum-of-part method. Â The recently listed NCL has a market cap of UUS$5.6 bln. Â Genting HK's 44% stake is worth US$2.5 bln. Â GentingHK's market cap is US$3.3 bln, hence the valuation of the remaining business - Star Cruise and Resorts World Manila casino are only US$800m, much below book value. Â
The Edge last week reported Genting HK may dispose their JV Manila casino operation or divest it (method not known yet) to build a bigger casino so this attracted some interest but many sellers at 46 US cents last Friday but at least still went up on a down day. Looks like something may happen given the interest shown lately
