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花旗银行-全球博彩业研报
Contents
Global Gaming  3
Changes in Forward Earnings Estimates and Target Prices  6
Changes in Target Price  7
Expansion and Labor Issues  9
Ratings and Valuations  10
Sands China (SCL) Filing of SFC Investigation  12
Infrastructure Update  13
Visitation Trends  14
Melco Crown Entertainment (MPEL)  22
Melco Int’l Development (0200.HK)  28
Sands China (1928.HK)  33
Las Vegas Sands (LVS)  39
Galaxy Entertainment (0027.HK)  45
SJM Holdings (0880.HK)  51
Wynn Macau (1128.HK)  55
Wynn Resorts (WYNN)  61
MGM Resorts International (MGM)  66
Genting Singapore (GENS.SI)  71
Genting Malaysia (GENM.KL)  76
Genting (GENT.KL)  81
NagaCorp (3918.HK)  86
Appendix A-1  93

花旗银行-亚洲航运业研报
Contents
Industry in a Stalemate  3
Summary  3
Where we are different from the Street  3
Stock picks  3
Asia Shipping Transportation overview  3
Record Scrap Insufficient to Ease Supply Glut  5
Delivery Slippage May Be Lower Than Expected  7
Under-Supply of Major Bulks Aggravates Vessel Over-Supply  9
Recent developments and near-term implications  10
“Near-Term BDI Bounce” May Not Materialize  13
BDI Forecast: Average 1,500 in 2011  14
Companies  17
STX Pan Ocean (028670.KS)  18
Downgrade to Hold: Sailing Into a Challenging Environment  18
U-Ming Marine Transport (2606.TW)  26
Supply Pressures Rise; Earnings Expected to Fall in 2011  26
Pacific Basin Shipping (2343.HK)  30
Maintain Sell: Too Early to Turn Positive  30
Appendix A-1  43

花旗银行-亚洲投资盈利调查
Asia: Only 43.1% of Companies Surprised
China: ’10 Earnings Resilient, ’11 Outlook Normalized (Part 2)
Hong Kong: Modest Earnings Revisions Despite ~80% of the Market Meeting or Beating Estimates
India: 4QFY11 Earnings Preview: Single Digit? Headline Weaker than the Underlying?
Taiwan: Impact of Retained Earnings Tax Increase
Fun with Flows: EM Inflows Accelerated