Publishing and Broadcasting (PBL) Shares Recommendation

Publishing and Broadcasting (PBL) have an Outperform shares recommendation from stock analyst Macquarie Research Equities (MRE). US investors enthusiastically embraced the future of gambling overnight, sending the shares of newly listed Melco PBL Entertainment on the American Nasdaq soaring almost 14%. The company's listing made Melco the third richest US IPO of the year. Melco PBL Entertainment, a joint venture between Australia's PBL and Hong Kong-based Melco International Development, had initially targeted an IPO price range of $16-$18 per share, however high demand saw the IPO priced beyond this range, at $19 per share. The company also increased its offering to 60.3 million American depositary shares from the initial 53 million shares. The shares hit a high of +18%; the shares closed the session at an impressive US$21.61, up 13.74%, on heavy turnover of more than 48 million shares. The company (MPEL) is expected to become a major casino operator in Macau, the only place in China that allows casino gambling, when it opens its City of Dreams mega-resort in mid-2008. The company plans to open its first casino-hotel, the Crown Macau, in April 2007. It currently operates a chain of slot-machine parlours in the booming Chinese territory, with approx. 30% market share. Some market analysts claim that Macau, the former Portuguese colony that is now a Chinese territory, has the potential to compete with and take over from Las Vegas as the world’s primary gambling city.

Publishing & Broadcasting Limited is listed on the Australian Stock Exchange (ASX) under stock code PBL. You can view their investor website here. PBL was listed on the ASX on 4 June, 1987. John Alexander is the Managing Director for Publishing and Broadcasting. Find out the meaning of the recommendations in this primer. PBL is involved in television production and broadcasting; magazine publishing and distribution; gaming and entertainment; investments in the internet, pay television, telecommunication and other media and entertainment sectors. Browse for other stockbroker recommendations. You can use Instalment Warrants to trade PBL. Check your charts and good luck with your share trading!