Stock Name: Genting SP
Company Name: GENTING SINGAPORE PLC
The bank said it forecast Genting’s rival, Marina Bay Sands (LVS.N), to gain significant market share, up from 40% in the first quarter.
Company Name: GENTING SINGAPORE PLC
| Research House: Deutsche Bank | Price Call: HOLD | Target Price: 1.90 |
Deutsche Bank has downgraded casino operator Genting Singapore (GENS.SI) to hold from buy and lowered its target price to $1.90 from $2.43.
Deutsche said it expects Genting’s second quarter earnings before interest, taxes, depreciation and amortisation to be around $332 million, a 34% fall quarter-on-quarter, citing factors such as seasonality and more intense competition in the mass market.
Deutsche said it expects Genting’s second quarter earnings before interest, taxes, depreciation and amortisation to be around $332 million, a 34% fall quarter-on-quarter, citing factors such as seasonality and more intense competition in the mass market.
The bank said it forecast Genting’s rival, Marina Bay Sands (LVS.N), to gain significant market share, up from 40% in the first quarter.
The initial ramp-up of a new gaming market appears to be easing and the sector is entering a more sustainable growth phrase, Deutsche said, adding that it has pushed its junket approval estimate in the city-state to 2012.
At 9:05 a.m., Genting shares were up 0.55% at $1.84. The stock has fallen around 16% so far this year.
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