Genting Singapore price target cut 17% to $1 by JPMorgan

Stock Name: Genting Sing
Company Name: GENTING SINGAPORE PLC

Research House: JP Morgan Chase

Price Call: SELL

Target Price: 1.00

SINGAPORE (Oct 30): JPMorgan has cut its price target for Genting Singapore from $1.21 to $1.00, based on a discounted cash-flow valuation model.

It has an "underweight" rating on the stock, citing limited growth potential for the gaming group.

"Genting Singapore's earnings quality is expected to weaken (given) an unfavorable business mix," three JPMorgan analysts said in a note.

Contributions from the VIP customer segment are volatile and offer low margins, they said.