Genting Singapore price target cut to $1.03 from $1.33 by OCBC

Stock Name: Genting Sing
Company Name: GENTING SINGAPORE PLC

Research House: OCBC

Price Call: HOLD

Target Price: 1.03

SINGAPORE (Oct 21): OCBC Investment Research has cut its price target on Genting Singapore to $1.03 from $1.33 to factor in lower free cash-flow growth.

"This is to account for a slower China economic growth outlook over the next few years," OCBC analyst Carey Wong said in a note today.

Genting's share price has fallen substantially ever since the gaming group said it had to book a "large" $81.6-million impairment on its trade receivables for 2Q2014, according to Wong, who has a "hold" rating on the stock.