X Close

Archives

Published: Wednesday November 14, 2012 MYT 10:33:00 AM

Genting Bhd falls after weaker earnings from Genting Singapore

KUALA LUMPUR: Genting Bhd's share price fell in active trade on Wednesday as analysts reduced their forecasts after Genting Singapore (GENS) posted weaker earnings.

At 10.15am, Genting fell 18 sen to RM9.31. There were 652,700 shares done.

The FBM KLCI fell 1.49 points to 1,636.10. There were 159.15 million shares traded valued at RM167.18mil. There were 150 gainers, 153 losers and 229 counters unchanged.

CIMB Equities Research had reduced its target price for Genting to RM10.90 from RM11.60. GENS makes up just over 40% of Genting's net profit, it said.

The research house said GenS reported poor Q3, 2012 numbers that were well below expectations.

It said Resorts World Sentosa (RWS) is adjusting to find a steady state of growth in the face of tough regulation.

However, CIMB Research said Genting's diversified earnings base remains the best proxy for the group.

"We cut our EPS forecasts by 3%-9% following our earnings revisions for GENS. Our RNAV-based target price is lowered to RM10.90 following the revision in our target price for GENS, which makes up 45% of Genting's RNAV. M&A and restructuring opportunities remain key catalysts for Genting. Maintain Outperform," it said.

advertisement

  1. Karpal Singh cremated after emotional farewell
  2. Karpal Singh’s final journey, thousands bid farewell
  3. Karpal Singh: Emotional moment as thousands pay their last respects at funeral
  4. Storify: The Tiger sleeps today
  5. Karpal, my hometown hero
  6. JPJ: Driving licence for automatic cars out in June
  7. Meet Kepler-186f: First exoplanet found to be 'almost like Earth'
  8. MH370 search: Next 48 hours crucial, says Hishammuddin
  9. Gobind: My father was a simple man, who enjoyed simple things
  10. CM proposes that sea front be renamed Karpal Singh Drive

advertisement

advertisement