Analysts cut Genting and unit forecasts on weaker UK ops

PETALING JAYA: Genting Bhd and its unit Genting Malaysia Bhd reported recent results in line with market expectations but some analysts are cutting their forecasts for the companies’s future earnings to factor in weaker casino operations in Britain and capital expenditure (capex) for some of its projects.

“We tweak our FY2011-FY2012 forecast earnings by 2% to 4% to factor in weaker Britain operations, recent acquisition of Miami waterfront properties at US$236mil and capex for Birmingham NEC large casino,” Hwang DBS said in a note on Genting Malaysia yesterday.