Genting Malaysia upgraded to ‘hold’

“The stake acquisition of Empire from ultimate holding company Kien Huat has moved on to the next phase of privatising the US listco without needing minority shareholders’ approval. Further cash injection is likely. Target price: RM3.01. Entry price: RM2.80, ” it said.

KUALA LUMPUR: UOB Kay Hian Malaysia Research has upgraded Genting Malaysia to “hold” as its share price has fallen close to its target price.

It said yesterday that the unpopular related party transaction of acquiring loss-making US-listed Empire Resorts is likely to perpetuate a long-term ESG valuation discount on the stock.