Genting Singapore's Business Recovery Seems Slower Than Expected -- Market Talk

Dow Jones2022-08-15

0857 GMT - Genting Singapore's business recovery seems slower than RHB Research's Singapore research team expected, based on a recent visit to the company's Resorts World Sentosa location. In a note, RHB lowers the stock's target price to S$0.90 from S$0.95. There has been disappointing footfall at the location's premises and casino, with the team observing around half of the casino's tables empty on a Sunday afternoon. Based on conversations with RWS staff, RHB understands there's been a return of Asean tourists but a noticeable lack of North Asian tourists. RHB cuts the stock's rating to neutral from buy, partly because the company's outlook remains uncertain with energy and staff cost increases. Shares are 3.0% lower at S$0.80. (ronnie.harui@wsj.com)

 

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August 15, 2022 04:57 ET (08:57 GMT)

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