Deutsche Bank is keeping its “sell” rating on Genting Singapore with a 50 cents target price.
The bank cutting Genting’s net profit forecast for this year by 5%, adding that it believes the share price and consensus earnings downgrades will eventually converge,
It also says it sees more risks for Genting than the market perhaps appreciates, listing higher impairments on receivables and a weakness in gaming revenue.
Deutsche says higher perpetual costs and a different tax environment cuts Genting's net profit to 60% of its earnings before interest, taxes, depreciation and amortisation, compared with 80% to 90% for its peers in Macau.
As at 9.02am, Genting Singapore is up 0.65% at 77 cents.
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The bank cutting Genting’s net profit forecast for this year by 5%, adding that it believes the share price and consensus earnings downgrades will eventually converge,
It also says it sees more risks for Genting than the market perhaps appreciates, listing higher impairments on receivables and a weakness in gaming revenue.
Deutsche says higher perpetual costs and a different tax environment cuts Genting's net profit to 60% of its earnings before interest, taxes, depreciation and amortisation, compared with 80% to 90% for its peers in Macau.
As at 9.02am, Genting Singapore is up 0.65% at 77 cents.
Click Here To Register For Free Trial Services OR Give A Missed Call : +6531581402 Follow Us On Twitter : www.twitter.com/epicresearchsg Like Us On Facebook : www.facebook.com/EpicResearchSingapore Need Any Assistance Feel Free To Mail Us at : info@epicresearch.sg
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