03 May '13, 4am

Genting falls in Singapore trading as profit drops 44%

Genting Singapore Plc (GENS) , one of two companies licensed to run casinos in the city state, dropped the most in three years after reporting first-quarter profit plummeted 44 percent. Genting slid as much as 9 percent to S$1.465, headed for the biggest decline since January 2010, before trading at S$1.48 as of 11:36 a.m. in Singapore . The benchmark Straits Times Index slipped 0.6 percent. “Given earnings volatility and low yield, Genting Singapore’s valuation remains less attractive compared to Macau peers ,” Aun-Ling Chia, an analyst at Deutsche Bank AG in Kuala Lumpur , wrote in a note to clients published today. The brokerage kept its hold rating on the stock with a share-price forecast of S$1.38. Genting, which operates the Universal Studios theme park in Singapore, said yesterday profit fell to S$115.9 million ($94 million) in the three months ended March, compared...

Full article: http://www.bloomberg.com/news/2013-05-03/genting-falls-as...

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