KUALA LUMPUR: GENTING BHD [] saw RM1.26 billion erased from its market capitalisation on Wednesday, Feb 9, after it extended its three-day losses on concerns of a decline in VIP customers to Resorts World Sentosa integrated resorts.
Genting fell 34 sen to RM10.40, the lowest since Dec 20, with 11.98 million shares done.
Genting's share price is down 94 sen or 8.29%, since Feb 2, when it ended the half-day session at RM11.34. The markets were closed on Thursday and Friday last week for the Chinese New Year holidays.
Since Feb 2, Genting's market capitalisation is down RM3.49 billion.
Meanwhile, CIMB Equities Research is retaining its Outperform on Genting subsidiary, Genting Singapore.
'We tweak our FY10 net profit forecast after factoring in lower gross gaming revenue (GGR) following Marina Bay Sands' 4Q10 weaker-than-expected GGR growth (on the back of a 20% on-quarter decline in VIP rolling).
'We still expect Genting Singapore to clock in S$378 million EBITDA for 4Q. We keep our FY11-12 GGR assumptions as we expect the opening of new attractions at Resorts World to draw more visitors, in turn bumping up its casino patronage,' it said.
CIMB Equities Research said Genting Singapore remains an OUTPERFORM with an unchanged SOP-based target price of S$2.70.
It expects stock catalysts from: 1) a speedier ramp-up of its operations; 2) the licensing of junket operators; and 3) sustained leadership of the gaming pie in Singapore, now estimated at S$4.7 billion, down 3% from its original assumption.
Genting fell 34 sen to RM10.40, the lowest since Dec 20, with 11.98 million shares done.
Genting's share price is down 94 sen or 8.29%, since Feb 2, when it ended the half-day session at RM11.34. The markets were closed on Thursday and Friday last week for the Chinese New Year holidays.
Since Feb 2, Genting's market capitalisation is down RM3.49 billion.
Meanwhile, CIMB Equities Research is retaining its Outperform on Genting subsidiary, Genting Singapore.
'We tweak our FY10 net profit forecast after factoring in lower gross gaming revenue (GGR) following Marina Bay Sands' 4Q10 weaker-than-expected GGR growth (on the back of a 20% on-quarter decline in VIP rolling).
'We still expect Genting Singapore to clock in S$378 million EBITDA for 4Q. We keep our FY11-12 GGR assumptions as we expect the opening of new attractions at Resorts World to draw more visitors, in turn bumping up its casino patronage,' it said.
CIMB Equities Research said Genting Singapore remains an OUTPERFORM with an unchanged SOP-based target price of S$2.70.
It expects stock catalysts from: 1) a speedier ramp-up of its operations; 2) the licensing of junket operators; and 3) sustained leadership of the gaming pie in Singapore, now estimated at S$4.7 billion, down 3% from its original assumption.
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