SINGAPORE (June 20): UOB Kay Hian is downgrading Genting Hong Kong to “sell” with lower target price of 26 cents amid tough competition in its cruise segment, the shipyard’s continuing losses and indefinite suspension of Resorts World Manila.

GENHK lost its only income source after the Philippine Amusement and Gaming Corporation (PAGCOR) last week suspended the casino licence of GENHK’s 45%-owned Travelers International which contributed US$33 million to GENHK’s PBT in 2016.

“As the timing for the reopening of RWM remains unknown, we brace for an extended investigation period,” notes Khoo.

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