Broker's take: DBS downgrades Genting to 'hold' on negative earnings adjustments

DBS Group Research has downgraded Genting Singapore to"hold" and lowered its target price to S$0.75 from S$0.80 previously, to reflect its negative earnings adjustments.

This comes as the research house once again cuts its forecast for Genting Singapore's financial year 2020/2021 earnings before interest, taxes, depreciation and amortisation. The latest earnings reduction reflects DBS Group Research's expectation of a J-shape recovery compared with a V-shape recovery previously, analyst Jason Sum said in a research note on Monday.

This is driven by a more severe drop in tourist arrivals, extended social-distancing regulations, and a sharper contraction in the Republic's economy. Despite the novel coronavirus's"immense impact" on Genting's earnings, the group's valuation is attractive relative to regional peers. Its sustainable 5 per cent dividend yield should also help support its share price, Mr Sum said.

Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen

Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.

Market value of Singapore stocks swells in April as funds redeploy cash into blue chipsTHE combined value of all Singapore stocks rose in April as funds redeployed the cash they had pulled out during a panicked March into trusty blue chips, though second-liners remained on the backburner. Read more at The Business Times.
Herkunft: BusinessTimes - 🏆 15. / 51 Weiterlesen »