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.
المملكة العربية السعودية أحدث الأخبار, المملكة العربية السعودية عناوين
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