(GENM MK/SELL/RM5.50/Target: RM5.15)
We upgrade GENM to HOLD as its share price has fallen 8.2% since our downgrade. Current valuations have fairly priced in risks tied to its funding of the US Indian tribal (Mashpee) casino project, while improving GGR trends at Genting Highlands should provide downside support. Target price: RM5.15. Entry price: RM5.00.
Source: UOB Kay Hian Research - 22 Jun 2017
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