(GENM MK/HOLD/RM5.60/Target: RM5.15)

We upgrade GENM to HOLD as its share price has fallen 7.4% since our downgrade. We maintain our view that GENM would trade within a tight trading range, with slight near-term downside bias on concerns of a looming one-off impairment risk on its US tribal casino project investment and higher operating costs associated with the phased opening of GITP. However, expect valuations to firm up ahead of the 21st Century Fox theme park opening. Target price: RM5.15. Entry price: RM5.00.

Source: UOB Kay Hian Research - 25 Sept 2017