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Kenanga Research keeps an
Outperform call on Genting Bhd (3182.KU) but lowers its target to MYR11.35 from
MYR11.69 after 2Q net profit falls 21% from a year earlier.
The house also cuts
FY12-FY14 earnings estimates by 1%-2% as it factors in lower crude palm oil
prices and lower output of fresh fruit bunches that would drag the performance
of the plantation business.
It remains bullish on the mainstay casino business
with a likely turnaround in the U.K. operations, the resilient performance of
Resorts World and the full-year earnings impact from the New York casino. Shares
are trading flat at MYR9.03.
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