Genting SP

Genting SP: UBS downgrades to Neutral from most preferred, with $2.20 target. Despite being positive on GENS' fundamentals, first mover advantage and ability to better understand local clients to secure a larger than expected market share, notes valuations are no longer attractive following recent share price rally. Expects regulatory risks for GENS to rise, following recent government measures to ensure that future promotional efforts should be confined only to tourists.