Genting SP

Genting SP: Phillip Securities upgrade Genting SP to Neutral from Reduce after the casino operator sold its 4.8% Echo stake; it notes the stake was sold at an around S$16 million loss. "Echo does not provide a good return on investment. Hence, despite the loss, we view the disposal of Echo in a favorable light as its sale removed all doubts and worries that GENS will be engaged in multi-parties fight for Echo." It says GENS' strategy is now clearer as the company's cash hoard is still available for North Asia investments and isn't intended for investments Down Under. But it adds, it still has reservations on the company as management hasn't disclosed further information on GENS' S$1 billion in quoted and non-quoted securities, meaning they can't be assessed for risk. The China slowdown also has reduced gross gaming volume, it notes. The stock is down 0.4%, or a half-cent, at $1.395.