Genting SP: (S$0.76) 2Q16 results smashed as lady luck takes her leave*
- Despite trimming its net loss to $10.5m (2Q15: $16.9m), it reversed 1Q16's profit of $10.8m
- Revenue tumbled to $48.9m (-17% y/y, -26% q/q) as gross gaming revenue slumped
- In view of the dismal results, no interim dividend was declared (2Q15: 1.5¢).
- Maybank KE notes that the fall in RWS’s VIP and mass market GGR is at odds with various industry barometers.
- Our house downgrades its rating on the counter to Sell from Hold and cuts TP to $0.71 from $0.78.
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