Genting SP

Genting SP: HSBC downgrades to Underweight from overweight, cuts TP to $1.30 from $1.52. Notes three GENS senior executives were charged for breaching regulations, including providing false info to the Casino Regulatory Authority, shortly following the departure of Mabel Lee, Head of the Int’l Mktg Operations just two wks ago. Believes such departures could impair a resort’s ability to attract as many players. Cuts 2012-13 EBITDA est by 3% and 6% respectively, sees GENS facing competition due to instability in its VIP team from MBS.