SINGAPORE (Nov 13): Maybank Kim Eng has downgraded Genting Singapore to “hold” from “buy” and cut its target price to 78 cents from 86 cents.

In a report out today, the research house says GENS’s 3Q results disappointed on record high doubtful debts and believes its VIP volume share is unlikely to recover.

To recap, GENS’s 3Q core net profit of $69.3 million brought 9M15 core net profit to $205.2 million, which was below our expectation at 50% of Maybank’s full-year estimate.

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