SINGAPORE (Nov 13): Genting Singapore was downgraded to sell by OCBC after the firm reported third quarter earnings, following a 62% fall in net profit.

The gaming company, like others in the sector, has suffered in recent years from economic slowdown, a stronger Singapore dollar -- which deters regional visitors -- and an anti-corruption crackdown in China that has led to dwindling VIP numbers.

"To account for the more challenging VIP outlook, we have pared our earnings estimates for FY15 and FY16 by nearly 40%," OCBC says, lowering its target price to $0.69 from $0.81 a share.

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