SINGAPORE (Nov 16): OCBC is downgrading Genting Singapore to a “sell” with 69 cents fair value as its 9M results only met 38% of its FY estimates as its VIP segment continues to stay weak.

Genting Singapore reported 3Q15 revenue easing 1% to $636.1 million from a year ago, as its gaming business continued to stagnate.

OCBC estimates that core earnings would have been a loss of $10.1 million excluding perpetuals. Including perps, net profit came in at 62% lower at $37.2 million.

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