SINGAPORE (Nov 16): DBS is maintaining its “hold” call on Genting Singapore with a lower target price of 76 cents on an 18% fall in adjusted EBITDA, continued losses in investment portfolio and elevated levels of bad debt.

To recap, Genting Singapore delivered another disappointing set of results, with adjusted EBITDA falling 18% y-o-y to $209 million.

Despite the recovery in the VIP win rate, Genting Singapore was impacted by the 50% y-o-y drop in rolling chip volumes as it remains cautious on extending credit.

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