SINGAPORE (Nov 25): Disappointing third quarter results of Genting Singapore and expectations of continued market share loss have kept shares of the casino and resort operator at “underweight” by JP Morgan.

JP Morgan says, “Looking forward, we expect Genting Singapore to continue the market share loss trend in the no-growth Singapore market, while market also see pressure as bad debt expense stays afloat.”

Earlier this month, Genting said that its third quarter net profit fell 62% on year to S$37.2 million due to fair-value loss on its financial instruments and higher costs.

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