RHB Group Research remains upbeat on Genting Singapore despite the likelihood of its bid for the Yokohama integrated resort (IR) project being shelved following the election of anti-IR candidate Takeharu Yamanaka as Yokohama mayor.

"As things stand, it looks unlikely that Genting Singapore will be able to participate in this bid," the Singapore research team says in a Sept 3 research note.

Nonetheless, the team has kept its “buy” call with an unchanged target price of 92 cents, noting that no changes were made to their forecasts as they had not imputed any potential Yokohama IR win.

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