Maybank Kim Eng analyst Yin Shao Yang has downgraded Genting Singapore to “hold” from “buy” following the win of an anti-IR mayor in Yokohama.

“This almost certainly means that the Yokohama IR RFP process will be shelved,” writes Yin in his Aug 23 note.

He holds firm to his view that Genting’s joint bid is in the “strongest position” to win the license, although with the results of the mayoral election, “it is likely all academic now”.

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