KUALA LUMPUR (Dec 4): AffinHwang Capital Research has downgraded Genting Bhd to “Add” at RM9.20 with a lower target price of RM9.90 (from RM11.80 ) and said the unexpected snap elections in Japan would likely dampen Genting’s aspirations to enter a potentially lucrative market.

In a note Thursday, the research house said Resorts World Jeju in Korea was on track, but unlikely to be significant due to regulations.

“We downgrade Genting to “Add” with a revised price target of RM9.90.

“Declining Chinese tourist arrivals continue to weigh on Genting Singapore, but we see potential re-rating catalysts in improving nongaming segments and a recovery in Genting Malaysia Bhd’s visitor arrivals,” it said.