TOKYO (July 4): Genting Singapore Ltd falls as much as 3.7% after JPMorgan reduced its rating on the stock to underweight from neutral. Price target was cut to SGD0.83 from SGD1.05.
Market Metrics
* Shares declined to SGD0.90 from SGD0.94 in the previous session.
* Trading volume was about quadruple the 20-day average.
* The Straits Times Index STI lost 0.4 percent, and the MSCI AC Asia Pacific Index fell 0.4 percent.
Market Insights
* In the past year, the stock had a similar or greater loss three times at the close; it advanced in the next trading session twice (1 percent, on average) and declined once (0.9 percent).
* Shares are at a 23 percent discount to the analysts’ consensus target price. The stock traded at an average 24 percent discount over the past year.
* JPMorgan analyst Utkarsh Mehrotra downgraded the recommendation on Genting Singapore to underweight and assigned a target price of SGD0.83 today.
* Stock declined 23 percent in the past 52 weeks as the Straits Times Index STI gained 4.1 percent.