=MARKET BUZZ: Genting Companies Down On Reportedly Losing Canadian Casino Bid
KUALA LUMPUR (Aug 11) -- Genting Malaysia's down 1.2% at MYR5.80, while parent Genting falls 0.1% at MYR9.69 after the group reportedly lost a bid for 22-year concession to operate gambling facilities in Canada. "Following this latest development, it implies that Genting Group would have lost the opportunity to venture into Canadian territory," says UOB Kay Hian Securities in investor note. House maintains Buy on Genting and Hold on Genting Malaysia, keeps target price at MYR11.05 and MYR5.15, respectively. "We reckon that Genting Malaysia’s share price could retrace from its recent upward momentum as we head closer to the U.S. Department of Interior’s due date for the Mashpee Wampanoag Tribe and the Plaintiffs to submit supporting materials and to reply to opposing submissions by Oct 17," says house.
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