Monday, June 8, 2009

Switch out of Resorts into Genting: TA

MALAYSIAN brokerage TA Securities continues to recommend investors to switch out of Resorts into Genting to capitalise on the latter’s potential re-rating ahead of the opening of Resorts World at Sentosa.

It was reported over the weekend that Fitch Ratings has lowered its outlook on Genting’s issuer default rating to negative from stable and reaffirmed the rating at -A.

"The economic factor is bound to have an impact on visitors arrival but it is adequately reflected in our earnings forecasts," says TA.

TA has a "buy" call on Genting with a target price of RM6.60. - Reuters


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