REFILE-Genting lags behind upbeat Singapore index as results disappoint

Thu Feb 20, 2014 11:11pm EST

SINGAPORE Feb 21 (Reuters) - Genting Singapore PLC was headed for its biggest daily decline in nearly 10 months after reporting lacklustre results, while Singapore shares rode on Asia's optimism to a second week of straight gains.

Shares of Genting Singapore fell as much as 4.6 percent to S$1.34. More than 40 million shares changed hands, 2.5 times its average 90-day trading volume.

Genting Singapore, which operates Resorts World Sentosa (RWS), one of the two casinos in Singapore, reported a 32 percent slump in fourth-quarter adjusted earnings before interest, tax, depreciation and amortisation (EBITDA), weighed down by sagging gaming revenue.

Brokerage Citi Research maintained its "buy" rating on the stock, citing Genting's interest in Japan and new project in Jeju. It however cut its earnings estimates by 9-10 percent and target price to S$1.75 from S$1.88.

The benchmark Straits Times Index gained 0.6 percent to 3,105.83 points by 0349 GMT, headed for a weekly rise of 2.3 percent, the strongest weekly gain in five months.

The MSCI's broadest index of Asia-Pacific shares outside Japan advanced 0.6 percent.

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