STOCKS NEWS SINGAPORE-Genting HK falls on poor earnings, UOB downgrade

Shares of Genting Hong Kong fell as much as 5.6 percent after the company reported poorer-than-expected earnings and UOB Kay Hian downgraded the gaming company to 'sell' from 'buy'.

Genting Hong Kong, which also owns cruise ships, posted a 37 percent fall in its half year net profit to $38 million compared to a year earlier.

UOB cut its target price for Genting Hong Kong to $0.32 from $0.38, on lower-than-expected earnings from its Asian cruise ship fleet due to lower occupancy rates and sharply smaller margins at its Philippine casino Resorts World Manila.

The brokerage cut its earnings forecasts for Genting Hong Kong by 32 percent in 2012 and 26 percent in 2013.

1126 (0326 GMT)

(Reporting by Charmian Kok in Singapore; charmian.kok@thomsonreuters.com)

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11:31 STOCKS NEWS SINGAPORE-DMG likes CDL, Far East Hospitality Trust

DMG & Partners Securities said the recent listings of hospitality real estate investment trusts in Singapore gave investors more choices to benefit from tourism, adding that its top picks in the sector are CDL Hospitality Trusts and Far East Hospitality Trust.

CDL units were up 1.3 percent at S$1.985 and have risen around 28 percent so far this year versus the 21 percent gain in the FT ST Midcap Index.

Ascendas Hospitality Trust made its debut on the Singapore Exchange last month, while Far East is set to start trading at 1400 (0600 GMT) after pricing its initial public offering at the top end of an indicative range to raise $575 million.

DMG said CDL and Far East, which derive more than 80 percent of revenue from Singapore, will continue to benefit from the rising tourist arrivals in the city-state. Singapore is expected to attract 14-15 million visitors this year, up from 13.2 million last year, DMG said.

The broker added that a range of new attractions, together with the integrated resorts and a growing meetings, incentives, conferencing and exhibitions (MICE) market, should drive high occupancies and room rates.

CDL was trading at a yield of 6.5 percent for 2013 fiscal year, while Far East traded at a 6.3 percent yield, DMG said, adding that other factors to consider include cost of funding, the sponsor's track record and characteristics of the properties.

1120 (0320 GMT)

(Reporting by Eveline Danubrata in Singapore; eveline.danubrata@thomsonreuters.com)

Source: http://news.yahoo.com/stocks-news-singapore-genting-hk-falls-poor-earnings-034201450--sector.html

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