Third-quarter performance falls to a two-year low for Genting Sing, missing expectations.

On Friday, Genting Sing's stock price fell by 7.7% to 0.775 Singapore dollars, hitting the lowest point since October 2022, and then slightly narrowed the decline.

Genting Sing released its performance on Thursday, with a net profit of 79.4 million Singapore dollars (approximately 0.263 billion Malaysian ringgit) for the third quarter ending in September, well below market expectations.

In response, analysts at JP Morgan Chase pointed out that after falling short of expectations in the second quarter, the market had already lowered expectations, and the performance in the third quarter is once again disappointing.

'More worrisome is that demand and profitability have not shown a significant increase so far (in the last quarter), exacerbating the possibility of a 'triple blow'.

In view of this, JP Morgan Chase has downgraded Genting Sing's rating from 'shareholding' to 'neutral', with a target price reduction of 8% to 0.92 Singapore dollars.

Analysts expect Genting Sing to show significant profit growth only in the next quarter of next year.

At the same time, JP Morgan Chase also downgraded Genting Sing's rating from "shareholding" to "market perform" due to increased competition from Marina Bay Sands in Singapore and a less optimistic outlook for the industry and hotel market.

JP Morgan Chase analysts have slashed Genting Sing's target price from 1 Singapore dollar to 0.90 Singapore dollar.

So far this year, Genting Sing's stock price has dropped by about 20%, underperforming among the constituents of the Straits Times Index, which overall rose by 15%.