KUALA LUMPUR, Dec 18 — AllianceDBS Research maintained its “Hold” call on Genting Malaysia (GENM) with a target price (TP) of RM4.35. The research house does not see significant re-rating catalysts for the stock in the near term.

Today, GENM closed 12 sen lower at RM3.95 with 9.89 million shares transacted, following the announcement that its indirect wholly-owned subsidiary, RW Orange Country LLC has not been successful in its application for the selection process for the development and operation of a gaming facility in New York.

“Although there is fundamentally no impact on group earnings, the news could dampen investor sentiment towards the group in the near term,” it said adding it expected near-term price weakness for the stock. — Bernama