Genting Hong Kong has been downgraded to a ‘sell’ at UOB Kay Hian over concerns about competition in the Asian cruise market.
“We expect Genting’s losses from the cruise segment to further widen in 2017, from 2016’s reported ebitda loss of $90m,” said UOB Kay Hian analysts Vincent Khoo and Yeoh Bit Kun.
“On top of the pre-operating costs from the new Dream and Crystal ships, the newly acquired shipyard operation could extend its operating losses.
