0239 GMT - Genting Singapore's shares remain undervalued despite the company's 3Q disappointing results, Morningstar senior equity analyst Jennifer Song says. The opening of attractions, such as 'Minion Land' are among several drivers to support Genting Singapore's growth in the coming quarters, she notes. Song adds that management cited lower VIP rolling volume and win rate as the reason for its 3Q on-quarter decline in revenue and adjusted earnings before interest, taxes, depreciation, and amortization. Morningstar lowers its fair value estimate to S$0.98 from S$1.02 after trimming its 2024-2028 forecasts for revenue by 4%-10% and adjusted earnings before interest, taxes, depreciation, and amortization by 5%-15%. Shares are last at S$0.79.(amanda.lee@wsj.com)
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