Genting Malaysia

[winston]

not vested

Genting Malaysia (GENM MK)
2Q22: Best Quarterly Results Since Onset of Pandemic

GENM charted its best quarterly EBITDA since the onset of the pandemic, mainly driven
by RWG’s strong recovery (achieving 75% of pre-pandemic revenue).

We anticipate further recovery in 2H22, premised on RWG’s stronger international patronage and room for capacity expansion.

Key catalysts for GENM include sharp GGR growth, restoration of its dividend practice by end-22 (implying about 5% yield), and RWNYC bidding for a full-fledged casino licence.

Maintain BUY. Target price: RM4.00.

Source: UOBKH

https://research.uobkayhian.com/content ... 048d8504e3

[winston]

not vested

Genting Malaysia confirms connection to Macau concession bid

by Ben Blaschke

Tt would almost certainly lease Treasure Island Hotel Macau, located alongside Nam Van Lake, once construction is complete in December – just in time for the new concessions to kick in from 1 January 2022.

Treasure Island was previously dubbed Resorts World @ Macau and is 37.5% owned by Genting Hong Kong – Genting’s cruise ship arm which is currently in liquidation.

Source: Inside Asian Gaming

https://www.asgam.com/index.php/2022/09 ... ssion-bid/

[winston]

not vested

Genting Malaysia (GENM MK)
Taking A Big Bite At The Big Apple

With the moratorium for New York’s downstate casino ending in 2023, GENM’s RWNYC
appeals as one of the frontrunners to secure a full-scale gaming licence.

Securing a concession could raise RWNYC’s GGR and EBITDA by >US$603m (>68%)
and >US$106m (>80%) respectively, and inspire the Genting Group to list its US
operations in the US.

Maintain BUY. Target price: RM4.00.

Source: UOBKH

https://research.uobkayhian.com/content ... d71e6d5603

[winston]

not vested

Genting Malaysia (GENM MK)
Chinese visitors are nice to have but not crucial
Maintain BUY and DCF-based TP of MYR3.27

Under a ‘blue sky’ scenario where the 1.0m Chinese visitors that visited Resorts World Genting (RWG) in FY19A return in FY24E, our FY24E earnings and DCF-based TP for GENM could be tweaked upwards by only 8% and 4% respectively.

That said, there could be more upside should GENM win a Macau gaming concession and Macau is allowed to fully reopen its borders.

We maintain our earnings estimates, BUY call and MYR3.27 DCF-based TP for now.

Source: Maybank

https://mkefactsettd.maybank-ke.com/PDFS/288186.pdf

[winston]

Tourist arrivals should bring a good 1Q24F

We expect GENM’s Malaysian operations to post qoq and yoy improvements in 1Q24F following strong tourism data, especially Chinese tourist arrivals.

Improved economic activity and continued tourism recovery should continue to drive GENM earnings growth throughout FY24F.

GENM is our top pick for exposure to a rebound in tourism. We believe its valuation is undemanding at 13.8x CY24F P/E with a c.6-7% dividend yield.

TP: 4.00

Source: CIMB

https://rfs.cgsi.com/api/download?file= ... 782B3F1AEF

[winston]

not vested

Fine start to the year of the dragon
Maintain BUY with tad lower DCF-TP of MYR3.09 (-2%)

1Q24 core net profit outperformed on lower-than-expected tax. Yet, 1Q24 EBITDA was in-line.

We tweak FY24E/FY25E/FY26E EPS by +0%/ +3%/+1% and trim our DCF-TP to MYR3.09 from MYR3.16 on minor housekeeping.

Positively, GENM stated that the shuttering of Circus Palace and Hollywood has had little impact on its mass market. Negatively, it also confirmed that its bid to convert Resorts World New York City into a full casino will have to wait. Yet, we still like GENM as a post-COVID recovery play.

Owns and operates Resorts World Genting, the only integrated resort in Malaysia. Also owns casinos in the UK, US and Bahamas.

Source: Maybank

https://mkefactsettd.maybank-ke.com/PDFS/384627.pdf

[winston]

New York downstate casino licence to be awarded by end-December 2025, positive for GenM — Phillip Capital

By Myia S Nair

The casino group’s video gaming machine (VGM) operations continued to outperform its peers in New York, with its market share expanding to 43.3%.

We had earlier projected an additional RM250 million to RM320 million Ebitda contribution in 2026, assuming 200-250 tables being set up for the first year of operation.

Overall, we expect an improved performance from the US operations, which made up 18% to 20% of GenM’s group revenue and Ebitda in 2023.

Key downside risks to our call include lower-than expected win rates, a hike in gaming taxes, drag from key associates and value-destructive related-party transactions.

Source: theedgemalaysia.com

https://theedgemalaysia.com/node/720114

[winston]

not vested

Slight pause after stellar 1Q24

Maintain BUY call and MYR3.09 DCF-TP 2Q24/6M24 results were within our expectations.

Positively, the negative impact of the Sales & Service Tax (SST) hike has been tepid.

On another note, GENM has not decided when its old mass gaming floors will reopen.

We maintain our earnings and dividends estimates, BUY call and MYR3.09 DCF-TP.

We still like GENM for its earnings recovery coupled with the prospect of Resorts World New York City securing a full casino license by end next year that could add at least MYR0.50 to our DCF-TP.

Source: Maybank

https://mkefactsettd.maybank-ke.com/PDFS/402697.pdf

[behappyalways]

Pahang PAS: Voters should vote for PAS if they take control of central government

掌中央政权即关赌场 彭亨伊党: 选民应投伊党 | 八点最热报 15/09/2024

https://m.youtube.com/watch?v=I2YUvoHBuTc&t=5s

[winston]

not vested

Unloved despite tourism & earnings upturn

Reiterate Add on GENM as a tourism recovery play with a lower TP of RM3.65, supported by 3-year EPS CAGR of 42% with dividend yield of 6-8%.

Improving foreign visitor arrivals, especially from China, and strong domestic tourism growth, look set to drive earnings in coming quarters, in our view.

At 13.4x CY25F P/E and 7.3x CY25F EV/EBITDA, we think valuations are undemanding with strong FCF generation and attractive dividend yields.

TP: RM 3.65

Source: CIMB

https://rfs.cgsi.com/api/download?file= ... 72AAF34309