not vested
Genting Bhd (GENT MK)
Not much upside from the return of Chinese visitors
Maintain BUY and MYR5.35 SOP-based TP
Under a ‘blue sky’ scenario where the 1.0m Chinese visitors that visited RWG in FY19A return in FY24E and RWS FY24E mass market GGR recovers to 100% of FY19A levels driven by the return of Chinese tourists, our FY24E earnings for GENT could be raised by 10% but our SOP-based TP could be tweaked by only 3% to MYR5.51.
Yet, there could be upside from RWLV should Chinese visitors return to Las Vegas.
We maintain our earnings estimates, BUY call and MYR5.35 SOP-based TP for now.
Source: Maybank
https://mkefactsettd.maybank-ke.com/PDFS/288197.pdf