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