(GENT MK/HOLD/RM9.73/Target: RM10.85)

GENT's strong results were mainly driven by subsidiary GENS’ margin expansion on better cost efficiency and lower impairment on receivables. While GENT’s valuation is relatively more compelling than its subsidiaries, we do not foresee significant rerating catalysts emerging in the near term. Greenfield opportunities, i.e, Japan and Las Vegas serve as longer-term catalysts. Maintain HOLD. Target price: RM10.85.

Source: UOB Kay Hian Research - 30 May 2017