Bursa Malaysia Stock Watch

Genting Malaysia: Maintain Hold Hasta la vista Miami (See you later Miami)

kltrader
Publish date: Wed, 08 Feb 2012, 09:52 AM
kltrader
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Better luck next year. As the 'destination resort' bill for 2012 was all but terminated last Friday, Genting Malaysia (GENM) is unlikely to receive a casino license in Miami this year. The bill may be reintroduced in 2013 but with the overall unemployment rate in the United States falling to a three-year low, its appeal will likely diminish. Our RNAV-based TP incorporates 24 sen/sh cost of the Miami property, without the earnings potential. Maintain Hold and RM3.88 TP for now.

Maybank Research 8 Feb 2012

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