Below expectations, but on taxes. All segments reported higher EBITDA YoY in 2011, except oil and gas. Higher than expected taxes brought 2011 core net profit growth to just 7%, below our expectations. Going forward, earnings growth will moderate on slowing VIP volume growth at Resorts World Genting (RWG) and Resorts World Sentosa (RWS). Maintain Hold, but raise TP to RM10.50 (+4%) as we roll forward our SOP-based valuation.
Maybank Research 29 Feb 2012
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