Bursa Malaysia Stock Watch
Genting Malaysia (BUY) - Results In-Line
kltrader
Publish date: Wed, 29 Feb 2012, 04:04 PM
kltrader
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Genting Malaysia(BUY)
Results In-Line
- Excluding construction revenue and profit for the US, GenM's FY11 net profit camein-line accounting to 104.4% of our full year forecast.
- Declared final dividend of 4.8 sen, summing up to GDPS of 8.6 sen vs.our expectation of 8 sen. (2.3% GDY).
- Membership programmes were differentiated during the quarter which ledto the fall in casino patronage trend. Hotel revenue was up 9% on the back ofincreased of no. of rooms sold and higher average room rate.
- GenUK continued to show improvement in the quarter, recording higher revenueand EBITDA attributable to higher volume in business and hold percentagein Londoncasinos.
- Net win in RWNY started to normalize within the range ofUS$310-370/VLT/day. In addition, RWNY has increased its marketing efforts inRWNY to attract more customers such as bus programmes.
- We raise our revenue growth for GenUK from a conservative 1% to 3% toreflect better-than-expected performance during the year.
- Target price is raised 2% to RM4.17 from RM4.07 previously.Upgrade to BUY.
Source: HLIB Research 29 Feb 2012
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