Bursa Malaysia Stock Watch
Genting Malaysia (BUY) - GenUK's NEC A Step Closer To Reality
kltrader
Publish date: Mon, 19 Mar 2012, 01:55 PM
kltrader
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Genting Malaysia (BUY)
GenUK's NEC A StepCloser To Reality
- According to severalsources in the UK,the latest meeting of the Solihull Metropolitan Borough Council meeting haseffectively paved the way for the next planning stage of the project to put acasino at the heart of a destination development at the NEC. The projectincludes a new conference centre and hotel.
- This newsis within ours and management's time frame and the process is scheduled forcompletion by 1HFY12. Thereafter, development works will commence in by 2HFY12.
- GenM wouldnot have any problem funding this ''120m (RM581m) development given its net cashof RM2.6bn-3.6bn and free cash flow of RM1.8-2.2bn in FY12-13.
- Uponcompletion of this development, we expect the volatile earnings in GenUK willbe mitigated and underpin more consistent revenue growth going forward.
- We remain ourforecast and target price of RM4.17. Maintain Buy.
Source: HLIB Research 19 March 2012
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