2013 to be more exciting than 2012. Genting Malaysia's (GENM) existing operations remain resilient. Although its potential expansions into the USA are exciting to the tune of billions of USD in terms of gross gaming revenue (GGR) (please see pages 2 and 3), they are unlikely to materialise until 2013 at earliest. Its potential expansion into Vietnam is more likely to materialise sooner but is unlikely to significantly boost its earnings. Maintain Hold call and ex-cash DCF-based TP of RM4.00.

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Source: Maybank Research - 17 April 2012