Genting's FY12 core earnings were in line with our expectations, representing 96% of our full-year forecast. Given our recent upwards revision in Genting Singapore's fair value,  we  are  bumping  up  our  SOP  FV  on  Genting  from  RM10.02  to  RM11.32. Maintain  BUY,  with  our  revised  RM11.32  FV  incorporating  a  10%  holding  company discount.

In line. Genting's FY12 core earnings were in line with our estimates, representing 96% of our full-year forecast but below consensus, at only 87.5% of the latter's full-year estimates. FY12  core  EBITDA  declined  15%  y-o-y,  which  was  largely  expected  given  the  relatively poor performance of Genting Singapore on the back of lower VIP gaming volume in FY12. In view of Genting Singapore's substantial 46% earnings contribution to group earnings, its underperformance (EBITDA contracted by 17% y-o-y) was the key drag on Genting's group
earnings. 

Source: OSK