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2 weeks ago | Report Abuse
VALUATION/RECOMMENDATION
• As TauRx is approaching a new milestone with potential commercialisation in future,
we now impute a 10% option value of TauRx’s initial IPO valuations of US$15b into our
target price, which translates into 35 sen/share. We deem this reasonable as TauRx is
submitting HMTM for regulatory approval soon.
• Maintain BUY with higher target price of RM6.13 (from RM5.78), which implies 6.5x
2024F EV/EBITDA and 0.7x 2024F P/B. In a blue-sky scenario, target price will be RM9.32 if
we fully factor in TauRx’s potential monetisation value.
2 weeks ago | Report Abuse
- For the US, a New Drug Application (NDA) will be submitted to the Food and Drug
Administration (FDA) to review. Normally, the FDA is allotted 10 months to review new
drugs, while under priority review, that time is shortened to six months. - For the UK, we expect TauRx to seek approval via the Innovative Licencing and Access
Pathway (ILAP). Recall that in 2022, TauRx received an innovation passport from the UK’s
regulatory agency MHRA.The Innovation Passport is the first stage of the Innovative
Licensing and Access Pathway (ILAP). After attending an ILAP meeting within 4-6 weeks
of application, opinion will be received within another four weeks. - For other regions, we understand that TauRx’s subsidiary – Poredeen Limited – has
appointed and given ICB Medical the exclusive rights to manage the importation and
logistics for the HMTM drugs in Hong Kong and Macau, where qualified prescribing
doctors can request HMTM drugs on behalf of eligible patients. However, HMTM drugs are
not commercially sold there yet. Poredeen will also be meeting and submitting data
packages to other drug regulators in more territories, including China.
2 weeks ago | Report Abuse
TauRx is a wild card for GENT, if commercialisation materialises. If TauRx secures
approval from key regulators and its HMTM drugs are commercially rolled out, the group
may be re-looking at an IPO. To recall, TauRx was initially eyeing a Nasdaq IPO in 2017
(with a potential valuation of US$15b), according to Wall Street Journal in Dec 15. If so, we
acknowledge that GENT’s 20.3% stake in TauRx could be translated to RM3.54/share
(e.RM4.50/US$1) or c.71% of its current market cap.
• Downside fairly limited if TauRx remains in limbo or does not work out. Even without
the TauRx factor, GENT’s investment merits remain appealing as the group is on track to
chart above pre-pandemic earnings dynamic in 2024-25, based on the booming tourism
scene and plenty of event catalysts from subsidiaries GENM and GENS. Furthermore, as
GENT’s valuations remain significantly below pre-pandemic levels with undervalued financial
matrixes, the group may not encounter a steep selldown in a scenario that TauRx
disappoints.
2 weeks ago | Report Abuse
Uobkayhian latest report on Genting
Genting (GENT MK)
TauRx’s Positive Discovery A Potential Wild Card
TauRx’s convincing 24-month Phase 3 clinical trial data for its Alzheimer’s HMTM drug
may be the missing puzzle piece for regulatory approval, and could eventually unlock
deep value in GENT’s investment. On hindsight, the procedure for HTMTM securing
approval and commercial rollout may be lengthy. That said, even without the TauRx
factor, GENT trades at a cheap valuation with plenty of re-rating catalysts, Maintain
BUY with a higher target price of RM6.13 as we partially impute TauRx’s option value.
2 weeks ago | Report Abuse
stay above $5, higher box level from now, bye-bye box level of $4 !
2 weeks ago | Report Abuse
ytlpower also has it's prolong down turn after lunching YES tele-communication project, burning away not less than $2b, its share price drifted from above $1 manyyears back to a miserable less than 40 sen before recovery from last year.
so, every player in Bursa has it's turn.
2 weeks ago | Report Abuse
you are right ! NTA $8.75 forward Div yield 3,9%, some more with TauRx Jackpot clearity.
2 weeks ago | Report Abuse
Ytlpower is getting weaker lately, those who made money from it may reinvest in Genting now
2 weeks ago | Report Abuse
No lah, should be double of your $5.62 after approval of TauRx
2 weeks ago | Report Abuse
what I am trying to say is that any business ventures involve all kind of risk, not easy and it need a lot of luck as well,
May be LKT is not as lucky as old Lim.
2 weeks ago | Report Abuse
If my memory serves right, during Old Lim era, , he invested(with LKT) in one of the US's Aboriginal Land with intention of transformed it into a casino entertainment centre but finally failed with total impairment/written off!
2 weeks ago | Report Abuse
Recalled during Old Lim's era, in 2007 Genting potential exploded and it's share price once reached $50 level, that was the most exciting moment for old Lim, will LKT repeat his father's glory with so many potential catalysts in hands? he is old now, I guess he will not leaving his legacy worst than his father!
3 weeks ago | Report Abuse
DestinyL, Unlike trading, investment is a boring job, just like watching paint dry
3 weeks ago | Report Abuse
https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3264792
Previous round of 3rd Phase testing result was announced in Bursa for Boss LKT selling!
why this round, he is so quiet?Probably outcome result is good!
3 weeks ago | Report Abuse
$150/$4820 =3.11%, slightly less in putting FD in the bank
3 weeks ago | Report Abuse
As long as Genting pays Dividend along the ways
3 weeks ago | Report Abuse
No feeling already as long as it drifted upwards in long run.
3 weeks ago | Report Abuse
supperdaddy, that is my wish! Looking at Current Genting Share price vs it's NTA with TauRx!
3 weeks ago | Report Abuse
AngTayKor, you Huat! hopefully Genting shareholders here indirectly follow you Huat also
3 weeks ago | Report Abuse
A few IB suggest Genting Target price range from $5.3 to $7.15 without Taurx.
why can't wait since holding it now!
3 weeks ago | Report Abuse
GENTING Top Shareholders
Total Shares (Quantity)
2.17B
Total Shares (%)
56.39%
Name % Shares Position
Change Value Record Date
KIEN HUAT REALTY SDN BHD 37.15% 1,430,569,610 - 6.68B 21 Mar 23
CREDIT SUISSE 6.76 260,172,680 49,213,280 1.22B 21 Mar 23
GREAT EASTERN LIFE ASSURANCE MALAYSIA BERHAD 1.05% 40,122,900 -27,406,200 187.37M 21 Mar 23
PRULINK EQUITY FUND 1.03% 39,716,900 -8,901,700 185.48M 21 Mar 23
STATE STREET BANK & TRUST COMPANY 1.03% 39,553,200 2,347,800 184.71M 21 Mar 23
It appears Kien Huat realty Sdn Bhd , the ultimate shareholder of Genting is currently holding Genting Shares without any pledging!
1 month ago | Report Abuse
Good move, if not many gamblers , then can save a substantial sum of casino tables n slot machines tax
1 month ago | Report Abuse
Good move, if not many gamblers , then can save a substantial sum of casino tables n slot machines tax
1 month ago | Report Abuse
if Dividend, Kien Fatt shareholders will curse him more than Genting Shareholders
1 month ago | Report Abuse
Genting Singapore is now transacted @ S$1.06
2 months ago | Report Abuse
AngTayKor such a long time not heard from you! good to see you here again
2 months ago | Report Abuse
Can't agree more, otherwise big boss waste his time working hard on the Co for 10 past years while seeing his Co's share price sliding below year 2013
2 months ago | Report Abuse
micheal chan : genting highland :人山人海?
2 months ago | Report Abuse
Doctor frying shares ,finally hands got burnt.
2 months ago | Report Abuse
10 years goreng once!
2012 Jan about $0.71 goreng to $2.24
2023 fro,$0.825 goreng to what level , let's wait and see
2 months ago | Report Abuse
hari raya in April 2024, another long holidays n falls in 2nd Q 2024 , so sui sui
2 months ago | Report Abuse
I have enough of Genting, have faith on it!
2 months ago | Report Abuse
Funny lah, love to own genting n hate directors of Genting. Actually Genting is much much better than Serbak
Stock: [GENTING]: GENTING BHD
2 weeks ago | Report Abuse
As at 14-3-23 net short position for GENM 21m while zero for Genting