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