The group’s FY12 results were in line with both consensus and our expectations. Its Malaysian core gaming operations posted double-digit growth in VIP gaming and mid single-digit growth for mass market gaming, but this was a partial drag on win
rates. The current share price offers a good opportunity to accumulate as its valuation an undemanding 12.9x PE. Genting Malaysia’s stable domestic mass market gaming revenue despite global macroeconomic uncertainties is a key attraction. Maintain BUY, with our FV unchanged at RM4.21.
rates. The current share price offers a good opportunity to accumulate as its valuation an undemanding 12.9x PE. Genting Malaysia’s stable domestic mass market gaming revenue despite global macroeconomic uncertainties is a key attraction. Maintain BUY, with our FV unchanged at RM4.21.
In line. The group’s headline earnings were impacted by RM183.9m in impairment and RM48.2m in construction cost overruns at its casinos in the US. Adjusting for these exceptional items, Genting Malaysia’s FY12 core net profit of RM1.57bn met expectations,
representing 99.7% and 99.3% of consensus and our full-year forecasts respectively. The impairment was related to a write-down of goodwill from the acquisition of the Omni Centre in Miami in Florida, certain casinos and provincial casinos’ assets under its UK operations, and the carrying value of its casino concession agreement in Egypt.
representing 99.7% and 99.3% of consensus and our full-year forecasts respectively. The impairment was related to a write-down of goodwill from the acquisition of the Omni Centre in Miami in Florida, certain casinos and provincial casinos’ assets under its UK operations, and the carrying value of its casino concession agreement in Egypt.
Source: OSK
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