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Genting M’sia seen to report better profit in 2Q

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Maybank Investment Bank (IB) Research said Resorts World Genting, “RWG' is buzzing once again post-Covid. We are also encouraged that Indonesia has agreed to lift its ban on sending its citizens to Malaysia to work from Aug 1, 2022 which we hope will ease the labour shortage.”

KUALA LUMPUR: Genting Malaysia Bhd may see a better second-quarter 2022 (2Q22) in terms of earnings, as Resorts World Genting (RWG) is experiencing the return of gaming traffic after the Omicron wave in 1Q22, according to Maybank Investment Bank (IB) Research.

“RWG is buzzing once again post-Covid. We are also encouraged that Indonesia has agreed to lift its ban on sending its citizens to Malaysia to work from Aug 1, 2022 which we hope will ease the labour shortage,” said the research unit.

Genting Malaysia is involved in the leisure and hospitality business covering theme parks, gaming, hotels, seaside resorts and entertainment.

The integrated resort operator owns and operates RWG, Genting United Kingdom, Resorts World New York City and Resorts World Bimini.

Maybank IB Research noted that RWG contributes about 80% of group earnings and is expanding via the Genting Integrated Tourism Plan.

The research unit maintained its “buy” call on Genting Malaysia’s stock with a lowered RM3.27 target price (from RM3.30 previously), and pointed out that Genting SkyWorlds theme park at RWG is taking time to ramp up while other RWG operations are being limited by labour.

Maybank IB Research added that its target price could see another 53 sen upside if Resorts World New York City is converted into a full casino.

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Meanwhile, Maybank IB Research noted that Genting SkyWorlds theme park is off to a slow start, with 3,000 to 4,000 visitors daily or only about half of the research unit’s expectations, from April 1, 2022 till to date.

“We understand that long wait times for certain rides caused by technical issues are the culprit.

“Nonetheless, we are assured that the technical issues will be ironed out. Genting SkyWorlds has also hired some experienced theme park staff to operate it better,” said the research unit.

Maybank IB Research also said there was a possibility of Genting Malaysia announcing an interim dividend when it reports 2Q22 results later this month.

This is given that its earnings outlook is improving and the group has stated that it may not need to inject more equity into its United States-based unit Empire Resorts.

Genting Malaysia had injected US$150mil (RM668.55mil) into its unit Empire Resorts in October 2021, after not announcing a traditional interim dividend in August 2021.

“For now, we maintain an estimated financial year ending Dec 31, 2022 dividend of nine sen, comprising only a special dividend and does not impute any interim dividend,” it said.

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  • 2022-09-15 01:01:23

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