Monday, May 8, 2017

Company Update - Genting Berhad (BUY, maintain)

Top Calls

Company Update - Genting Berhad (BUY, maintain)

- Still got room to run

After visiting the managements at each of Genting Berhad’s (GENT) listed subsidiaries and reviewing our valuations for each, we raise our SOTP-based TP to RM12.06 implying 23% upside potential and reiterate our BUY call. Investment themes on the stock remain the same, and we continue to view the stock as undervalued given the holding-company discount of +1SD above its historical average.


Other Calls

Economic Update - Malaysia - Trade

- Strong export growth of 24.1% yoy in March

Economic Update - Malaysia Foreign Reserves

- Reserves rose by US$0.4bn to US$96.1bn as at end-April

Results Note - APM (SELL, downgrade)

- Missed on expectations



For important disclosures, please refer to the Disclosure section at the end of the individual linked research reports.

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