Thursday, August 3, 2017

Company Update - Genting Berhad (BUY, maintain)

Top Calls

Company Update - Genting Berhad (BUY, maintain)

GENS - Keeping the tap running

Genting Singapore (GENS SP, not rated), a 53% owned subsidiary of Genting Berhad announced a good set of 1H17 results, as its adjusted EBITDA at SGD576m came in above our and consensus expectations, at 60% and 55% of respective full-year forecasts. The better-than-expected result was due to stronger-than-expected improvement for its gaming operations in 2Q17. Management also announced a SGD0.015 interim DPS. As such, we reiterate our BUY call on parent Genting Berhad, with an unchanged TP of RM12.06.

Other Calls

Results Note - IGB REIT (HOLD - maintain)

Rental income normalizes, 2H17 outlook intact

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