Stock Name: GENM
Company Name: GENTING MALAYSIA BERHAD
Research House: OSK
Company Name: GENTING MALAYSIA BERHAD
Research House: OSK
OSK Research is maintaining a "neutral" stance on Genting Malaysia (GENM) despite the group reporting improved results in the first quarter of the year.
"The group's first quarter earnings represented 27.7 per cent and 28.8 per cent of consensus and our full year forecasts.
"We deem the results to be in line with estimates as the first quarter is seasonally the strongest quarter, with the UK gaming operation benefitting from an above average luck factor, but still remains volatile and could normalise in the ensuing quarters," OSK Research said in a research note today.
It still preferred parent company, Genting Bhd, which is trading at a similar price to earnings ratio, but had a better growth rate on top of its exposure to the entire group's global casino operations, and value unlocking potential of its non-core gaming assets.
Meanwhile, MIMB Investment Bank is recommending a "Buy" with a new target price of RM4.26 for GENM, following continued resilient local earnings coupled with impressive numbers contributed by its UK casino operation.
"On the back of New York new site to be operational coupled with improving UK operations, we are now turning bullish on GENM," it added. -- Bernama
"The group's first quarter earnings represented 27.7 per cent and 28.8 per cent of consensus and our full year forecasts.
"We deem the results to be in line with estimates as the first quarter is seasonally the strongest quarter, with the UK gaming operation benefitting from an above average luck factor, but still remains volatile and could normalise in the ensuing quarters," OSK Research said in a research note today.
It still preferred parent company, Genting Bhd, which is trading at a similar price to earnings ratio, but had a better growth rate on top of its exposure to the entire group's global casino operations, and value unlocking potential of its non-core gaming assets.
Meanwhile, MIMB Investment Bank is recommending a "Buy" with a new target price of RM4.26 for GENM, following continued resilient local earnings coupled with impressive numbers contributed by its UK casino operation.
"On the back of New York new site to be operational coupled with improving UK operations, we are now turning bullish on GENM," it added. -- Bernama
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