Stock Name: GENTING
Company Name: GENTING BHD
Research House: CIMB
KUALA LUMPUR: Shares of GENTING BHD [] advanced in early trade on Friday, May 27 after it reported a strong set of earnings in the quarter ended March 31, 2011.
At 9.14am, it was up 14 sen to RM11.24 with 173,600 shares done.
The FBM KLCI was up 5.26 points to 1,546.20. Turnover was 52 million shares valued at RM52.31 million. There were 113 gainers, 94 losers and 127 stocks unchanged.
Genting Bhd's net profit surged 254% to RM824.17 million in the first quarter ended March 31 from RM232.43 million a year ago when the net profit then was affected by net impairment losses.
Revenue rose 57.2% to RM4.89 billion from RM3.11 billion while earnings per share were 22.25 sen compared with 6.29 sen. The group's profit before tax in 1QFY11 was RM1.9 billion compared with RM200.0 million in 1QFY10.
CIMB Equities Research said Genting Bhd's 1Q11 core net profit accounted for 27% of its full-year forecast and 29% of consensus numbers.
'We regard it as being largely in line with our expectations as earnings should normalise after the seasonally strong 1Q. However, the 1Q results beat consensus estimates, courtesy of Resorts World Sentosa's (RWS) stronger-than-expected win rate.
'We are keeping our FY11-13 core EPS forecasts and SOP-based target price of RM15.40. The stock remains an OUTPERFORM and our top pick in our gaming universe,' it said.
Company Name: GENTING BHD
Research House: CIMB
KUALA LUMPUR: Shares of GENTING BHD [] advanced in early trade on Friday, May 27 after it reported a strong set of earnings in the quarter ended March 31, 2011.
At 9.14am, it was up 14 sen to RM11.24 with 173,600 shares done.
The FBM KLCI was up 5.26 points to 1,546.20. Turnover was 52 million shares valued at RM52.31 million. There were 113 gainers, 94 losers and 127 stocks unchanged.
Genting Bhd's net profit surged 254% to RM824.17 million in the first quarter ended March 31 from RM232.43 million a year ago when the net profit then was affected by net impairment losses.
Revenue rose 57.2% to RM4.89 billion from RM3.11 billion while earnings per share were 22.25 sen compared with 6.29 sen. The group's profit before tax in 1QFY11 was RM1.9 billion compared with RM200.0 million in 1QFY10.
CIMB Equities Research said Genting Bhd's 1Q11 core net profit accounted for 27% of its full-year forecast and 29% of consensus numbers.
'We regard it as being largely in line with our expectations as earnings should normalise after the seasonally strong 1Q. However, the 1Q results beat consensus estimates, courtesy of Resorts World Sentosa's (RWS) stronger-than-expected win rate.
'We are keeping our FY11-13 core EPS forecasts and SOP-based target price of RM15.40. The stock remains an OUTPERFORM and our top pick in our gaming universe,' it said.
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