Stock Name: GENM
Company Name: GENTING MALAYSIA BERHAD
Better luck next year. As the 'destination resort' bill for 2012 was all but terminated last Friday, Genting Malaysia (GENM) is unlikely to receive a casino license in Miami this year. The bill may be reintroduced in 2013 but with the overall unemployment rate in the United States falling to a three-year low, its appeal will likely diminish. Our RNAV-based TP incorporates 24 sen/sh cost of the Miami property, without the earnings potential. Maintain Hold and RM3.88 TP for now.
Maybank Research 8 Feb 2012
Click here for full report
Company Name: GENTING MALAYSIA BERHAD
| Research House: MAYBANK | Price Call: HOLD | Target Price: 3.88 |
Better luck next year. As the 'destination resort' bill for 2012 was all but terminated last Friday, Genting Malaysia (GENM) is unlikely to receive a casino license in Miami this year. The bill may be reintroduced in 2013 but with the overall unemployment rate in the United States falling to a three-year low, its appeal will likely diminish. Our RNAV-based TP incorporates 24 sen/sh cost of the Miami property, without the earnings potential. Maintain Hold and RM3.88 TP for now.
Maybank Research 8 Feb 2012
Click here for full report
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