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1. Genting recovery outlook
2. Ongoing growth Genting
3. Genting outlook improvement
Genting outlook grows on ongoing recovery
Genting Bhd is experiencing a positive outlook, with a strong performance in the recent quarter driven by ongoing recovery in operations. Hong Leong Investment Bank Research attributes the success to stronger-than-expected topline and positive operating leverage from Genting Singapore. With a surge in net profit and revenue, the group is expected to benefit from increased foreign visitations at Resorts World Genting and Resorts World Singapore. HLIB maintains a “buy” call on Genting with a higher target price, while TA Securities Research raises earnings projections and upgrades the sum-of-parts valuation. Overall, Genting is seen as undervalued and poised for growth in the coming quarters.
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Are you keeping an eye on the latest developments in the business world? Well, if you haven’t heard yet, the outlook on Genting Bhd is looking brighter than ever! The company has been on a steady path of recovery, and recent reports suggest that this trend is only going to continue.
According to a report by Hong Leong Investment Bank (HLIB) Research, Genting Bhd has shown strong results in the recent quarter, thanks to a robust performance from its subsidiary, Genting Singapore. The company’s net profit surged to RM588.9 million in the first quarter of the year, a significant increase from the same period last year. This growth can be attributed to a 28% rise in group revenue, driven mainly by the leisure and hospitality division.
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One of the key factors contributing to Genting’s positive outlook is the ongoing recovery in foreign visitations at its various resorts. With the increasing frequencies of global flights, particularly outbound flights from China, and the visa-free travel pact between China and Malaysia and Singapore, Genting is expected to benefit from a steady influx of visitors. Additionally, the upcoming performance of Resorts World Las Vegas is projected to be bolstered by the growth in convention visitations and major events in Las Vegas.
HLIB Research has maintained its “buy” call on Genting, with a higher target price of RM7.60, reflecting the positive outlook for the company. The research firm believes that Genting is undervalued at its current price and has the potential for further growth, especially with the recovery of both Genting Singapore and Genting Malaysia.
Meanwhile, TA Securities Research has also raised its earnings projections for Genting, citing higher contributions from Genting Singapore and increased losses in Empire Resorts. The research firm has upgraded Genting’s sum-of-parts valuation to RM5.77 per share, indicating a positive sentiment towards the company’s future prospects.
In conclusion, the outlook on Genting Bhd is indeed looking up, with ongoing recovery in its operations and positive forecasts from research firms. As the company continues to benefit from increasing foreign interest and a strong presence in diverse regions, investors may want to keep a close watch on Genting’s performance in the coming months.
Sources:
– The Star – Genting Bhd
– The Star – Charts
– Hong Leong Investment Bank (HLIB) Research
– TA Securities Research
