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Results Note – Genting (REDUCE, maintain) - Within expectations




Affin Hwang Investment Bank Bhd


28 Feb 2013





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FY12 core PBT fell on RWS’s poor performance We estimate 4QFY12 core PBT (excluding Genting Sanyen – sold to 1MDB in October 2012) fell 4.1% yoy to RM1,354.4m against a backdrop of: (1) higher promotional expenses incurred by Genting Highlands; and (2) weak business volume in 1H2012; and (3) lower plantation earnings yoy given lower CPO and PK ASPs. This brings full year FY12 core PBT to RM5,133.2m (-15.4% yoy) and is deem to be inline with Affin’s estimated RM5,243.5m core PBT forecast for FY12 (excluding contribution from Genting Sanyen). We adjust FY13-14 EPS to reflect the deconsolidation of Genting Sanyen from the Group. Consequently, we now project FY13 core net profit of RM2,413.1m (+10.4%) underpinned by a recovery in Singapore’s regional gaming volume business. Maintain REDUCE with an unchanged RNAV-based TP of RM8.75 (GENM RM4.00 PT; GENS S$1.20 PT; GENP RM8.30 PT).

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