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Results Note – Genting (BUY, maintain) - Below expectations




Affin Hwang Investment Bank Bhd


30 May 2013





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Weakness in Singapore, Malaysia and London casinos 1QFY13 core net profit contracted 30.6% yoy and 37.9% qoq to RM358.5m against a backdrop of: (1) lower-than-theoretical win percentage in Singapore; (2) weak volumes and win percentage experienced by the London casinos; and (3) higher promotional expenses and one-off contribution for social responsibility efforts. Accounting for only 15% of our full year estimates, we deem the results to be below house and street estimates. In our previous note, we flagged the possibility of having to trim GENTING’s FY13 EPS against a backdrop of disappointing GENS 1QFY13 results. We believe our GENS forecast was too bullish against a backdrop of credit tightening in mainland China. Thus, we had earlier downgraded GENS’s FY13-15 EPS by 18-20%. GENS accounts for 47% of our FY13 GENT EBITDA and thus, we now trim GENT’s FY13 and FY14 core net profit by 10.9% and 9.5%, respectively

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