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Results Note – Genting M’sia (ADD, maintain) - Weak start for Malaysia and London businesses




Affin Hwang Investment Bank Bhd


30 May 2013





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1QFY13 off to a weak start, ‘saved’ by positive tax utilisation A positive tax utilisation (offsetting taxable income with accumulated losses in US operations) helped lift an otherwise weak operational quarter for the Group. 1QFY13 core net profit rose 26.6% yoy but fell 5.6% qoq to RM425.1m. Accounting for 27% of Affin’s estimate, we deem the results to be inline with house and street projections. From hereon, we do not expect the positive tax charge to recur. Key takeaway from 1QFY13 results: (1) Genting Highlands saw higher VIP business volume and better hold; (2) but this was offset by higher promotional expenses and importantly, a one-off contribution for social responsibility efforts; (3) the London casinos showed poor volumes and luck factor – offsetting fairly good mid-teen growth in provincial casinos; and (4) Resorts World New York reported significantly better EBITDA thanks to higher win/machine and cost discipline.

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