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Results Note – Genting (BUY, maintain) - Fund raising exercise, earnings below expectations




Affin Hwang Investment Bank Bhd


29 Aug 2013





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2QFY13 core net profit grew 6% yoy to RM479m The group grew 2QFY13 revenue by 3.4% yoy to RM4,461.1m. In essence, the enlarged entity experienced higher casino business volume across Malaysia, Singapore, UK and US. 2QFY13 EBITDA however, only grew by a marginal 1.4% yoy on higher bad debt written off by GENM’s London casinos and lower GENP earnings yoy (-40% yoy) against a backdrop of lower CPO ASPs.

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