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Results Note – Genting M’sia (ADD, maintain) - Ahead of expectations, due to tax credit booked in 1Q




Affin Hwang Investment Bank Bhd


29 Aug 2013





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2QFY13 EBITDA declined 6% yoy to RM717.5m 2QFY13 Group revenue rose 5% yoy to RM2,224.5m, driven by: (1) double digit win growth for the Malaysia VIP business (partly offset by a 1% decline in mass wins); and (2) higher London and UK provincial business volume. EBITDA however, fell 6.4% yoy to RM717.5m because of: (1) higher A&P at Genting Highland; and (2) higher bad debt written off by the London casinos – amounting to £12m. Higher visitation and win/machine from Resorts World New York (RWNY) helped partly offset the earnings drag from Malaysia and UK. In this quarter, we note a drop in Singapore and Hong Kong tourist arrivals, offset by higher mainland Chinese arrivals. This, we believe, resulted in a higher VIP mix of 43% (2QFY12: 37%). Total visitation to the hilltop resort rose 3% yoy in 2Q13.

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