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Company Update – Genting M’sia (ADD, maintain) - Home comforts




Affin Hwang Investment Bank Bhd


05 Jan 2014





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A RM5bn expansion plan for Resorts World Genting Stepping into the next three years, GENM’s bread and butter Genting Highlands operations (78% of 9MFY13 EBITDA) is expected to drive earnings. Recently, the Group announced a RM5bn CAPEX plan to expand the resort and this is timely as regional competition intensifies. The proposal, coined the Genting Integrated Tourism Plan (GITP), involves the expansion of hotels, theme park and infrastructure. A Twentieth Century Fox World theme park is currently underway to replace the aged Genting theme park. There are also plans to build a 1,300-2,000 rooms capacity mid-level hotel. Further out, management could potentially be looking into: (1) adding premium lodging to attract growing Chinese punters (~ 15-20% of guests); (2) enhancing accessibility (cable car expansion); and (3) adding shopping options (potentially, setting up a Genting Premium Outlet at the hilltop resort).

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