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Results Note – Genting M’sia (ADD, maintain) - Inline, hilltop expansion plans on track




Affin Hwang Investment Bank Bhd


27 Feb 2014





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FY13 inline with house and street estimates, maintain ADD Despite better hold on VIP gaming bets, 4Q13 core net profit fell 3.4% yoy to RM406m (+1.8% qoq) as a result of a RM68.9m operational loss as the Group’s Bimini operations is being gradually ramped-up. This brings FY13 core net profit to RM1,713.6m (+6.8% yoy) - inline with Affin and street estimates. Key trends in FY13: (1) visitors to Genting Highlands dropped 4% yoy with the closure of its themepark in September 2013; (2) Genting Highlands’ FY13 EBITDA margin (of 35%) reflects higher staff cost and costs related to premium players; (3) Genting Highlands VIP mix rose to 40% from 36%; (4) RWNY continues to optimise product mix leading to a 16% yoy increase in win/unit; and (5) the commercial operation of Bimini casino gave way to a FY13 maiden loss of RM119m.

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