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Analyst Research Report Snapshot


Results Note – Genting (BUY, maintain) - Relatively strong all round




Affin Hwang Investment Bank Bhd


29 May 2014





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Strength in Singapore, a positive surprise Genting’s (GENT) 1Q14 topline was positively suprised rising 20% yoy to RM4,693m. GENS reported stronger-than-expected results with revenue up 29% yoy due to stronger than expected VIP volume growth (+10% yoy, 19% qoq). (accounts for 59% of Singapore market). GENM reported higher revenue due higher business volume and higher win percentage in the VIP segment. Higher FFB production and higher CPO selling prices of RM2,659/MT in 1Q14 contributed to higher plantation sector revenue of RM290mn (+26.6% yoy) but was offset by loses from GENP’s Indahpura development.

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