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PETALING JAYA: Genting Bhd is preparing for improvement across the board in line with the economic recovery.
Its gaming segment is expected to recover in the subsequent quarters after being impacted in the first quarter of 2022, said Hong Leong Investment Bank (HLIB) Research.
The group’s gaming segment saw a weaker start in 1Q22 mainly dragged by Resorts World Genting (RWG) and Resorts World Las Vegas (RWLV) due to weaker visitations.
Going forward, the research firm anticipates recovery to be anchored by RWG mainly from ramping up of capacity, Resorts World Sentosa (RWS) from the return of foreign visitors, and RWLV from the lifting of mask mandate as well as the return of foreign and convention visitors. Its other US and UK gaming assets should also be able to sustain their strong performances, added the research firm.
HLIB said the current buoyant commodity prices should continue to benefit the group’s plantation as well as oil and gas (O&G) segments, while the increase in the power tariff rate in its associate company Meizhou Wan power plant should help to mitigate the elevated coal prices resulting in narrower losses moving forward.
The research house is maintaining a “buy” call on the stock with an unchanged target price (TP) of RM6.50.,
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“We like Genting for its deep expertise and experience in managing the gaming and hospitality businesses and its well spread operations across different regions which help to mitigate regulatory and country risks.”
HLIB Research added that it provides exposure to RWLV which “we believe will have a strong growth potential in the longer term.”
According to the research firm, RWLV recovery momentum should continue into the second half of the year supported by the increase in foreign visitor arrivals and convention travels, both of which took longer to recover compared to US leisure visits.
RWLV, which has an Asian-inspired design and features several Asian themed attractions such as South-East Asian themed outdoor pool, Singapore-based night club Zouk, Asian restaurant Fuhu and Genting Palace would likely be able to attract and benefit from the return of Asian visitors.
Other than that, RWLV which typically had a soft midweek hotel occupancy rate would see its midweek occupancy rate boosted by the return of convention travelers to Las Vegas Convention Centre which is located in its proximity, HLIB noted.
Meanwhile, RHB Research, which is maintaining its “buy” call on Genting Malaysia Bhd (GenM) with a TP of RM3.45, said its call is premised on the continued earnings recovery from the return of gamblers and tourists.