Media reports today said that Genting UK plc, a wholly-owned subsidiary of Genting Malaysia Bhd, has been granted a large casino licence in Birmingham. The RM587m integrated complex will have a hotel, spa, multi-screen cinema, conference centre and designer shopping outlets.
Maintain BUY and Fair Value: RM4.10. Putting strong cash flow to work. We are maintaining our BUY recommendation and RM4.10 fair value. Despite the small incremental contribution by the group’s various overseas ventures, the longer term cumulative contribution could be relatively significant when all its various overseas ventures come on stream over the next one to two years. Genting Malaysia’s robust operating cash flow of RM1.7bn p.a and net cash of RM2bn from its existing operations provide a strong base for it to explore more growth opportunities.
Maintain BUY and Fair Value: RM4.10. Putting strong cash flow to work. We are maintaining our BUY recommendation and RM4.10 fair value. Despite the small incremental contribution by the group’s various overseas ventures, the longer term cumulative contribution could be relatively significant when all its various overseas ventures come on stream over the next one to two years. Genting Malaysia’s robust operating cash flow of RM1.7bn p.a and net cash of RM2bn from its existing operations provide a strong base for it to explore more growth opportunities.
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