[%LzHS%]
Research by Maybank
Buy - TP RM3.09

"Slight pause after stellar 1Q24"

2Q24/6M24 results were within our expectations. Positively, the negative impact of the Sales & Service Tax (SST) hike has been tepid. On another note, GENM has not decided when its old mass gaming floors will reopen. We maintain our earnings and dividends estimates, BUY call and MYR3.09 DCF-TP. We still like GENM for its earnings recovery coupled with the prospect of Resorts World New York City securing a full casino license by end next year that could add at least MYR0.50 to our DCF-TP.

Analyst:
Yin Shao Yang
[%XreP%]

$KLSE-GENM
Research by Maybank
Buy - TP RM3.09

"Slight pause after stellar 1Q24"

2Q24/6M24 results were within our expectations. Positively, the negative impact of the Sales & Service Tax (SST) hike has been tepid. On another note, GENM has not decided when its old mass gaming floors will reopen. We maintain our earnings and dividends estimates, BUY call and MYR3.09 DCF-TP. We still like GENM for its earnings recovery coupled with the prospect of Resorts World New York City securing a full casino license by end next year that could add at least MYR0.50 to our DCF-TP.

Analyst:
Yin Shao Yang
samuel.y@maybank-ib.com