[%JzCt%]
Research by HLIB
Buy - TP RM7.83

"Within expectations"

GenT registered 1HFY24 core PATMI of RM1,120.2m (+116.1% YoY), making up 54% of our (within) and 65% of the streets’ (above) full year forecast. Hence, we made no changes to our FY24f/25f/26f earnings forecast. Going forward, GenT is on track for sustained recovery momentum, with multiple factors in play contributing to its positive outlook. The group is expected to benefit from the continued recovery in foreign visitations at both RWG and RWS. Furthermore, GenT has the potential value-add from TauRx Pharmaceutical if HMTM receives FDA approval. Maintain BUY on GenT, with a slightly higher SOP-derived TP of RM7.83 to mainly reflect higher TP for GenS.

Analyst:
Chee Kok Siang
[%heFX%]

$KLSE-GENTING
Research by HLIB
Buy - TP RM7.83

"Within expectations"

GenT registered 1HFY24 core PATMI of RM1,120.2m (+116.1% YoY), making up 54% of our (within) and 65% of the streets’ (above) full year forecast. Hence, we made no changes to our FY24f/25f/26f earnings forecast. Going forward, GenT is on track for sustained recovery momentum, with multiple factors in play contributing to its positive outlook. The group is expected to benefit from the continued recovery in foreign visitations at both RWG and RWS. Furthermore, GenT has the potential value-add from TauRx Pharmaceutical if HMTM receives FDA approval. Maintain BUY on GenT, with a slightly higher SOP-derived TP of RM7.83 to mainly reflect higher TP for GenS.

Analyst:
Chee Kok Siang
cheeks@hlib.hongleong.com.my