[%FCUN%] 
Research by Maybank
Buy - TP RM5.83

"Took a breather before seasonally stronger 2H24"

2Q24/6M24 earnings were within our expectations but dividends disappointed. We trim our SOP-TP by 1sen to MYR5.83 only to reflect our latest TP for GENP (MYR5.95 vs. MYR6.21) while ascribing an unchanged 60% discount to SOP/shr valuation (-2.5 SD to long term mean). GENT refrained from commenting on the complaints against it by the Nevada Gaming Control Board but confirmed that 20%-owned TauRx ought to know whether its drug will be approved in the United Kingdom by year end.

Analyst:
Yin Shao Yang
[%Eqfk%]

$KLSE-GENTING 
Research by Maybank
Buy - TP RM5.83

"Took a breather before seasonally stronger 2H24"

2Q24/6M24 earnings were within our expectations but dividends disappointed. We trim our SOP-TP by 1sen to MYR5.83 only to reflect our latest TP for GENP (MYR5.95 vs. MYR6.21) while ascribing an unchanged 60% discount to SOP/shr valuation (-2.5 SD to long term mean). GENT refrained from commenting on the complaints against it by the Nevada Gaming Control Board but confirmed that 20%-owned TauRx ought to know whether its drug will be approved in the United Kingdom by year end.

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