[%vKMu%] 
Research by Public
Outperform - TP RM6.00

"Above Expectations"

Genting Bhd’s (GENT) 2QFY24 net profit jumped 49.3% YoY to RM239.7m, predominantly driven by higher contribution from the plantation and oil & gas segments. Stripping out non-operating items, 1HFY24 core net profit of RM1,179m exceeded our and market expectations, accounting for 67% and 68% of full-year estimates respectively. The discrepancy in our forecast was mainly due to higher-than-expected contribution from Singapore. As we cut our earnings forecasts on Genting Malaysia and raise the contribution from Singapore, our FY24-26F estimates are adjusted up by an average of 8%. Our SOTP-based TP remained unchanged at RM6.00. Maintain Outperform. An interim dividend of 6.0sen per share was declared.

Analyst:
Eltricia Foong
[%fwlm%]

$KLSE-GENTING 
Research by Public
Outperform - TP RM6.00

"Above Expectations"

Genting Bhd’s (GENT) 2QFY24 net profit jumped 49.3% YoY to RM239.7m, predominantly driven by higher contribution from the plantation and oil & gas segments. Stripping out non-operating items, 1HFY24 core net profit of RM1,179m exceeded our and market expectations, accounting for 67% and 68% of full-year estimates respectively. The discrepancy in our forecast was mainly due to higher-than-expected contribution from Singapore. As we cut our earnings forecasts on Genting Malaysia and raise the contribution from Singapore, our FY24-26F estimates are adjusted up by an average of 8%. Our SOTP-based TP remained unchanged at RM6.00. Maintain Outperform. An interim dividend of 6.0sen per share was declared.

Analyst:
Eltricia Foong
eltriciafoong@publicinvestbank.com.my