Lacks near-term re-rating catalysts. Genting Malaysia's (GENM) 2011
earnings were well within expectations. Stable earnings growth from
Resorts World Genting (RWG) was boosted by a full year of contribution
from Genting UK (GENUK) and maiden contribution from Resorts World New
York (RWNY). That said, GENM lacks near-term re-rating catalysts.
Maintain Hold but raise TP to RM4.00.
Maybank Research 29 Feb 2012
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