Unlikely to excite. Genting's 95%-owned PT Lestari Banten Energy entered
into a 25-year PPA with PT PLN for a 660MW coal-fired Banten IPP.
Although this will raise Genting's total net generating capacity by 39%,
we estimate that it will add <2% to our SOP/share valuation. We
retain our estimates for now on this development. We however lower our
earnings estimates to account for lower contributions primarily from
52%-owned Genting Singapore (GENS) on a separate development. Maintain
HOLD, with TP trimmed to from MYR10.14 to MYR10.00.
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Source: Maybank Research - 11 July 2012
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