- Prefer Genting Malaysia. Although the gaming business under both Genting Malaysia and Genting UK recorded a remarkable turnaround in VIP volumes and win rates, Genting's earnings continue to be suppressed by lower VIP volumes at Genting Singapore and lower FFB production at Genting Plantations.
- We do not expect any near-term reversal of its fortunes. Maintain HOLD call and MYR10.00 TP.
Source: Maybank Research - 30 August 2012
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