Broker Name: Maybank Investment Bank Berhad
Date of Report: November 28, 2025
Excerpt from Maybank Investment Bank Berhad report.
Report Summary
- Maybank maintains a BUY rating on Genting Bhd, raising its sum-of-the-parts target price to MYR4.24, reflecting expected upside if Genting Malaysia (GENM) secures a New York casino license and Genting Bhd completes the GENM privatisation.
- Recent results outperformed expectations, driven by strong gaming revenue growth in Malaysia, especially from VIP and mass market segments; earnings estimates for FY25-27 have been increased by 5-8%.
- RWLV (Resorts World Las Vegas) continues to face challenges, with declining EBITDA, while GENM’s mandatory general offer has reached a 63.4% take-up rate, nearing its expiry.
- Genting Bhd’s ESG score has been downgraded to 45/100 due to governance and supply chain concerns, despite strong sustainability initiatives in energy, waste, and social responsibility.
- Key risks include bad debts from Chinese VIPs, volatility in commodity prices, and regulatory changes; upside could come from higher mass market gaming margins and successful regional expansion.
- Financial metrics show steady EBITDA, improving net profit margins, and a healthy balance sheet, though leverage remains elevated due to ongoing investments.
Above is an excerpt from a report by Maybank Investment Bank Berhad. Clients of Maybank Investment Bank Berhad can be the first to access the full report from the Maybank Investment Bank Berhad website: www.maybank.com/investment-banking
