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Genting to break even in fourth quarter
After months of turmoil, Genting Malaysia Bhd is expected to finally break even in the final quarter of this year following six consecutive quarters of core net losses primarily due to business disruptions caused by the Covid-19 pandemic.
The reopening of Resorts World Genting (RWG) on Sept. 30, 2021, which was a month earlier than expected, will drive earnings recovery for Genting Malaysia, said Maybank Investment Bank (Maybank IB).
“Only Pahang residents will be allowed to visit RWG for now but we believe that residents from other states will be visiting soon when interstate travel opens after 90 percent of Malaysian adults are fully vaccinated,” the research house said in a report.
Maybank IB stated that its estimates and target price for Genting Malaysia remains unchanged for now as the month of October is traditionally not very busy.
In addition, the research house said the next earnings growth catalyst for Genting Malaysia will be the opening of the much delayed RM3 billion Genting SkyWorlds theme park at RWG.
-THE MALAYSIA VOICE