Genting Malaysia Bouyed By Strong Tourist Arrivals
Genting Malaysia Bouyed By Strong Tourist Arrivals
Genting Malaysia Berhad (GENM) is expected to deliver improved quarterly results for 2Q24, buoyed by a significant uptick in tourist arrivals. The company's Malaysian operations are forecasted to show both quarter-on-quarter and year-on-year growth, driven by robust tourism figures. Recent data reveals that Malaysia welcomed 6.0 million tourists in 2Q24, marking a 26% increase from the previous year and a 3% rise from the preceding quarter. This surge includes a notable rebound in Chinese tourists, whose numbers reached 690,000, compared to 320,000 in 4Q23. Additionally, arrivals from Singapore, Indonesia, and India saw increases of 10%, 25%, and 87% year-on-year, respectively.
預計馬來西亞吉利丁股份有限公司（GENM）將在2024年第二季度交出改善的季度業績，受遊客到訪數量顯著增加的提振。預計該公司在馬來西亞的業務將呈現環比和同比增長，受到旅遊數據堅挺的推動。最近的數據顯示，馬來西亞在2024年第二季度迎來了600萬遊客，同比增長26%，環比增長3%。其中中國遊客數量大幅反彈，從2023年第四季度的32萬增長到69萬。此外，新加坡、印尼和印度的到訪人數同比分別增長了10%、25%和87%。
Analysts have highlighted GENM as a prime investment choice for those seeking exposure to the tourism sector's rebound with an ADD rating call. With a current price-to-earnings ratio of 13.0x for CY24F and a dividend yield of approximately 6-7%, GENM's valuation is considered attractive. Analysts anticipate that the improved economic activity and ongoing recovery in tourism will continue to support GENM's earnings growth throughout FY24F. The company's operations in the US have also shown positive signs, with a 3.1% increase in gross gaming revenue year-on-year for the latest quarter.
分析師們推崇馬來西亞吉利丁股份有限公司（GENM）作爲投資旅遊板塊復甦的首選，給出了看漲評級的召喚。目前CY24F的市盈率爲13.0倍，股息收益率約爲6-7%，GENM的估值被認爲具有吸引力。分析師預計，改善的經濟活動和旅遊業的持續復甦將繼續支撐GENM的收益增長至2024財年末。該公司在美國的運營情況也顯示出積極的跡象，最新季度整體遊戲收入同比增長3.1%。
For the remainder of 2024, economic conditions in Malaysia are expected to favour continued growth. The government's initiatives, including cash handouts to low-income households and higher civil servant salaries from 2025F, alongside anticipated increases in private consumption and tourism, are projected to bolster GENM's revenue. The Ministry of Tourism, Arts, and Culture forecasts tourist arrivals to reach 27.3 million in 2024, generating an estimated RM102.7 billion in income, up from RM71.3 billion in 2023.
預計2024年馬來西亞的經濟形勢將繼續向增長有利的方向發展。政府採取的舉措，包括向低收入家庭發放現金補貼和從2025年開始提高公務員薪水，以及預計的私人消費和旅遊業增長，預計將提振GENM的營收。馬來西亞旅遊、藝術和文化部預測，2024年的遊客到訪人數將達到2730萬，創造預計1027億令吉的收入，高於2023年的713億令吉。
Despite concerns surrounding potential regulatory issues affecting GENM's New York casino licence bid, analysts have maintained a positive outlook. The company's SOP-based target price remains at RM4.00, reflecting a 42% compound annual growth rate (CAGR) in earnings per share over FY22-25F. Although there are uncertainties related to the Nevada gaming regulator's complaints, the forecast does not account for potential gains from the New York casino project, focusing instead on GENM's existing assets.
儘管存在有關可能影響GENM在紐約獲得賭場牌照的監管問題的擔憂，分析師們仍持樂觀態度。該公司基於標準工作程序的目標價仍然是4.00馬幣，反映了FY22-25F每股收益的42%年均複合增長率（CAGR）。儘管涉及內華達遊戲監管機構的投訴存在不確定性，但預測不包括紐約賭場項目帶來的潛在收益，而是專注於GENM的現有資產。
Source: CGS
Title: Higher tourist arrivals likely lifted 2Q24F
來源：中國銀河
標題：較高的遊客到訪可能推動了2024年第二季度的增長
譯文內容由第三人軟體翻譯。