Stronger Earnings Expected In 2H24 For Genting Malaysia
Stronger Earnings Expected In 2H24 For Genting Malaysia
Genting Malaysia Berhad (GENM) has delivered 2Q24 results that align with expectations, despite facing challenges such as the recent increase in the Sales & Service Tax (SST). The company's core net profit for the quarter totalled RM106.1 million, reflecting a 12% year-on-year decline and a 56% quarter-on-quarter decrease. This brings the 6-month net profit to RM344.5 million, a 111% increase from the previous year, and represents 48% of the full-year estimate. The 6-month EBITDA of RM1.54 billion was also in line with expectations, accounting for 49% of the full-year forecast.
雲頂馬來西亞集團（GENM）發佈了符合預期的第二季度24年度的業績，儘管面臨最近銷售與服務稅（SST）上漲等挑戰。公司本季度的核心淨利潤總額爲1.061 億元馬幣，同比下降12%，環比下降56%。這使得6個月的淨利潤達到3.445 億元馬幣，比去年同期增長111%，佔全年預期的48%。6個月的EBITDA爲154 億馬幣，也符合預期，佔全年預測的49%。
Maybank Stock Broking House have maintained a BUY call for GENM, with a discounted cash flow (DCF) target price of RM3.09. This recommendation is supported by the company's strong earnings recovery and the potential future impact of Resorts World New York City's bid for a full casino licence. The potential licence could add at least RM0.50 to the current DCF target price.
馬來亞銀行證券公司已維持對GENM的買入建議，目標價爲3.09 馬幣，採用貼現現金流（DCF）模型。這一推薦得到公司強勁盈利恢復和紐約市世界度假村（Resorts World New York City）申請獲得全面賭場牌照的未來潛在影響的支持。潛在牌照可能會將當前DCF目標價至少增加0.50 馬幣。
The impact of the SST hike, which increased from 6% to 8%, has been manageable for GENM. The core net profit decline in 2Q24 was primarily due to the exceptional performance in 1Q24, which benefited from lower-than-expected tax rates and Genting Integrated Tourism Plan tax incentives. Despite the SST hike, Resorts World Genting's EBITDA margin has only been slightly compressed by 1 percentage point to 32.5%, and the overall EBITDA declined modestly by 6% quarter-on-quarter.
SSt稅率的增加（從6%升至8%）對GENM的影響可以控制。24年第二季度核心淨利潤下降主要是由於24年第一季度的特別業績，受益於低於預期的稅率和雲頂綜合旅遊計劃稅收優惠。儘管SSt稅率上漲，雲頂高原世界（Resorts World Genting）的EBITDA利潤率僅輕微下降1個百分點至32.5%，整體EBITDA環比下降6%。
Looking ahead, GENM is expected to see stronger earnings in the second half of 2024, as seasonality typically boosts performance. The reopening of the Circus Palace and Hollywood mass gaming floors, currently under renovation, is anticipated in December 2024 to capitalise on the year-end holidays. Furthermore, GENM is poised to resume its bid for a full casino licence at Resorts World New York City by mid-next year, with results expected by the end of the year.
展望未來，預計GENM將在2024年下半年實現更強勁的盈利，季節性通常會提振業績。當前正在翻新的馬戲宮和好萊塢大衆遊戲廳預計將於2024年12月重新開放，以利用年底假期。此外，GENM計劃在明年年中恢復對紐約市世界度假村全面賭場牌照的申請，結果預計將在年底公佈。
Source: Maybank
Title: Slight pause after stellar 1Q24
來源：Maybank
標題：恒星幣1Q24後輕微暫停
譯文內容由第三人軟體翻譯。