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GENT MALAYSIA
(GENM MK)
8 March 2016
HOLD
Company report
(Maintained)
03 2036 2305
Price
Fair Value
52-week High/Low
RM4.37
RM4.45
RM4.70/RM3.75
Key Changes
Fair value
EPS
Unchanged
YE to Dec
Revenue (RMmil)
Net Profit (RMmil)
EPS (sen)
EPS growth (%)
Consensus net (RMmil)
DPS (sen)
PE (x)
EV/EBITDA (x)
Div yield (%)
ROE (%)
Net gearing (%)
Investment Highlights
FY15
FY16F
FY17F
FY18F
8,395.9
1,257.9
21.2
5.8
1,213.0
7.1
20.6
12.6
1.6
7.1
0.6
9,109.7
1,297.8
21.9
3.2
1,358.0
7.5
20.0
13.0
1.7
6.6
4.1
9,892.7 10,893.0
1,439.5 1,612.3
24.2
27.2
10.9
12.0
1,612.0 1,727.0
8.0
10.0
18.0
16.1
11.9
10.8
1.8
2.3
7.0
7.5
6.7
8.1
5,938.0
25,949.1
3.21
1.2
7.1
0.6
Major Shareholders
50.7
21.1
Price performance
Absolute (%)
Relative (%)
3mth
6mth
12mth
+0.9
-0.5
+8.5
+1.2
+4.3
+11.1
8 March 2016
Genting Malaysia
UK, -6.5%
US, 5.9%
Malaysia, 100.6%
UPDATES
FY17F earnings growth of Malaysia unit to be
8 March 2016
Genting Malaysia
rides and the depreciation of the RM against foreign
currencies.
We understand that 20% of Phase 1s capex of RM8.1bil
for Resorts World Genting is denominated in foreign
currencies. Of these, a large proportion is in USD.
8 March 2016
Genting Malaysia
2014
2015
2016F
2017F
2018F
8,229.4
1,944.8
(607.8)
1,337.0
148.2
54.1
(14.8)
1,524.5
(384.2)
48.4
1,188.7
1,203.5
8,395.9
1,993.3
(684.1)
1,309.2
161.7
59.1
0.0
1,530.0
(287.0)
14.9
1,257.9
1,257.9
9,109.7
2,065.7
(737.1)
1,328.7
172.4
61.6
0.0
1,562.7
(281.3)
16.4
1,297.8
1,297.8
9,892.7
2,290.2
(799.9)
1,490.4
184.1
59.0
0.0
1,733.5
(312.0)
18.0
1,439.5
1,439.5
10,893.0
2,562.3
(883.6)
1,678.8
196.8
66.5
0.0
1,942.1
(349.6)
19.8
1,612.3
1,612.3
2014
2015
2016F
2017F
2018F
7,426.5
4,482.2
3,908.0
15,816.7
2,789.3
100.3
133.3
1,957.5
4,980.5
402.2
207.1
1,643.3
2,252.7
1,411.1
859.8
2,270.9
16,304.3
(30.6)
2.75
10,475.1
5,367.3
3,137.2
18,979.5
4,599.7
119.8
1,035.8
2,786.0
8,541.2
2,647.7
784.0
235.0
3,666.7
3,840.9
906.8
4,747.7
19,080.4
25.9
3.21
12,238.0
5,367.3
3,139.7
20,745.1
3,993.8
135.1
539.1
3,385.2
8,053.2
586.7
823.2
2,612.0
4,021.9
3,917.7
859.8
4,777.5
19,956.6
42.3
3.36
13,938.2
5,367.3
3,139.7
22,445.2
3,535.4
145.8
585.4
3,452.4
7,719.1
633.2
864.3
2,799.9
4,297.4
3,996.0
859.8
4,855.8
20,950.7
60.3
3.53
15,554.6
5,367.3
3,139.7
24,061.6
3,284.9
159.8
644.6
3,539.2
7,628.5
693.8
907.5
3,044.3
4,645.7
4,076.0
859.8
4,935.8
22,028.6
80.1
3.71
2014
2015
2016F
2017F
2018F
1,524.5
607.8
(515.1)
(76.5)
1,540.7
(1,826.7)
(332.7)
104.0
(2,055.4)
(123.6)
(4.2)
(391.3)
(12.4)
(531.5)
(1,046.1)
3,720.1
96.5
2,770.4
1,530.0
684.1
(212.9)
(144.2)
1,857.0
(2,496.7)
(321.4)
243.6
(2,574.5)
2,663.2
(61.6)
(356.7)
(95.3)
2,149.6
1,432.1
2,770.3
316.6
4,518.9
1,562.7
737.1
(447.5)
364.8
2,217.1
(2,500.0)
0.0
71.9
(2,428.1)
26.8
0.0
(421.6)
0.0
(394.8)
(605.8)
4,518.9
0.0
3,913.1
1,733.5
799.9
(538.4)
392.7
2,387.7
(2,500.0)
0.0
70.9
(2,429.1)
28.4
0.0
(445.4)
0.0
(417.0)
(458.4)
3,913.1
0.0
3,454.7
1,942.1
883.6
(583.3)
441.8
2,684.1
(2,500.0)
0.0
69.9
(2,430.1)
29.9
0.0
(534.4)
0.0
(504.5)
(250.5)
3,454.7
0.0
3,204.2
2014
2015
2016F
2017F
2018F
-1.2
-13.2
18.5
14.4
na
25.2
32.5
35
6
116
2.0
2.5
18.2
15.0
na
18.8
33.5
54
7
152
8.5
-0.2
17.2
14.2
na
18.0
34.3
54
7
152
8.6
10.9
17.5
14.6
na
18.0
33.0
54
7
152
10.1
11.9
17.8
14.8
na
18.0
36.8
54
7
152
Revenue
EBITDA
Depreciation
Operating income (EBIT)
Other income & associates
Net interest
Exceptional items
Pretax profit
Taxation
Minorities/pref dividends
Net profit
Core net profit
Balance Sheet (RMmil, YE 31 Dec)
Fixed assets
Intangible assets
Other long-term assets
Total non-current assets
Cash & equivalent
Stock
Trade debtors
Other current assets
Total current assets
Trade creditors
Short-term borrowings
Other current liabilities
Total current liabilities
Long-term borrowings
Other long-term liabilities
Total long-term liabilities
Shareholders' funds
Minority interests
BV/share (RM)
Cash Flow (RMmil, YE 31 Dec)
Pretax profit
Depreciation
Net change in working capital
Others
Cash flow from operations
Capital expenditure
Net investments & sale of fixed assets
Others
Cash flow from investing
Debt raised/(repaid)
Equity raised/(repaid)
Dividends paid
Others
Cash flow from financing
Net cash flow
Net cash/(debt) b/f
Forex
Net cash/(debt) c/f
Genting Malaysia
Published by
AmInvestment Bank Bhd (23742-V)
(A member of the AmBank Group)
15th Floor Bangunan AmBank Group
55 Jalan Raja Chulan
50200 Kuala Lumpur
Tel: ( 0 3 ) 2 0 7 0 - 2 4 4 4 ( r e s e a r c h )
Fax: (03)2078-3162
8 March 2016
The information and opinions in this report were prepared by AmInvestment Bank Bhd. The investments discussed or recommended in
this report may not be suitable for all investors. This report has been prepared for information purposes only and is not an offer to sell or
a solicitation to buy any securities. The directors and employees of AmInvestment Bank Bhd may from time to time have a position in or
with the securities mentioned herein. Members of the AmBank Group and their affiliates may provide services to any company and
affiliates of such companies whose securities are mentioned herein. The information herein was obtained or derived from sources that
we believe are reliable, but while all reasonable care has been taken to ensure that stated facts are accurate and opinions fair and
reasonable, we do not represent that it is accurate or complete and it should not be relied upon as such. No liability can be accepted for
any loss that may arise from the use of this report. All opinions and estimates included in this report constitute our judgement as of this
date and are subject to change without notice.
Printed by
AmInvestment Bank Bhd (23742-V)
(A member of the AmBank Group)
15th Floor Bangunan AmBank Group
55 Jalan Raja Chulan
50200 Kuala Lumpur
Tel: ( 0 3 ) 2 0 7 0 - 2 4 4 4 ( r e s e a r c h )
Fax: (03)2078-3162
Benny Chew
SR VP Equity Research