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Market Daily Report: Investors remain in profit-taking mode

KUALA LUMPUR: The FBM KLCI erased earlier gains by midday as investors continued to take profit following a six-day rally in the closing days of 2024. At the midday break, the benchmark index was down 2.43 points to 1,630.44. The broader market, however, was positive with 506 gainers compared to 476 decliners, suggesting that investors had turned their attention to picking up bargains among the lower liners. Turnover was 2.4 billion shares valued at RM1.48bil. Investors continue to tread cautiously amid a suggestion by the Federal Reserve that there will be fewer rate cuts this year than initially projected, while the incoming Trump administration will fuel inflation with its growth policies. In China, the Shanghai Composite index dropped 0.46% to 3,247 while Hong Kong's Hang Seng gained 0.87% to 19,794. Singapore's Straits Times fell 1.71% to 3,799. Japan's stock exchange remained closed for a national holiday. On Bursa Malaysia, laggards included Nestle down ...
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Brokers Report: Genting Malaysia Berhad - Disposal of Genting HK

Maintain neutral rating with unchanged target price (TP) of RM4.60


Yesterday, Malaysia’s gaming giant, Genting Malaysia (GENM) agreed to sell their 16.9% stake in cruise ship operator Genting Hong Kong (GENHK), worth more than USD400 mil., to Golden Hope Limited (GHL). An article from Nikkei Asian Review (Monday, 4 Oct) said that the related-party transaction will allow Genting to dispose their investments in the barely-traded GENHK, which hasn’t fetched any substantial returns for nearly two decades.
 
Following the news, Macquarie Equities Research (MQ Research) released a report, expressing their view that the stake sale will give opportunities for GENM to expand internationally. Read more excerpt from the report released yesterday (Monday, 4 Oct) …

Event

  • GENM announced this morning it had accepted an offer from GHL to acquire its entire 1.43bn shares in GENHK, representing a 16.9% stake at the minimum shareholder-mandated price of US$0.29 per GENHK share. GHL is owned by a discretionary trust in which the Genting group's controlling shareholder i.e. the Lim family are beneficiaries.
 
‌Impact

  • The stake sale to the Lim family crystallizes a corporate governance risk MQ Research had flagged as a discounting factor for the stock. This related party transaction will reinforce the valuation discount accorded the Genting group of companies vis-a-vis their listed regional gaming peers.
  • The stake sale will raise US$415 mil. for GENM which is earmarked for international expansion opportunities. Note the planned capacity expansions at its core Malaysian casino-resort as per the 10-year, RM10.4bn Genting Integrated Tourism Plan (GITP) announced Dec 2013 will be funded via Malaysia-generated Ringgit cashflow and borrowings.
‌
Action and recommendation

  • MQ Research maintain a Neutral rating with an unchanged sum of the parts analysis based target price of RM4.60. GENM is likely to remain a value trap until it breaks from a recent string of uninspiring quarterly earnings via tangible earnings lift from new resort capacity.

Source: Macquarie Research - 05 October 2016
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