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Market Daily Report: Bursa Malaysia's Key Index Rebounds 0.27 Pct On Heavyweight Buying

KUALA LUMPUR, Jan 7 (Bernama) -- Bursa Malaysia’s benchmark index rebounded from earlier losses to close at its intraday high on Wednesday, gaining 0.27 per cent in late trading as buying interest returned to selected heavyweights. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) advanced 4.48 points to 1,676.83 from Tuesday’s close of 1,672.35. The benchmark index opened 0.88 of-a-point lower at 1,671.47 and subsequently hit a low of 1,665.94 during the mid-morning session before gaining momentum toward closing.  On the broader market, losers led gainers by 565 to 512, while some 526 counters were unchanged, 1,046 untraded, and 10 suspended. Turnover improved to 2.73 billion units worth RM2.76 billion versus Tuesday’s 2.66 billion units worth RM2.76 billion.   Dealers said that investors were cautious following geopolitical developments in Asia. 
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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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