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Market Daily Report: Bursa Malaysia Ends Slightly Lower Amid Cautious Sentiment On West Asia Conflict

KUALA LUMPUR, April 3 (Bernama) -- Bursa Malaysia closed marginally lower on Friday, as cautious sentiment persisted, with investors remaining on the sidelines amid ongoing conflicts in West Asia, said an analyst. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 2.80 points, or 0.16 per cent, to 1,695.50 from Thursday’s close of 1,698.30. The benchmark index opened 5.82 points higher at 1,704.12, and moved between 1,693.65 and 1,708.12 throughout the day.  However, market breadth remained positive, with gainers outnumbering losers 634 to 415, while 521 counters were unchanged, 1,077 untraded and 10 suspended. Turnover improved to 3.38 billion units worth RM2.95 billion from yesterday’s 3.20 billion units worth RM3.50 billion.   
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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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