Genting Malaysia Bouyed By Strong Tourist Arrivals
Genting Malaysia Bouyed By Strong Tourist Arrivals
Despite concerns surrounding potential regulatory issues affecting GENM's New York casino licence bid, analysts have maintained a positive outlook. The company's SOP-based target price remains at RM4.00, reflecting a 42% compound annual growth rate (CAGR) in earnings per share over FY22-25F. Although there are uncertainties related to the Nevada gaming regulator's complaints, the forecast does not account for potential gains from the New York casino project, focusing instead on GENM's existing assets.Genting Malaysia Berhad (GENM) is expected to deliver improved quarterly results for 2Q24, buoyed by a significant uptick in tourist arrivals. The company's Malaysian operations are forecasted to show both quarter-on-quarter and year-on-year growth, driven by robust tourism figures. Recent data reveals that Malaysia welcomed 6.0 million tourists in 2Q24, marking a 26% increase from the previous year and a 3% rise from the preceding quarter. This surge includes a notable rebound in Chinese tourists, whose numbers reached 690,000, compared to 320,000 in 4Q23. Additionally, arrivals from Singapore, Indonesia, and India saw increases of 10%, 25%, and 87% year-on-year, respectively.
云顶马来西亚有限公司（GENM）预计将在第二季度提供改善的季度业绩，受到游客到来的显著增加的推动。公司的马来西亚业务预计将会实现季度环比和同比增长，受到旅游数据强劲的推动。最近的数据显示，马来西亚在第二季度迎来了600万游客，较去年同期增长了26%，环比增长了3%。这一增长包括中国游客的明显反弹，其人数从4Q23的32万增加到了69万。此外，来自新加坡、印度尼西亚和印度的游客同比分别增长了10%、25%和87%。
Analysts have highlighted GENM as a prime investment choice for those seeking exposure to the tourism sector's rebound with an ADD rating call. With a current price-to-earnings ratio of 13.0x for CY24F and a dividend yield of approximately 6-7%, GENM's valuation is considered attractive. Analysts anticipate that the improved economic activity and ongoing recovery in tourism will continue to support GENM's earnings growth throughout FY24F. The company's operations in the US have also shown positive signs, with a 3.1% increase in gross gaming revenue year-on-year for the latest quarter.
分析师们将GENM视为寻求旅游业复苏投资的首选，给予其看涨的评级。GENM当前的市盈率为13.0倍，股息收益率约为6-7%，估值被认为是具有吸引力的。分析师预计，改善的经济活动和旅游业的持续复苏将不断支持GENM的盈利增长，在FY24F期间。该公司在美国的业务也呈现积极迹象，在最新季度的总游戏收入同比增长了3.1%。
For the remainder of 2024, economic conditions in Malaysia are expected to favour continued growth. The government's initiatives, including cash handouts to low-income households and higher civil servant salaries from 2025F, alongside anticipated increases in private consumption and tourism, are projected to bolster GENM's revenue. The Ministry of Tourism, Arts, and Culture forecasts tourist arrivals to reach 27.3 million in 2024, generating an estimated RM102.7 billion in income, up from RM71.3 billion in 2023.
在2024年的剩余时间里，马来西亚的经济状况预计将有利于持续增长。政府的举措，包括向低收入家庭支付现金，并从2025F年起提高公务员的工资，以及预计私人消费和旅游业的增长，预计将提振GENM的收入。旅游、艺术和文化部预测，2024年的旅客到达人数将达到2730万，创造约1027亿令吉的收入，高于2023年的713亿令吉。
Despite concerns surrounding potential regulatory issues affecting GENM's New York casino licence bid, analysts have maintained a positive outlook. The company's SOP-based target price remains at RM4.00, reflecting a 42% compound annual growth rate (CAGR) in earnings per share over FY22-25F. Although there are uncertainties related to the Nevada gaming regulator's complaints, the forecast does not account for potential gains from the New York casino project, focusing instead on GENM's existing assets.
尽管存在影响GENM在纽约博彩牌照竞标的潜在监管问题的担忧，但分析师们对此持积极态度。公司SOP法估值的目标价仍为4.00令吉，反映了FY22-25F期间每股收益的42%的复合年增长率（CAGR）。尽管内华达州博彩监管机构的投诉存在不确定性，但该预测并未考虑到纽约博彩项目的潜在收益，而是专注于GENM现有资产。
Source: CGS
Title: Higher tourist arrivals likely lifted 2Q24F
来源：中国银河
标题：游客到达人数的增加可能推动了2024年第二季度的增长
