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.
受遊客人數大幅增加的推動，雲頂馬來西亞有限公司（GENM）預計將在24年第二季度的季度業績有所改善。在強勁的旅遊數據推動下，預計該公司在馬來西亞的業務將實現季度和同比增長。最近的數據顯示，馬來西亞在24年第二季度迎來了600萬遊客，比上年增長了26％，比上一季度增長了3％。這種激增包括中國遊客的顯著反彈，其數量達到69萬人，而23年第四季度爲32萬人。此外，來自新加坡、印度尼西亞和印度的入境人數同比分別增長了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.
分析師強調，對於那些尋求通過ADD評級電話了解旅遊業反彈的人來說，GenM是首選的投資選擇。目前，CY24F 的市盈率爲13.0倍，股息收益率約爲6-7％，因此GENM的估值被認爲具有吸引力。分析師預計，經濟活動的改善和旅遊業的持續復甦將繼續支持GENM在整個 FY24F 期間的收益增長。該公司在美國的業務也顯示出積極的跡象，最近一個季度的博彩總收入同比增長了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年的剩餘時間內，馬來西亞的經濟狀況預計將有利於持續增長。政府的舉措，包括向低收入家庭發放現金補助，從2025財年起提高公務員工資，以及私人消費和旅遊業的預期增長，預計將增加GENM的收入。旅遊、藝術和文化部預測，到2024年，遊客人數將達到2730萬，收入估計爲1027令吉，高於2023年的713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.
儘管對影響GENM紐約賭場牌照競標的潛在監管問題感到擔憂，但分析師仍保持樂觀的前景。該公司基於標準股價的目標價格仍爲4.00令吉，反映出與 FY22-25F 相比，每股收益的複合年增長率（CAGR）爲42％。儘管內華達州博彩監管機構的投訴存在不確定性，但該預測並未考慮紐約賭場項目的潛在收益，而是將重點放在GENM的現有資產上。
Source: CGS
Title: Higher tourist arrivals likely lifted 2Q24F
資料來源：CGS
標題：更多的遊客人數可能提振了 2Q24F
