Genting Berhad and Genting Malaysia by Hwang-dbs 27/8/2009

Genting Berhad (RM6.60; Buy; Price Target: RM7.60 (prev
RM6.30); GENT MK)
Look forward to RWS opening
• 2Q09 result was below our and market expectations; all
segments saw weaker performance except power
• Look forward to possibly early-opening of Resorts
World at Sentosa (RWS) in Dec09
• Maintain Buy, but raised sum-of-parts TP to RM7.60
(from RM6.30)

Genting Malaysia (RM2.80; Buy; Price Target: RM3.40;
GENM MK)
2Q09 in line despite poor luck factor
• 2Q09 was within our and market expectations
• Weaker luck factor in VIP segment despite higher
volume of business, visitor arrivals were flat
• Risk of cash call by Star Cruises lower now, valuation
still attractive
• Maintain Buy and sum-of-parts TP of RM3.40