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Hong Leong Investment Bank (HLIB) Research sees RWG as one of the “prime beneficiaries” with borders reopening, especially with the addition of SkyWorld’s theme park that complements its gaming attraction. “We believe that investors will look ahead as RWG scales up its capacity and as visitations improve,” it said

PETALING JAYA: There are brighter prospects for Genting Malaysia Bhd in the second half of the year, as Resorts World Genting’s (RWG) recovery momentum should continue in the remaining months of the year amid the reopening of the economy.

Hong Leong Investment Bank (HLIB) Research sees RWG as one of the “prime beneficiaries” with borders reopening, especially with the addition of SkyWorld’s theme park that complements its gaming attraction.

“We believe that investors will look ahead as RWG scales up its capacity and as visitations improve,” it said.

As of March 31, RWG had opened 5,200 hotel rooms with average occupancy rates at 88% in the first quarter ended March 31, 2022 (1Q22). Genting Malaysia indicated that it was progressively ramping up capacity for its hotels, casino and theme park in 2Q22.

According to HLIB Research’s ground checks, the casino capacity had increased as the restriction on the number of players per table had been lifted. The research house noted that the footfalls observed in the casino were also very encouraging.

It believes visitations to RWG should improve in 2Q22 due to the subsiding Omicron wave bolstering the return of visitors.

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Other driving factors that would increase visitations include the easing of social restrictions and increasing capacity as Malaysia moves into endemicity, as well as the Employees Provident Fund’s withdrawal scheme that will augur well for leisure spending.

As such, HLIB Research is keeping a “buy” call on Genting Malaysia with a target price of RM3.91. That said, it noted that RWG’s recovery momentum should continue in the second half of 2022, as the resumption of more hotel operations will increase hotel revenues, length of stay and spending in RWG.

As of June 21, Malaysia had already surpassed the full-year target of two million incoming tourist arrivals.

In addition, HLIB Research said the current weak local currency was also a boon to RWG driven by the increase in foreign tourists, mass-market gamblers as well as increase in local visitations as locals are likely to prefer domestic touri *** due to the weak ringgit.

At its current share price, HLIB Research said investors may be concerned if the valuation is rich, as Genting Malaysia is already trading close to the pre-pandemic level.

However, it pointed out that the share price level in 2019 was dampened by negative sentiment on the company.


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