Johannes Salim, CFA

Event-Driven

<ul><li>Our stub valuation method reveals that <a href="https://www.smartkarma.com/entities/14210" target="_blank" data-smartkarma-citation="entities:14210:1">Genting Bhd (GENT MK)</a> attractively trades at (near) 2 SD below its 5-yr mean of NAV discount (see Chart 2).</li><li>Fundamentals at <a href="https://www.smartkarma.com/entities/439" target="_blank" data-smartkarma-citation="entities:439:1">Genting Singapore Plc (GENS SP)</a> and <a href="https://www.smartkarma.com/entities/3141" target="_blank" data-smartkarma-citation="entities:3141:1">Genting Malaysia Bhd (GENM MK)</a>, which combined account for 84% of GENT's EBITDA, have considerably improved.</li><li>GENT is directly undertaking Resorts World Las Vegas (RWLV) Integrated Resorts project, which we think could generate decent EBITDA if executed properly. </li><li>Assuming a 20% holdco discount, 12-mo PT for GENT works out to be RM11.12/share, a 27% upside potential from current share price.</li></ul>

Our stub valuation method reveals that Genting Bhd (GENT MK) attractively trades at (near) 2 SD below its 5-yr mean of NAV discount (see Chart 2).Fundamentals at Genting Singapore Plc (GENS SP) and Genting Malaysia Bhd (GENM MK), which combined account for 84% of GENT's EBITDA, have considerably improved.GENT is directly undertaking Resorts World Las Vegas (RWLV) Integrated Resorts project, which we think could generate decent EBITDA if executed properly. Assuming a 20% holdco discount, 12-mo PT for GENT works out to be RM11.12/share, a 27% upside potential from current share price.

Genting Berhad: Attractively Valued on 5-Yr NAV Discount History