Johannes Salim, CFA

Equity Bottom-Up

<ul><li>Conference call with the Head of IR at <a href="https://www.smartkarma.com/entities/3141" target="_blank" data-smartkarma-citation="entities:3141:1">Genting Malaysia Bhd (GENM MK)</a> reveals that new amenities/attractions from GITP (Genting Integrated Tourism Plan) investments have opened progressively.</li><li>Our close look on GENM's overseas investments suggests a mixed bag track record.</li><li>The tribal casino resorts project in Massachusetts, US (via US$368.9 mn promissory notes investment) is currently stalled pending government reviews.</li><li>GENM's valuation (11.0x 2018 EV/EBITDA) compares favorably to Macau gaming plays (15.7x) </li></ul>

Conference call with the Head of IR at Genting Malaysia Bhd (GENM MK) reveals that new amenities/attractions from GITP (Genting Integrated Tourism Plan) investments have opened progressively.Our close look on GENM's overseas investments suggests a mixed bag track record.The tribal casino resorts project in Massachusetts, US (via US$368.9 mn promissory notes investment) is currently stalled pending government reviews.GENM's valuation (11.0x 2018 EV/EBITDA) compares favorably to Macau gaming plays (15.7x) 

Genting Malaysia

Genting Malaysia: A Steady Grower