Thursday, February 24, 2011

Bursa Malaysia: Genting Bhd Target Price at RM14.16 by OSK, 24 Feb 2011

KUALA LUMPUR: OSK Research said GENTING BHD []'s FY10 results were in line with its'' estimates after adjusting for various exceptional items for 4QFY10.

It said on Thursday, Feb 24 that all of Genting's divisions apart from the power and oil & gas division reported sequential growth, which drove the group's core EBITDA 11% higher on-quarter.

'The maiden contribution from Genting Singapore in FY10 was the key driver of Genting's spectacular 89% on-year full year FY10 EBITDA growth.

'Maintain BUY and TP of RM14.16. The group's current valuation of 13.2x FY11 PER is attractive against a 3-year EPS CAGR of 18%,' OSK Research said.

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