Public Investment retains earnings forecast for Genting

KUALA LUMPUR: Public Investment Bank has maintained its Outperform call with an unchanged target price of RM10.80 on Genting. It has also retained its earnings forecasts for the company pending its Q3FY17 results announcement on Nov 23.

This comes on the back of earnings posted by Genting Singapore, which is 52.7% owned by Genting Bhd. It reported a net profit of S$143.8mil for Q3FY17, which is 34.6% higher year-on-year. 

"Adjusting for net exchange loss and gain on disposal core net profit stood at S$181.1mil (+84.5% y-o-y). This was largely attributed to higher business volume, reduction in impairment on trade receivables and improvement in operating margins arising from cost efficiency initiatives," said the research firm.