Genting stocks rally after Singapore unit's earnings hit 10-year high

KUALA LUMPUR: Genting Bhd and its subsidiary, Genting Malaysia Bhd’s shares rallied in early trade on Monday, becoming the top mover of Bursa Malaysia's barometer index.

At 10.20 am, Genting’s shares jumped 16 sen to RM4.71 per unit while Genting Malaysia was six sen higher at RM2.69 per unit.

It was reported that Genting Singapore Plc’s earnings beat expectations after hitting a 10-year high in the first quarter of 2024 (1Q 2024).

Maybank Investment Bank Bhd (Maybank IB) said Genting Singapore's 1Q 2024 core net profit of S$249.3 million accounted for 32 per cent/35 per cent of its/consensus financial year (FY) estimates, benefitting from the return of Chinese visitors.

"Its 1Q 2024 earnings before interest, taxes, depreciation, and amortisation of S$369.5 million also outperformed at 32 per cent of our FY estimate,” it said in a note. - Bernama