Latest news with #Genting
The Star
2 days ago
- Business
- The Star
Bursa stays uninspired on final day of results season
KUALA LUMPUR: The sluggish sentiment on Malaysia's stock market continued on Friday, with the earnings announcements of the past week doing little to halt the corrective pressure. While the FBM KLCI gained 2.24 points to 1,521.22 at the start of the day's trading, the weak momentum indicates the index could yet close in the red, ending the week on a five-day losing streak. There was some buying interest on Wall Street overnight, bolstered by forecast-beating earnings from the likes of Nvidia, although the ongoing confusion over the legal validity of US President Donald Trump's trade tariffs weighed on sentiment. The US rally has done little to spur the interest of Malaysian investors given the absence of fresh domestic leads, especially as the corporate earnings season comes to an end this week with little fanfare. According to Rakuten Trade, the recent sell-down on the local market could be attributed to the flight of funds back to the Hong Kong market, which has been on a tear on hopes of easing trade tension. "For today, we expect bargain hunting activities to emerge if and when the index ease closer to the 1,500 mark thus anticipate it to trend between the 1,510-1,525 range," said the broker in a note. Companies that announced their earnings in after-trading hours yesterday include KPJ down 18 sen to RM2.78, MPI falling 16 sen to RM19.70 and Genting dropping 11 sen to RM3.02. Egg and poultry producer Leong Hup rose 0.5 sen to 61.5 sen while sector rival QL Resources dropped two sen to RM4.52. On the actives list, Velesto was unchanged at 18.5 sen, Nationgate jumped six sen to RM1.50 and Eco-shop rose five sen to RM1.24. Trading ideas: SunCon, Vestland, PeterLabs, TWL, UEM Edgenta, IJM, Genting, Carlsberg, KPJ, QL, Farm Fresh, IHH, LHI
New Straits Times
3 days ago
- Business
- New Straits Times
Genting's Q1 earnings plunge to RM4.5mil versus RM588.7mil a year ago
KUALA LUMPUR: Genting Bhd's net profit tumbled to RM4.57 million in the first quarter to March 31 2025 from RM588.87 million a year ago. Group revenue stood at RM6.51 billion, down 12 per cent from the previous year's corresponding quarter of RM7.43 billion. Genting attributed the lower revenue mainly to the leisure and hospitality division. The group's adjusted earnings before interest, tax, depreciation and amortisation (Ebitda) for Q1 2025 of RM1.99 billion was lower than the RM2.57 billion posted in Q1 2024. The strengthening of the ringgit against Singapore dollar, pound sterling and US dollar partly contributed to the lower group revenue and Ebitda. Genting said Resorts World Sentosa (RWS) recorded lower revenue and profit. "The results for Q1 2025 was affected by a lower VIP rolling win rate and the temporary closure of Hard Rock Hotel for renovation and rebranding works, which led to a reduction in available room inventory. "RWS' performance was also weaker in comparison with Q1 2024 where Singapore saw stronger visitorship and tourism spending during the Chinese New Year festive season along with the relaxation of visa regulations between China and Singapore in February 2024." Resorts World Genting (RWG) recorded lower revenue over 1Q24, due to the timing of the festive season and lower business volumes in the premium players segment in Q1 2025. Revenue from the group's leisure and hospitality businesses in the United Kingdom and Egypt was lower due to strengthening of the ringgit against pound sterling. However, a lower Ebitda was recorded primarily due to higher operating and payroll related expenses in Q1 2025. The leisure and hospitality businesses in the United States of America and Bahamas included the inancial results of Resorts World New York City (RWNYC), Resorts World Bimini (RW Bimini) and Resorts World Las Vegas (RWLV). Revenue recorded by RWNYC was lower due to stronger ringgit against the US dollar. RWLV's revenue and Ebitda were impacted by lower hold percentage and lower visitation compared with the record visitation benefited from NFL Super Bowl event in Q1 2024. Hotel occupancy and average daily rate in Q12025 were 82.3 per cent and US$274 respectively compared with 89.1 per cent and US$298 in Q1 2024. Genting said its performance for the remaining period of the 2025 financial year may be impacted by the global economic conditions and market volatility. "In Malaysia, economic growth is expected to expand at a slower pace as heightened geopolitical tensions continue to weigh on both domestic and global sentiments. "Despite ongoing global uncertainties, demand for international tourism is expected to remain resilient, although recovery is anticipated to be uneven across regions. Consequently, the regional gaming market may face increasing challenges," it added. In Malaysia, the group remains focused on enhancing RWG's appeal as a regional tourism hub by introducing new facilities and attractions, including new ecotourism experiences at Genting Highlands. "Celebrations to commemorate the Genting Group's 60th anniversary are underway, featuring a variety of special events, promotions and activities designed to engage visitors and enrich their experience at RWG," it added.
Business Times
16-05-2025
- Business
- Business Times
Genting Singapore shares are undervalued despite drop in earnings, Morningstar says
[SINGAPORE] Genting Singapore 's shares are undervalued despite its recent weak earnings, says Morningstar. Morningstar's senior equity analyst, Jennifer Song, has a fair value estimate of S$0.96 for Genting Singapore shares. The stock last closed at S$0.715 on Thursday (May 15). As at 10.04 am on Friday, it was up 0.7 per cent or S$0.005 at S$0.72. Genting Singapore's results were largely in line with analysts and market expectations, Song said in a Morningstar report on Thursday. Genting Singapore reported a sharp year-on-year revenue decline of 20 per cent to S$626.2 million from S$784.4 million in the year-earlier period. Net profit tumbled 41 per cent to S$145 million from S$247.4 million the year before. 'However, the results reflect a sharp year-on-year decline in revenue and net profit due to a high base a year ago and ongoing renovation disruptions from its RWS 2.0 project, which will continue to weigh on second-quarter performance,' Song wrote. Genting on Wednesday attributed the weaker performance to lower VIP rolling win rate and temporary closure of Hard Rock Hotel for renovation and rebranding works, which led to a reduction in available room inventory. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Additionally, the decline in financials was weaker compared with the previous year where Singapore had more visitors during the Chinese New Year festive season along with the relaxation of visa regulations between China and Singapore in February 2024. However, Morningstar's Song expects earnings growth to pick up from the second half of 2025, on the back of the commencement and ramp-up of new projects and attractions. This includes the launch of a superluxury all-suite hotel, the Singapore Oceanarium, and expanded retail and dining options. 'Although Genting has been losing gross gaming revenue market share to peer Marina Bay Sands in recent years, we anticipate the phased launch of its RWS 2.0 attractions to accelerate revenue growth and expand margins from the second half of 2025,' said Song. In a bourse filing on Wednesday, Genting Singapore also announced that chief executive officer Tan Hee Teck will be stepping down from his role on May 31. Shares of Genting-linked companies in Malaysia fell on Thursday as investors digested the surprise CEO exit at Genting Singapore and fresh concerns over corporate governance.
Business Times
15-05-2025
- Business
- Business Times
RWS chairman and Genting Singapore CEO Tan Hee Teck retires; group's Q1 profit drops 41% to S$145m
[SINGAPORE] Resorts World Sentosa (RWS) chairman and chief executive officer Tan Hee Teck will retire from his position on May 31. Tan, 69, is also stepping down as CEO of Genting Singapore, the group said in a bourse filing on Wednesday (May 14). 'The board respects Mr Tan's decision and would like to express their appreciation to Mr Tan for his invaluable contributions and guidance to the board and the company during his tenure.' According to Genting's website, Tan has been the CEO of Resorts World Sentosa since 2007. He was responsible for RWS winning the bid to operate the integrated resort in Sentosa which opened in 2010. Tan was appointed CEO of Genting in May 2022. He first joined the Genting Group in 1982 and held several senior positions across various geographical regions. From Jun 1, Lee Shi Ruh will take over as CEO of RWS. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Lim Kok Thay, executive chairman of the Genting Group, will assume the role of acting CEO of the group. Lee has been with the group since 2010 during which she held key positions including chief financial officer, Genting Singapore said. On Wednesday, Genting Singapore announced its financial results for the first quarter ended Mar 31. Revenue in Q1 declined 20 per cent to S$626.2 million from S$784.4 million in the year-earlier period. Net profit after taxation tumbled 41 per cent to S$145 million from S$247.4 million the year before. Genting Singapore said: 'Compared to the same quarter last year, the results for the current quarter were affected by a lower VIP rolling win rate and the temporary closure of Hard Rock Hotel for renovation and rebranding works, which led to a reduction in available room inventory.' 'The group's performance was also weaker in comparison with the previous year where Singapore saw stronger visitorship and tourism spending during the Chinese New Year festive season along with the relaxation of visa regulations between China and Singapore in February 2024.' Giving an update on RWS' expansion plans, the group said the Singapore Oceanarium will open in Q3 2025. From this month, visitors can book stays at The Laurus – a new hotel in Sentosa which will be the first resort under The Luxury Collection brand. The Luxury Collection is a brand under the Marriott International conglomerate. The hotel is expected to open in Q3. Genting said: 'Amid heightened geopolitical trade tensions and macroeconomic headwinds, the group continues to adopt a prudent and adaptive approach, leveraging on our strong regional presence and financial strength to navigate through a challenging global environment.'
Business Times
14-05-2025
- Business
- Business Times
Resorts World Sentosa chairman and Genting Singapore CEO Tan Hee Teck retires
[SINGAPORE] Resorts World Sentosa (RWS) chairman and chief executive officer Tan Hee Teck will retire from his position on May 31. Tan, 69, is also stepping down as CEO of Genting Singapore, the group said in a bourse filing on Wednesday (May 14). 'The board respects Mr Tan's decision and would like to express their appreciation to Mr Tan for his invaluable contributions and guidance to the board and the company during his tenure.' According to Genting's website, Tan has been the CEO of Resorts World Sentosa since 2007. He was responsible for RWS winning the bid to operate the integrated resort in Sentosa which opened in 2010. Tan was appointed CEO of Genting in May 2022. He first joined the Genting Group in 1982 and held several senior positions across various geographical regions. From Jun 1, Lee Shi Ruh will take over as CEO of RWS. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Lim Kok Thay, executive chairman of the Genting Group, will assume the role of acting CEO of the group. Lee has been with the group since 2010 during which she held key positions including chief financial officer, Genting Singapore said. On Wednesday, Genting Singapore announced its financial results for the first quarter ended Mar 31. Revenue in Q1 declined 20 per cent to S$626.2 million from S$784.4 million in the year-earlier period. Net profit after taxation tumbled 41 per cent to S$145 million from S$247.4 million the year before. Genting Singapore said: 'Compared to the same quarter last year, the results for the current quarter were affected by a lower VIP rolling win rate and the temporary closure of Hard Rock Hotel for renovation and rebranding works, which led to a reduction in available room inventory.' 'The group's performance was also weaker in comparison with the previous year where Singapore saw stronger visitorship and tourism spending during the Chinese New Year festive season along with the relaxation of visa regulations between China and Singapore in February 2024.' Giving an update on RWS' expansion plans, the group said the Singapore Oceanarium will open in Q3 2025. From this month, visitors can book stays at The Laurus – a new hotel in Sentosa which will be the first resort under The Luxury Collection brand. The Luxury Collection is a brand under the Marriott International conglomerate. The hotel is expected to open in Q3. Genting said: 'Amid heightened geopolitical trade tensions and macroeconomic headwinds, the group continues to adopt a prudent and adaptive approach, leveraging on our strong regional presence and financial strength to navigate through a challenging global environment.'
