Latest news with #VisitMalaysiaYear
BusinessToday
16 hours ago
- Business
- BusinessToday
Analysts Downgrade Genting Malaysia, After Sharp Drop In Q1 Profits
CIMB Investment Bank Bhd (CIMB Securities) has downgraded Genting Malaysia Bhd (GENM) to HOLD from Buy, with a sharply lower target price of RM1.95 from RM2.45, while Hong Leong Investment Bank (HLIB) has reiterated its HOLD call with a revised target price of RM1.82, as both research houses flagged significant earnings pressure from weaker-than-expected performance across domestic and international operations. GENM's core net profit for the first quarter of FY25 fell 78% year-on-year to RM52 million, which CIMB said was impacted by a broad-based earnings decline across Resorts World Genting (RWG), the US, and UK segments, compounded by higher net interest cost and an elevated effective tax rate. The results were well below expectations, coming in at only 9% and 8% of CIMB Securities' and consensus full-year forecasts, respectively. HLIB similarly noted that GENM's RM31.1 million core profit for the quarter missed its projection by a wide margin, at just 6% of its FY25 estimate. RWG's gross gaming revenue (GGR) was a key concern, declining 7% year-on-year and 9% quarter-on-quarter, driven mainly by a significant drop in VIP play, which fell 18% year-on-year. Although mass market GGR grew by 7%, it was not enough to offset the overall weakness. CIMB Securities highlighted that hilltop visitations dipped 2% year-on-year, likely impacted by the earlier timing of Hari Raya compared to 2024, which affected non-gaming activities. Meanwhile, EBITDA for the group fell 11% year-on-year to RM869 million, with EBITDA margins shrinking to 31.9%. In the US and Bahamas, EBITDA contracted 22% year-on-year, pressured by higher labour costs and a weaker US dollar against the ringgit. In the UK and Egypt, earnings fell 25% year-on-year under similar conditions, though they were flat quarter-on-quarter. Share of associate losses from Empire Resorts also widened sequentially. HLIB noted that while revenue in the US & Bahamas rose 8.6% quarter-on-quarter, group-wide earnings recovery was insufficient to match past performance due to structural headwinds in international markets. CIMB Securities revised its core earnings estimates down by 37–39% for FY25–27, expecting a 29% drop in FY25 earnings before a modest 12% recovery in FY26, aided by anticipated tourist inflows during Visit Malaysia Year. HLIB likewise slashed its forecasts by 36–40%, citing persistently high finance costs, tax burdens and operating volatility in the US. Despite the earnings headwinds, both brokers pointed out GENM's dividend yields remain relatively attractive at 5.5–6.6% over FY25–27. However, CIMB Securities stressed that valuation at an FY25 EV/EBITDA of 8.3x is only modestly attractive, trading at a 12% discount to its 10-year pre-COVID average. Upside risk remains in the form of a possible full casino licence in Downstate New York, which CIMB Securites estimates could add 40–50 sen to its target price. GENM shares closed at RM1.82 on 30 May, giving the group a market capitalisation of RM10.26 billion. Related
Daily Express
18 hours ago
- Business
- Daily Express
Over 6,000 came to Sabah during Kaamatan
Published on: Monday, June 02, 2025 Published on: Mon, Jun 02, 2025 By: Wu Vui Tek Text Size: Tiong and Haryanty (fourth left and right) together with the state tourism association chairmen celebrate the Kaamatan Festival at KKIA. Kota Kinabalu: Travellers trickled into the state's capital to take advantage of the long holidays in conjunction with the Kaamatan Festival celebration. Throughout the day, 27 flights arrived at Kota Kinabalu International Airport (KKIA), bringing visitors from Seoul, Taipei, Singapore, Shenzhen, Hong Kong, and destinations across Malaysia. 'These included an estimated 930 international and 4,933 domestic travellers, all of whom were welcomed with festive cheer and cultural experiences upon arrival,' said Tourism Malaysia Sabah Director Haryanty Abu Bakar at KKIA here. 'Malaysia celebrates the long weekend, starting with the festival of Kaamatan, Gawai, and also the birthday of the Yang di-Pertuan Agong. 'We celebrate with the cultural diversity of Sabah, including the Magunatip dance performance and sampling of traditional cuisines for the guests,' said Haryanty. The arriving travellers were presented with goodie bags as part of the campaign to promote Visit Malaysia Year (VMY) 2026. Tourism, Arts and Culture Minister Datuk Seri Tiong King Sing, who was among those arriving, performed the beating of a gong and witnessed a symbolic winnowing of rice. The winnowing was performed by Haryanty, KKIA Senior Airport Manager Jefry Ramli, Sabah Tourism Board (STB) Marketing Manager Bobby Alex, MATTA Sabah Deputy Chairman Alex Chong, Malaysia Chinese Tourism Association (MCTA) Sabah Chairman Vincent Sia, MyBHA Sabah Chairman Harold Chung, and Sabah Tourist Association (STA) Chairman Melanie Chu. Similar activities were held during Chinese New Year and Hari Raya, which also coincided with long holidays and contributed to the increase in arrivals during the holiday season, said Haryanty. She said Tourism Malaysia is collaborating with STB and the Sabah Ministry of Tourism, Culture and Environment to encourage domestic tourism, not only focusing on Kota Kinabalu but also expanding to Kota Marudu, Kudat, and other attractive destinations. In addition, she said Sabah is also rich in cultural diversity, where festivals such as Kaamatan are also among the attractions to boost domestic tourism. She said the preparation for VMY 2026 is not only limited to physical tourism, but also on encouraging tourists to get to know the products and packages offered through online platforms. One of them is the cooperation between Tourism Malaysia and to offer special packages throughout the year to promote Malaysia digitally. The promotion campaign starts from April 2025 until February 2026 and will continue to enable tourists to access interesting packages via the digital platform, she said. According to statistics, she said the number of tourists will increase due to the rise in the number of flights. 'We hope that the number of international flights to Kota Kinabalu will increase,' she said. Malaysia's tourism sector continues to experience strong recovery and growth. In 2024, Malaysia welcomed 38 million international visitors – a 31.1 per cent increase from 2023 and 8.3 per cent above pre-pandemic 2019 levels. Visitor receipts also surged, generating RM106.78 billion, reflecting a substantial 43.7 per cent growth over 2023 and exceeding 2019 figures by 20 per cent. This positive trend has continued into early 2025, with the first four months recording 13.4 million visitor arrivals – a 21.0 per cent year-on-year increase. The top ten visitor-generating markets from January to April were Singapore, Indonesia, China, Thailand, India, Brunei, South Korea, the Philippines, Australia, and the United Kingdom. * Follow us on our official WhatsApp channel and Telegram for breaking news alerts and key updates! * Do you have access to the Daily Express e-paper and online exclusive news? Check out subscription plans available. Stay up-to-date by following Daily Express's Telegram channel. Daily Express Malaysia
The Sun
15-05-2025
- Business
- The Sun
PUCM strengthens Malaysia-China ties through trade, technology and cultural exchange
KUALA LUMPUR: The China Entrepreneurs Association in Malaysia (PUCM) continues to play a pivotal role in deepening Malaysia and China relations, not only by fostering robust business partnerships, but also by advancing tourism, technology and cultural diplomacy. Speaking at PUCM's 10th anniversary celebration today, Deputy Communications Minister Teo Nie Ching praised the association's decade-long efforts in forging lasting connections across key sectors such as technology, telecommunications, culture and education. 'Beyond trade and investment, people-to-people ties between our nations continue to deepen. With Visit Malaysia Year 2026 on the horizon, we look forward to welcoming even more tourists from China and around the world,' she said. Teo highlighted that tourist arrivals from China soared to 3.7 million in 2024, marking a remarkable 130.9 per cent year-on-year increase. 'This initiative marks a new chapter in Malaysia-China relations, reinforcing our connectivity in trade, tourism, education and cultural diplomacy. It arrives at a crucial moment as Malaysia chairs ASEAN in 2025, where inclusivity and sustainability will shape the regional agenda. 'Greater ease of movement for businesses, entrepreneurs, students and tourists will not only strengthen bilateral ties but also enhance ASEAN's position as a vibrant, people-centred and future-ready region,' she said during the anniversary luncheon held at a hotel here today. Teo also reaffirmed the Communications Ministry's commitment to nurturing a supportive ecosystem for foreign and local investors in the digital and telecommunications sectors. 'We continue to review and streamline regulatory frameworks, while formulating policies that encourage a dynamic, secure and inclusive digital economy for all,' she said, encouraging PUCM and its partners to pursue joint ventures, technology exchange and investments that benefit both nations. She also noted that the theme for the 2025 China Smart Industry Trade Exhibition (2025 CSITE), Smart Technology, Digitalisation and Education, fully aligns with the priorities of the MADANI Economy and Malaysia's drive for digital inclusivity, cybersecurity and innovation-led growth. Meanwhile, PUCM president Datuk Keith Li reflected on the association's growth from just seven founding members to nearly 200 member companies over the past decade. 'Among our proudest achievements is the establishment of the 2025 CSITE, which spotlighted breakthroughs in artificial intelligence, drone technology and smart city solutions. 'This initiative serves as a vital bridge, linking Chinese innovation with Malaysian opportunities,' he said. The event also saw the unveiling of PUCM's 10th Anniversary Special Edition Magazine. Earlier, Teo officiated the launch of the 2025 CSITE and spent about 30 minutes visiting exhibition booths, including those by China Telecom (M) Sdn Bhd, China Silk Road Group and Geespace. She also visited the booths of the Malaysian National News Agency (Bernama), Malaysia-China Insight and Nanjing Xinyan Cultural Media Co, Ltd.
The Sun
15-05-2025
- Business
- The Sun
PUCM boosts Malaysia-China ties via trade and tech
KUALA LUMPUR: The China Entrepreneurs Association in Malaysia (PUCM) continues to play a pivotal role in deepening Malaysia and China relations, not only by fostering robust business partnerships, but also by advancing tourism, technology and cultural diplomacy. Speaking at PUCM's 10th anniversary celebration today, Deputy Communications Minister Teo Nie Ching praised the association's decade-long efforts in forging lasting connections across key sectors such as technology, telecommunications, culture and education. 'Beyond trade and investment, people-to-people ties between our nations continue to deepen. With Visit Malaysia Year 2026 on the horizon, we look forward to welcoming even more tourists from China and around the world,' she said. Teo highlighted that tourist arrivals from China soared to 3.7 million in 2024, marking a remarkable 130.9 per cent year-on-year increase. 'This initiative marks a new chapter in Malaysia-China relations, reinforcing our connectivity in trade, tourism, education and cultural diplomacy. It arrives at a crucial moment as Malaysia chairs ASEAN in 2025, where inclusivity and sustainability will shape the regional agenda. 'Greater ease of movement for businesses, entrepreneurs, students and tourists will not only strengthen bilateral ties but also enhance ASEAN's position as a vibrant, people-centred and future-ready region,' she said during the anniversary luncheon held at a hotel here today. Teo also reaffirmed the Communications Ministry's commitment to nurturing a supportive ecosystem for foreign and local investors in the digital and telecommunications sectors. 'We continue to review and streamline regulatory frameworks, while formulating policies that encourage a dynamic, secure and inclusive digital economy for all,' she said, encouraging PUCM and its partners to pursue joint ventures, technology exchange and investments that benefit both nations. She also noted that the theme for the 2025 China Smart Industry Trade Exhibition (2025 CSITE), Smart Technology, Digitalisation and Education, fully aligns with the priorities of the MADANI Economy and Malaysia's drive for digital inclusivity, cybersecurity and innovation-led growth. Meanwhile, PUCM president Datuk Keith Li reflected on the association's growth from just seven founding members to nearly 200 member companies over the past decade. 'Among our proudest achievements is the establishment of the 2025 CSITE, which spotlighted breakthroughs in artificial intelligence, drone technology and smart city solutions. 'This initiative serves as a vital bridge, linking Chinese innovation with Malaysian opportunities,' he said. The event also saw the unveiling of PUCM's 10th Anniversary Special Edition Magazine. Earlier, Teo officiated the launch of the 2025 CSITE and spent about 30 minutes visiting exhibition booths, including those by China Telecom (M) Sdn Bhd, China Silk Road Group and Geespace. She also visited the booths of the Malaysian National News Agency (Bernama), Malaysia-China Insight and Nanjing Xinyan Cultural Media Co, Ltd.
Barnama
15-05-2025
- Business
- Barnama
PUCM Strengthens Malaysia-China Ties Through Trade, Technology And Cultural Exchange
GENERAL KUALA LUMPUR, May 15 (Bernama) -- The China Entrepreneurs Association in Malaysia (PUCM) continues to play a pivotal role in deepening Malaysia and China relations, not only by fostering robust business partnerships, but also by advancing tourism, technology and cultural diplomacy. Speaking at PUCM's 10th anniversary celebration today, Deputy Communications Minister Teo Nie Ching praised the association's decade-long efforts in forging lasting connections across key sectors such as technology, telecommunications, culture and education. 'Beyond trade and investment, people-to-people ties between our nations continue to deepen. With Visit Malaysia Year 2026 on the horizon, we look forward to welcoming even more tourists from China and around the world,' she said. Teo highlighted that tourist arrivals from China soared to 3.7 million in 2024, marking a remarkable 130.9 per cent year-on-year increase. 'This initiative marks a new chapter in Malaysia-China relations, reinforcing our connectivity in trade, tourism, education and cultural diplomacy. It arrives at a crucial moment as Malaysia chairs ASEAN in 2025, where inclusivity and sustainability will shape the regional agenda. 'Greater ease of movement for businesses, entrepreneurs, students and tourists will not only strengthen bilateral ties but also enhance ASEAN's position as a vibrant, people-centred and future-ready region,' she said during the anniversary luncheon held at a hotel here today. Teo also reaffirmed the Communications Ministry's commitment to nurturing a supportive ecosystem for foreign and local investors in the digital and telecommunications sectors. 'We continue to review and streamline regulatory frameworks, while formulating policies that encourage a dynamic, secure and inclusive digital economy for all,' she said, encouraging PUCM and its partners to pursue joint ventures, technology exchange and investments that benefit both nations. She also noted that the theme for the 2025 China Smart Industry Trade Exhibition (2025 CSITE), Smart Technology, Digitalisation and Education, fully aligns with the priorities of the MADANI Economy and Malaysia's drive for digital inclusivity, cybersecurity and innovation-led growth.
