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HomeNewsMalaysiaGen. Malaysia seen posting loss due to Covid restrictions: Maybank

Gen. Malaysia seen posting loss due to Covid restrictions: Maybank

Genting Malaysia is now expected to report a loss this year due to the ongoing disruptions from Covid, but the earnings recovery momentum is intact, Maybank Research said in a note maintaining its “buy” rating and increasing its target share price.

The firm forecasts a core net loss for the year of MYR384.8 million ($93.3 million), compared with its estimate for a profit of MYR137.9 million previously. It has increased the share price target  by 8 percent by MYR3.43.

“With the recent surge in new COVID-19 cases in Malaysia, we do not believe that the inter-state travel ban in Malaysia will be lifted soon,” the note said, explaining that 77 percent of FY20A Resorts World Genting visitors were day-trippers, with the great majority from the neighbouring state of Selangor and Federal Territory of Kuala Lumpur.

AGBrief Editorial
AGBrief Editorial
The AGBrief Editorial Team is a group of contributors living around the world that are connected to Asia Gaming Brief. They are active members in pursuing the sources of our news, making them reliable and accurate for our readers.



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