UOB Kay Hian Research said GentingM's valuations were compelling, after two years of selldown due to gaming duty hike and RPT-linked acquisition of loss-making US-based Empire Resorts. GentingM currently trades at -one standard deviation EV/EBITDA of seven times.
KUALA LUMPUR: UOB Kay Hian Malaysia Research has added IJM Plantations (IJMP) and Genting Malaysia to its December 2019 alpha picks as it expects a listless month and not much window dressing.
It said on Monday due to the heightened domestic political (power handover issue) and policy risk, which have been thus far overwhelmingly business-unfriendly, its portfolio selection has become highly skewed towards companies which are driven by positive external developments.
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