In line with ours, but above consensus. Genting’s FY09 normalised net profit was in line with our expectations, coming in at 95% of our FY09 forecasts, but above consensus, comprised 126% of consensus forecasts.
We believe the main discrepancy between the actual numbers and our forecasts was the higher-than-expected effective tax rate in 4Q09 of 32.4% (from 23.7% in 3Q09), bringing FY09 effective tax rate to 29.5% (vs. our 25% projection). In FY09, Genting’s total EI loss was RM173.6m. Genting declared a 4.2 sen gross DPS (less 25% tax) in 4Q09 (4 sen in 4Q08), bringing total gross DPS for FY09 to 7.2 sen (less 25% tax) (7 sen in FY08), which translates to net payout of 17.7%, or net yield of 0.8%.
Genting Berhad : Better Years Ahead - 01/03/2010
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