Above expectations due to Singapore. Genting’s 1HFY10 normalised pretax profit was above expectations, coming in at 90% of our FY10 forecasts and 111% of consensus forecast. We note that all the other divisions of Genting, with the exception of Genting Singapore, came in within expectations. As noted in our report dated 13 Aug, although topline numbers made up 56.5% of our revenue assumptions for Genting Singapore, EBITDA margins of 40.4% in 1H10 were much higher than our projected 28.5% for FY10. This, together with the positive effective tax rates in the 2Q10 (due to an S$86.8m deferred tax writeback) caused the outperformance in the bottomline. Genting declared a gross DPS of 3.3 sen (less 25% tax) (2Q09: 3 sen) in 2Q10, in line with our expectations.
Genting Berhad: Singaporean Dreams Coming Through-27/08/2010
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