Hong Leong Investment Bank Research has added its voice to analysts predicting a strong longer-term comeback for Genting Malaysia, upping its rating from a "hold" to a "buy."
Genting Malaysia's EBITDA is likely to return to its pre-pandemic levels by 2022 and reach 60 percent this year, Standard & Poor's said.
Genting Bhd Chairman Lim Kok Thay says he expects global economic conditions to continue to recover and said the group will assess any business opportunities that arise that could complement existing operations or provide new growth.
Moody's has reaffirmed the credit ratings of Genting Bhd and Genting Singapore, but said the outlook remains negative due to the uncertainty regarding the pace of recovery.
Berjaya Group's new CEO Abdul Jalil bin Abdul Rasheed has bought 70 million shares in the company at 28 sen a share and plans to restructure the Malaysian group whose interests span from gaming through to hotels, insurance and cars.
Empire Resorts must secure financing at attractive rates soon if it is to turn profitable and avoid the need for a further capital injection from Genting, Nomura said in a research note.
Genting Malaysia’s indirect wholly-owned subsidiary, Genting ER II LLC has entered into a subscription agreement for up to US$20 million of additional stocks of Empire Resorts, according to a company filing.