Genting Berhad offers deep value despite the closure

Genting Bhd offers deep value despite the closure

The Covid-19 pandemic has been extremely brutal on businesses that even Malaysia’s well-known and diversified conglomerate, Genting Berhad, could not escape the burnt of the virus outbreak.

For the first time ever, all of Genting Berhad casinos globally that delivered close to 60% of its revenue in the financial year of 2019 (FY19), have been shut down simultaneously.

The operations of its non-gaming leisure and hospitality businesses such as hotels and theme parks – which contributed 24% of total revenue – also took a major hit as a result of the movement restrictions in the markets Genting group operates in.

Not only that, the impact of the virus outbreak, coupled by slowing market demand, was also seen in Genting Bhd’s other businesses such as plantations, property and oil and gas.

The group has stated in its latest annual report that most of its worldwide operations are temporarily closed to curb the spread of Covid-19.

The year 2020 was supposed to be a key business year for Genting Bhd’s Malaysian operations, particularly in anticipation of higher tourist traffic spurred by the government’s Visit Malaysia Year (VMY) 2020 campaign.

However, VMY 2020 has since been cancelled in response to the Covid-19 outbreak and this has disrupted the potential earnings for the group this year.

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