KUALA LUMPUR (May 27): Analysts have lowered the earnings forecasts of Genting Bhd and Genting Malaysia Bhd (GENM) after their results came in below expectations.
Hong Leong Investment Bank Research’s analyst Low Jin Wu said in a note today Genting recorded a first quarter 2021 (1Q21) core loss after tax and minority interest (LATMI) of RM318 million, which was below his expectation largely due to weaker-than-expected results from GENM and Genting Singapore Ltd (GENS).
He said the group’s Malaysian and Singaporean operations will remain challenging in the near term as Covid-19 cases have been escalating at an alarming pace in Southeast Asia of late.
KUALA LUMPUR (May 6): Gas Malaysia Bhd’s earnings for the financial year ending Dec 31, 2021 (FY21) may decline from FY20 amid a predicted drop in average gas selling price, said CGS-CIMB.
In a note today, its analyst Ngo Siew Teng said the lower selling price could in turn affect its shipper unit profits.
However, she pointed out that “there could be potential earnings upside if the average gas selling price is revised up in future according to market prices (2020: RM33.65/MMBtu vs. Jan-Jun 2021: RM24.50/MMBtu)”.
Gas Malaysia expected its gas volume for FY21 to grow in line with Malaysia’s gross domestic product (GDP) growth, which Bank Negara Malaysia has forecast to range from 6% to 7.5%.