Company Coverage
Genting Malaysia (GENM MK): 2Q26: RWNYC Gaining Momentum, Better 2H26 Ahead
BUY (Maintained)
Current price:
Target price:
Upside:
RM1.73
RM2.36
+36%
Analyst
Highlights
2Q26 results came in within expectations, lifted mainly by US operations as RWNYC fully transitioned into a commercial casino and is expected to further enhance earnings in 2H26 as operations reach better efficiency.
Operations in RWG and UK were flattish, with lower visitations due to ongoing Middle East tensions.
Maintain BUY with an unchanged target price of RM2.36. RWNYC’s stronger earnings delivery provides visible upside towards 2H26-2027 earnings.
Analysis
2Q26: Within expectations. Genting Malaysia (GENM) reported higher core adjusted EBITDA of RM899m (+13% yoy, +38% qoq) in 2Q26. 1H26 EBITDA was within expectations, making up 51% and 52% of our and consensus full year forecasts respectively.
RWG charted flattish earnings, with better cost management offsetting weaker visitations. Resorts World Genting’s (RWG) revenue dropped 1% yoy, while EBITDA improved 1% yoy. On gaming statistics, non-VIP wins (-3% yoy) and VIP wins (+2% yoy) were mixed, with overall weaker visitations due to fewer holidays and moderating travel demand (hilltop visitors -6% yoy). Nevertheless, better operating cost management resulted in a slight EBITDA improvement of 1% and EBITDA margin uptick of 0.8ppt yoy.
Highlights
2Q26 results came in within expectations, lifted mainly by US operations as RWNYC fully transitioned into a commercial casino and is expected to further enhance earnings in 2H26 as operations reach better efficiency.
Operations in RWG and UK were flattish, with lower visitations due to ongoing Middle East tensions.
Maintain BUY with an unchanged target price of RM2.36. RWNYC’s stronger earnings delivery provides visible upside towards 2H26-2027 earnings.
Analysis
2Q26: Within expectations. Genting Malaysia (GENM) reported higher core adjusted EBITDA of RM899m (+13% yoy, +38% qoq) in 2Q26. 1H26 EBITDA was within expectations, making up 51% and 52% of our and consensus full year forecasts respectively.
RWG charted flattish earnings, with better cost management offsetting weaker visitations. Resorts World Genting’s (RWG) revenue dropped 1% yoy, while EBITDA improved 1% yoy. On gaming statistics, non-VIP wins (-3% yoy) and VIP wins (+2% yoy) were mixed, with overall weaker visitations due to fewer holidays and moderating travel demand (hilltop visitors -6% yoy). Nevertheless, better operating cost management resulted in a slight EBITDA improvement of 1% and EBITDA margin uptick of 0.8ppt yoy.
BUY (Maintained)
Current price:
Target price:
Upside:
RM1.73
RM2.36
+36%
Analyst
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This report is provided subject to, and must be read together with, the full Disclosures / Disclaimers available at this link, which are incorporated by reference into this report. In particular, this report is intended for general circulation and informational purposes only and does not constitute personal investment advice or a recommendation to buy or sell any investment product or security. You should independently evaluate the information and, where necessary, seek advice from a qualified financial adviser regarding the suitability of any investment. Analyst certifications required under applicable regulations, including SEC Regulation AC (where relevant), are included in this report. By accessing, receiving or using this report, you acknowledge that you have read, understood and agreed to be bound by the Disclosures / Disclaimers, as may be amended, supplemented or updated from time to time.
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