{"id":777010282,"date":"2023-10-19T08:07:11","date_gmt":"2023-10-19T11:07:11","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=777010282"},"modified":"2026-04-22T17:00:08","modified_gmt":"2026-04-22T20:00:08","slug":"maybank-cuts-genting-malaysias-earnings-forecast","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/maybank-cuts-genting-malaysias-earnings-forecast","title":{"rendered":"Maybank cuts Genting Malaysia’s earnings forecast"},"content":{"rendered":"\n

The bank has cut its forecast due to a rise in service tax in Malaysia.<\/p>\n\n\n\n\n\n\n\n

Malaysia.- Analysts at\u00a0Maybank Investment Bank\u00a0<\/strong>have adjusted their earnings forecasts for\u00a0Genting Malaysia\u00a0due to a 2 per cent rise in service tax in the country.\u00a0They have made a 4 per cent reduction in the 2024 core net profit forecast and a 5 per cent decrease for 2025.\u00a0<\/p>\n\n\n\n

Maybank’s revision the estimated core net profit at MYR913m (US$191.7m) for the upcoming year and MYR1.01bn for 2025. Analyst\u00a0Samuel Yin Shao Yang<\/strong> said the service tax increase essentially translates into a gaming tax hike specifically for Resorts World Genting.<\/p>\n\n\n\n

The Malaysian government has announced\u00a0a raise in the service tax rate<\/strong>\u00a0from 6 to 8 per cent from March 1, 2024. Shao Yang said Genting Malaysia’ has potential remedies<\/strong>. It could consider measures such as reducing junket commission rates or direct VIP rebate rates, raising hotel room rates, delaying salary increments, and adopting more efficient water and energy consumption practices to mitigate the impact.<\/p>\n\n\n\n

The analyst also highlighted the significance of other potential catalysts for Genting Malaysia investors, such as its bid for a full casino licence in New York City and the stalled Mashpee Wampanoag tribal gaming project in Massachusetts.<\/p>\n\n\n\n

See also: <\/strong>Fitch Ratings says Genting Malaysia outlook remains stable<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The bank has cut its forecast due to a rise in service tax in Malaysia.<\/p>\n","protected":false},"author":176,"featured_media":20685,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Maybank Investment Bank has revised down its core net profit forecasts for Genting Malaysia for 2024 and 2025 by 4% and 5% respectively, attributing the adjustment to a 2% increase in Malaysia's service tax, which effectively functions as a gaming tax hike for Resorts World Genting. The analysis suggests potential operational mitigation strategies for Genting Malaysia while also highlighting strategic catalysts such as its New York casino license bid and the stalled Mashpee Wampanoag tribal gaming project.","focusai_entities":"Maybank Investment Bank, Genting Malaysia, Resorts World Genting, Samuel Yin Shao Yang, Fitch Ratings, Mashpee Wampanoag","focusai_location":"Malaysia, New York City, Massachusetts, United States","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), operator_casino (1.0), investor_analyst (1.0), supplier_vendor (0.7), journalist_researcher (0.9)","focusai_suggestions":[{"label":"Genting Malaysia's Mitigation?","query":"What specific financial impact is anticipated from Genting Malaysia's proposed mitigation strategies, such as reducing junket commissions or adjusting VIP rebate rates, on its NGR and EBITDA margins?"},{"label":"NY License Bid Impact?","query":"How would securing a full casino license in New York City fundamentally alter Genting Malaysia's long-term growth trajectory and capital allocation strategy, particularly in light of its current Malaysian market challenges?"}],"footnotes":""},"categories":[157,16333],"tags":[19394],"class_list":["post-777010282","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business-news","category-south-east-asia-news","tag-genting-malaysia"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777010282","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777010282"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777010282\/revisions"}],"predecessor-version":[{"id":777041114,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777010282\/revisions\/777041114"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/20685"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777010282"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777010282"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777010282"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}