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PETALING JAYA: UOB Kay Hian Securities (M) Bhd has maintained an “overweight” call on the gaming sector, saying that it is set to continue its outperformance in the second half of 2022 (2H22).
This is as the sector remains a major direct proxy of the post-pandemic tourism boom and will deliver sequentially stronger earnings in 2H22.
“The sector’s performance is anchored on a meaningful influx of international tourists following Malaysia’s border reopening in April 2022.
“Gaming stocks’ are expected to outperform the rest in 2022 due to earnings momentum, cash flow resilience to a domestic consumption slowdown, generous dividend yields and external catalysts.
“Genting Malaysia Bhd (GenM) has good chances to win a full-fledged casino licence in downstate New York and potential development at the TauRx Pharmaceuticals development,” said the research house in its “2H22 Outlook: Positioning For Breaks In The Storm” report.
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The research firm expects sharp earnings recoveries for gaming companies in 2H22.
For the casino segment, both Genting Bhd’s and GenM’s results in the second quarter of 2022 (2Q22) are likely to see sequential earnings recoveries with Resorts World Genting’s gross gaming revenue returning to 65% to 70% of 2019’s level.
“The number forecasting operator segment, despite current ticket sales recovering to only 75% to 80% of pre-pandemic levels, we expect earnings to recover to more than 90% of pre-pandemic levels by as early as 2Q22, following the nation’s rehiring of migrant workers who contributed to about 10% of pre-pandemic ticket sales,” it said.
“In tandem with the expected steep earnings recovery throughout 2022 and 2023, gaming companies will offer appealing prospective yields of 4.2% to 7.7% in 2023.”
The recoveries in the Genting group’s overseas operations, particularly in the United States where gaming revenues have surpassed pre-pandemic levels, are also uplifting.
转载说明:本文转载自Sunbet。
