BUSINESS

MAYBANK IB OPTIMISTIC ON GENTING BHD'S CHINA IPP, FLNG MOVES

21/06/2024 01:35 PM

KUALA LUMPUR, June 21 (Bernama) -- Maybank Investment Bank (IB) believes that the two recent developments by Genting Bhd will contribute positively to the group's long-term earnings and value. 

The Genting group is expanding into China’s independent power producer (IPP) industry and has separately commissioned a Chinese contractor to construct a floating liquefied natural gas (FLNG) facility. 

The research firm said it is maintaining its earnings estimates and target price (TP) for the group due to the lack of details, with TP at RM5.84 and a 'buy' recommendation. 

“We like the two aforementioned developments. The first will increase Genting’s net attributable operating capacity to 2,650 megawatts (MW) from 1,800 MW.

"The second will allow Genting to monetise its Indonesian gas fields which it has been working on since the mid-2000s," it said. 

At 12.20 pm, the group’s share price increased by 12 sen to RM4.81 with 12.77 million shares traded. 

-- BERNAMA


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