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Maybank raises Genting Berhad rating to Buy after share purchases

Deals & M&A

Maybank upgraded Genting Berhad to Buy, citing recent share purchases by the Lim family and chief executive Tan Kong Han. The company reported 2024 revenue of MYR27.72 billion and net income of MYR882.95 million; Maybank also pointed to the pending Nevada Gaming Control Board investigation and a Bahamian lawsuit involving Genting Malaysia as risks. The lawsuit outcome was expected by June 2025.

The rating reflects both Genting’s reported 2024 results and material unresolved legal and regulatory issues affecting its outlook.

End-of-day close Genting Berhad (3182), MYR, to 25 April 2025
Story date27 January 202525 April 2025

Latest reported results

Genting Malaysia Bursa Malaysia: 4715

Quarter ended 31 December 2025

Revenue
MYR 3.01bn

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Fitch downgrades Genting Berhad to BBB- as casino spending weighs

Fitch Ratings lowered Genting Berhad’s long-term issuer default rating to BBB- from BBB, with a stable outlook, citing casino expansion spending in New York and Singapore and a slower earnings ramp-up in New York. Fitch expects average annual capital expenditure of MYR9.2 billion between 2026 and 2028, while net leverage is forecast to remain above 4.0 times for the next three years.

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