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Analysts cut Genting and Genting Malaysia earnings forecasts after results missed expectations


KUALA LUMPUR (May 27): Analysts have lowered the earnings forecasts of Genting Bhd and Genting Malaysia Bhd (GENM) after their results came in below expectations.
Hong Leong Investment Bank Research’s analyst Low Jin Wu said in a note today Genting recorded a first quarter 2021 (1Q21) core loss after tax and minority interest (LATMI) of RM318 million, which was below his expectation largely due to weaker-than-expected results from GENM and Genting Singapore Ltd (GENS).
He said the group’s Malaysian and Singaporean operations will remain challenging in the near term as Covid-19 cases have been escalating at an alarming pace in Southeast Asia of late. ....

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Oil gushes to US$70 a barrel


BIMB Securities Research O&G analyst Azim Faris Ab Rahim said that local activity will pick up in 2022, regardless of the price of oil. He believed the lack of investment from 2015 to 2020 will translate into more projects maturing within the next few years.
PETALING JAYA: The unstoppable streak of the oil price rally may seem like the end of the tunnel is near for the oil and gas (O&G) sector.
But amid the optimism that the market is pricing in, experts that are monitoring the sector closely believe that it is not yet all rosy.
Forecasting thunderstorms ahead, analysts and economists believe Brent crude oil has run ahead of its fundamentals as it surged above US$70 per barrel, saying that current prices are unsustainable. ....

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Porsche to set up assembly plant in Kulim?


GERMAN luxury sports car maker Porsche AG is said to be setting up an assembly plant in Kulim, Kedah, in what would be its first outside of Germany, according to sources familiar with the project.
Porsche will be partnering Inokom Corporation Sdn Bhd, a subsidiary of Sime Darby Motors Sdn Bhd, which in turn is a subsidiary of Sime Darby Bhd, for the venture. However, the value of the investment cannot be ascertained at the moment.
“There have been quite a number of big investments coming into Malaysia in the automotive sector, but the government has yet to declare them. Because of the Covid-19 pandemic and the Movement Control Order, many of the principals could not come to Malaysia. ....

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