OSK Research is maintaining its "neutral" call on Genting Malaysia Bhd with an upgrade fair value (FV) of RM4.05 from RM3.24.
In its research note today, OSK said it was also maintaining the earnings forecast for Genting, which incorporates the earnings lift from the group's US casino operation scheduled for completion in the second half of this year.
"Our FV implies a relatively high 17.1 times financial year 2011 price earnings ratio (PER) versus the group's historical PER multiple of 14.9 times, suggesting, the growth potential from its US operation has been included in our valuation," it said.
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