Genting SP (GENS): Closer look at Jeju
- Resorts World Jeju (RWJ) is set to open progressively in 2017-19 and could contribute $145m (US$107m) recurring net profit p.a. to GENS.
- Unlike the rest of South Korea, Jeju has a unique visa-free policy for Chinese tourists, making it a prime destination for visitors from North and East China.
- Concerns about high bad debt charges and possible injection of RWLV could create buying opportunity ahead of consensus earnings upgrades for RWJ.
- CIMB maintains Add with higher TP of $0.89.
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