Genting Malaysia rises on sooner-than-expected theme park opening

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KUALA LUMPUR (July 24): Things are looking up for casino operator Genting Malaysia Bhd after it fell out with Fox and Disney in November last year over the opening of an outdoor theme park in Malaysia. 

Having proceeded with the project alone, Genting Malaysia now looks set to open the theme park a lot earlier than expected, Maybank Kim Eng says. 

The brokerage now thinks the attraction could be opened in the first or second quarter of next year instead of in 1Q 2021, given that Genting Malaysia has embarked on an aggressive hiring program for the park. 

With more certainty around the park's opening, Maybank upgrades Genting Malaysia to buy from hold and raises its target price to RM3.80 from RM3.40. 

Genting Malaysia traded up 19 sen or 5.51% at RM3.64 at 12:30pm.