Genting Group: Cheap valuations, growing earnings, improving technicals: Initiate on GENT perp with OW

Research evidence excerpt

Genting Group: Cheap valuations, growing earnings, improving technicals: Initiate on GENT perp with OW

Soo Chong Lim AC Asia Pacific Credit Research

(852) 2800-7387 29 June 2026 J P M O R G A N

soochong.lim@jpmorgan.com

Company background

Corporate origins and group profile

Genting Berhad (“Genting Bhd”) is one of Malaysia’s largest listed corporates and

serves as the holding company of the Genting Group. The group was founded in 1965

and incorporated in 1968, and Genting Bhd was listed in 1971 on the Kuala Lumpur

Stock Exchange (now Bursa Malaysia). Since listing, the group has expanded into a

multi-business platform with activities spanning leisure and hospitality, oil palm

plantations, power generation, oil and gas, and property development. Within leisure

and hospitality, the Group and its brand affiliates operate several widely recognized

brands, including Genting and Resorts World, as well as brands such as Genting Grand,

Genting Club, Crockfords and Maxims.

The Genting Group today comprises Genting Berhad and three listed subsidiaries—

Genting Malaysia, Genting Plantations and Genting Singapore—together with principal

unlisted subsidiaries that include Genting Energy and Resorts World Las Vegas. This

structure places key operating platforms into specialized entities (gaming/hospitality,

plantations/land, and Singapore integrated resort), while Genting Berhad retains

strategic oversight and maintains controlling equity interests in its main listed operating

companies.

Listing history and corporate structure

Genting Bhd’s 1971 listing established the listed “mother ship” for the group and

preceded the subsequent public listings of key business verticals. Genting Plantations,

the group’s plantation and property arm, has been listed on Bursa Malaysia since 1982.