Genting Bhd, Genting Malaysia take big tumble after news of CEO change; Genting Singapore edges marginally lower

[firehyrant]

Genting Bhd, Genting Malaysia take big tumble after news of CEO change; Genting Singapore edges marginally lower​

Chief operating officer Tan Kong Han is taking on the role

Crystal Heng​

Published Fri, Feb 28, 2025 · 11:50 AM — Updated Fri, Feb 28, 2025 · 11:23 PM

GENTING Bhd and Genting Malaysia shares plunged shortly after the market opened on Friday (Feb 28), after news broke on Thursday that Lim Kok Thay will step down as chief executive of Malaysia’s Genting after nearly two decades at the helm. Both entities also reported a net loss in their latest earnings announced on the same day.

On Bursa Malaysia, Genting Bhd shares fell nearly 10 per cent or 37 sen to RM3.36 at the outset, while Genting Malaysia shares fell 16.1 per cent or 38 sen to RM1.98.

At the close, Genting Bhd was down 11.8 per cent or 44 sen at RM3.29, while Genting Malaysia was down 19.5 per cent or 46 sen at RM1.90.

Shares of Genting Singapore on the Singapore Exchange closed 1.4 per cent or S$0.01 lower at S$0.73 on Friday.

On Thursday, it was reported that Tan Kong Han, president, chief operating officer and executive director, will take over as CEO of Malaysia’s Genting effective Mar 1, 2025.

As part of the transition, Tan has stepped down as CEO of Genting Plantations to focus on his expanded responsibilities at Genting, leading and overseeing the day-to-day operations of the group. He remains as executive director of Genting Plantations.

Lim, the son of the Genting Group founder Lim Goh Tong, will remain as executive chairman of the group’s board of directors.

On the same day, Genting Bhd reported a net loss of RM169.4 million (S$51.2 million) for the fourth quarter ended Dec 31, compared with a net profit of RM150.1 million in the previous corresponding period. Loss per share (LPS) stood at 4.4 sen, against an earnings per share (EPS) of 3.9 sen in the 2023 financial year.

Genting Malaysia reported a net loss of RM457.9 million for Q4, compared with a net profit of RM239.6 million in the same period in the previous year. LPS stood at 8.08 sen, against an EPS of 4.23 sen in the prior year.

Genting’s Lim Kok Thay to step down as CEO, Tan Kong Han to take over​

Maybank Securities downgraded Genting Bhd and Genting Malaysia to “hold” from “buy”.

Citing that Genting Malaysia underperformed on weak margins, the research house slashed earnings estimates for FY2025 and FY2026 by 25 per cent and 26 per cent, respectively. It also lowered Genting Malaysia’s target price to RM2.41 from RM2.73.

Genting Bhd underperformed on the back of weak performance from Genting Malaysia and Resorts World Las Vegas. Maybank Securities cut earnings estimates for FY2025 and FY2026 by 34 per cent and 30 per cent, respectively. It also lowered Genting Bhd’s target price to RM3.98 from RM4.48.

Last week, Genting Singapore announced a 34 per cent fall in net profit in the second half of the year to S$222 million. EPS for FY2024 came in at S$0.0479, from S$0.0507 a year earlier.

 

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KT Lim steps down as Genting Bhd CEO, to remain as Executive Chairman​

by Ben Blaschke

Fri 28 Feb 2025 at 06:23


Genting Bhd Executive Chairman Lim Kok Thay

Genting Group patriarch Lim Kok Thay will from tomorrow step down as CEO of Genting Berhad, the company has announced, to be replaced by long-time President, COO and Executive Director Tan Kong Han.

In an announcement issued late Thursday, Genting explained that Lim – ranked No 5 on IAG’s 2025 Asian Gaming Power 50 list – will relinquish the CEO role to focus on other responsibilities within the group, although he will remain as Executive Director.

Genting Bhd owns Las Vegas Strip property Resorts World Las Vegas and is majority shareholder in Genting Malaysia – whose assets include Resorts World Genting near Kuala Lumpur – and Genting Singapore, parent company of Singapore’s Resorts World Sentosa.

Tan, who earlier this week stood aside as CEO of Genting Plantations Bhd, steps into the CEO role at Genting Bhd after 18 years in his previous position as President, COO and Executive Director. He will remain President and Executive Director but relinquish the COO position.

Lim, the son of Genting Group founder Lim Goh Tong, said, “On behalf of the Board, I would like to congratulate Dato’ Sri Tan Kong Han on his promotion and new appointment. He replaces me as Chief Executive Officer to lead and oversee the day- to-day operations of Genting Berhad, thus enabling me to focus on my duty as the Executive Chairman of the Board and my other duties within the Genting Group.

“Dato’ Sri Tan joined the company in 2007 as its President and COO, assumed the role of director in 2020, and is now stepping into the CEO role as part of a multi-year succession plan.”

Lim himself became a Genting director upon turning 25 in 1976 and took over from his late father Lim Goh Tong as group chairman in 2003.

His own son, Lim Keong Hui, became Deputy CEO of Genting Berhad in 2019 and is seen as a long-term successor to the group’s vast empire.

 

[congo9]

It's time to buy genting stock and hold mid to long term.