Resorts World
RNB MK, BUY, CP 2.86, TP 3.51, Mkt cap: 4,837m, ADV: 14.0m
* We resume coverage of RNB with a BUY and SoTP-based TP of
MYR3.51/share, offering 23% upside.
* Earnings will be resilient after two Singapore IRs open in 4Q09-1Q10 -
85% of casino customers are Malaysian.
* A cash hoard of MYR5.4b in 2009, ex-cash FY09 and FY10 P/Es of 9.6x
and 8.3x - Asia's cheapest casino.
2009E: P/E 13.9, P/B 1.8, ROE 13.9, Yld 1.9
2010E: P/E 13.3, P/B 1.7, ROE 13.2, Yld 2.1
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