KUALA LUMPUR: Shares in Genting Malaysia Bhd were lower in early trade Thursday as investors take profit after recent gains.

       The gaming and leisure group declined three sen, or 0.94% to RM3.17 at 9.14am. It hit its highest in about seven months yesterday at RM3.20.

       Genting Malaysia announced early this week that it would be injecting another US$150mil into its US-based unit Empire Resorts Inc (ER) mainly for the repayment of short-term debts.

       Genting Malaysia said its indirect wholly-owned unit Genting ER II LLC on Monday (Oct 11) entered into an agreement to subscribe for up to US$150mil of additional Series L Preferred Stock of Empire.

       RHB Research is neutral on Genting Malaysia’s capital injection into, given ER’s high debt levels, and as the impact to Genting Malaysia’s balance sheet is minimal.

       “Looking ahead, we expect strong earnings recovery as Resorts World Genting (RWG) has reopened, and the interstate travel ban has been lifted.

       “The imminent opening of the Genting Skyworlds outdoor theme park could be a crowd-puller for other RWG facilities, leading to higher-than-expected visitor arrivals,” it said.

       RHB, which maintained its “buy” call on Genting Malaysia, has raised its target price to RM3.58 from RM3.40.