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OWG seen to trend upwards on tourism recovery

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HLIB Research, in its technical tracker note, said: “We see the return of tourism following Malaysia’s transition towards endemicity as a turning point for OWG.“This will help drive more footfall to its F&B outlets and family attractions.”

PETALING JAYA: The worst is likely over for Only World Group Holdings Bhd (OWG) following the recovery of the domestic tourism industry.

This is the view of Hong Leong Investment Bank (HLIB) Research, which added that the group’s businesses in food and beverage (F&B) outlets, water amusement parks and family attractions strategically located in popular resorts and shopping malls, such as Genting Highlands in Pahang, Komtar Tower in Penang and the Klang Valley, were heavily affected during the Covid-19 pandemic.

HLIB Research, in its technical tracker note, said: “We see the return of tourism following Malaysia’s transition towards endemicity as a turning point for OWG.

“This will help drive more footfall to its F&B outlets and family attractions.”

As of June 21, Malaysia surpassed its full-year target of two million incoming tourist arrivals.

And HLIB Research pointed out: “Genting Highlands, where most of OWG’s outlets are located and made up 40% of the group’s bottom line in 2019, has seen its footfall gaining traction.”

This is well supported by pent-up demand for travel, the depreciation of the ringgit and the launch of the Genting SkyWorlds theme park, added the research house.

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“We flag that the group’s turnaround in its third quarter results for the financial year 2022 (FY22) had yet to reflect the strong return of foreign tourists as Malaysia only reopened its international borders on April 1,” said HLIB Research.

In view of the solid recovery momentum with stronger seasonally earnings in the second half of the year, HLIB Research expects greater business volume in the group’s F&B outlets and family attractions, which will result in better earnings going forward.

According to HLIB Research, Covid-19 led to the group’s declining business volume in its food services, as well as amusement and recreation operations, that fell 79% from RM123mil revenue in FY19 to RM25mil revenue in FY21.

OWG went into the red in FY20, the first loss-making financial year since it was listed in 2014.

HLIB Research said: “Technically, OWG is trading near its uptrend channel support of 45 sen to 49 sen, with indicators showing an uptick bias.

“In light of this, a decisive breakout above 50 sen will spur prices higher towards 56-62-74 sen territory,” said HLIB Research.


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