♦ Genting Singapore
Results / Briefing Note : Exceeding Consensus Expectations
♦ Banking
Sector Update : BNM Raised OPR By Another 25bps
♦ Sime Darby
Company Update : Eroding Investor Confidence
♦ WCT
News update : Potential Share Of Additional Bakun Cost Overrun Amounting To RM97m
♦ Malayan Banking
Results / Briefing Note : Tracking Expectations
♦ Sunrise
Results / Briefing Note : 9MFY06/10 Performance Weighed Down By Slower Progress Billings
Corporate Highlights...-14/05/2010
Showing posts with label Cuscapi. Show all posts
Showing posts with label Cuscapi. Show all posts
Friday, May 14, 2010
Cuscapi Berhad : Sluggish Outlook Ahead - 14/05/2010
Above expectations. Cuscapi’s 1QFY10 net profit of RM0.71m (-4.5qoq, +42.3yoy) was above our expectations, accounting for 32.3% of our fullyear forecast. The variance was mainly due to:
1) higher contribution from China’s F&B as well as retail, hospitality and consulting services;
2) cost-cutting measures; and
3) higher contribution from its international businesses.
Cuscapi Berhad : Sluggish Outlook Ahead - 14/05/2010
1) higher contribution from China’s F&B as well as retail, hospitality and consulting services;
2) cost-cutting measures; and
3) higher contribution from its international businesses.
Cuscapi Berhad : Sluggish Outlook Ahead - 14/05/2010
RHB Equity 360° (Genting S’pore, Banks, Sime Darby, WCT, Maybank, Sunrise, Cuscapi; Technical: BCorp) -14/05/2010
Top Story : Genting Singapore – Exceeding consensus expectations Outperform
1QFY10 Results/Briefing Note - Genting Singapore’s (GS) 1QFY10 core net profit of S$81.8m was in line with our forecasts, comprising 25.7% of our full year core net profit, but above consensus, comprising 36.4% of FY10 net profit. GS recorded an EI loss of S$452.6m, mainly for an impairment loss on its UK intangible assets.
♦ The yoy increase in revenue was due to commendable revenue contribution from RWS, the bulk of which came from the casino, while GS’ UK also recorded a 19% yoy rise in revenue coming from improved luck factor. Although the EBITDA margin for RWS of 32.5% seems lower than our projected 36.8% for FY10, we note that RWS recorded some preoperating expenses in 1Q10. Assuming a conservative S$50m of preoperating expenses were incurred and adding this back to RWS’ EBITDA for 1Q, this would bring EBITDA margins to about 47.6%, much higher than our projection.
♦ Conference call highlights:
(1) Visitor arrivals meeting RWS’ management expectations;
(2) Update on casino operations; and
(3) Update on capacity expansion plans.
♦ No change to forecasts although there could be a rash of upgrades to consensus projections following these results. We maintain our Outperform call on GS and fair value of S$1.35, based on blended average of EV/EBITDA (in line with 12x FY11 regional average) and DCF.
RHB Equity 360°(Genting S’pore, Banks, Sime Darby, WCT, Maybank, Sunrise, Cuscapi; Technical: BCorp) -14/05...
1QFY10 Results/Briefing Note - Genting Singapore’s (GS) 1QFY10 core net profit of S$81.8m was in line with our forecasts, comprising 25.7% of our full year core net profit, but above consensus, comprising 36.4% of FY10 net profit. GS recorded an EI loss of S$452.6m, mainly for an impairment loss on its UK intangible assets.
♦ The yoy increase in revenue was due to commendable revenue contribution from RWS, the bulk of which came from the casino, while GS’ UK also recorded a 19% yoy rise in revenue coming from improved luck factor. Although the EBITDA margin for RWS of 32.5% seems lower than our projected 36.8% for FY10, we note that RWS recorded some preoperating expenses in 1Q10. Assuming a conservative S$50m of preoperating expenses were incurred and adding this back to RWS’ EBITDA for 1Q, this would bring EBITDA margins to about 47.6%, much higher than our projection.
♦ Conference call highlights:
(1) Visitor arrivals meeting RWS’ management expectations;
(2) Update on casino operations; and
(3) Update on capacity expansion plans.
♦ No change to forecasts although there could be a rash of upgrades to consensus projections following these results. We maintain our Outperform call on GS and fair value of S$1.35, based on blended average of EV/EBITDA (in line with 12x FY11 regional average) and DCF.
RHB Equity 360°(Genting S’pore, Banks, Sime Darby, WCT, Maybank, Sunrise, Cuscapi; Technical: BCorp) -14/05...