Shooting through the roof. Genting Singapore’s (GS) 1HFY10 core net profit of an estimated S$502.1m was way above expectations, as 1H earnings alone exceeded both our and consensus FY10 expectations. In 2QFY10, GS’ EI loss of S$23.8m was due to an impairment loss on receivables relating to doubtful debts for its VIP patrons, which brought total EI loss in 1H10 to S$476.4m. Although topline numbers made up 56.5% of our revenue assumptions, we note that EBITDA margins of 40.4% in 1H10 were much higher than our projected 28.5% for FY10. This, together with the positive effective tax rates in the 2Q10 (due to an S$86.8m deferred tax writeback) caused the outperformance in the bottomline.
Genting Singapore PLC : Shooting Through The Roof - 13/08/2010
Showing posts with label Genting Singapore Plc. Show all posts
Showing posts with label Genting Singapore Plc. Show all posts
Friday, August 13, 2010
RHB Equity 360° - 13 August 2010 (Wah Seong, Gloves, Genting S’pore, EON Cap, Petra Perdana; Technical: AZRB)
Company Update:
- Softer numbers are expected in the upcoming 2QFY10 results (expected to be on 25 August) mainly caused by the weakness in the engineering division and pipe-coating and pipe-manufacturing divisions. Meaningful earnings recovery only in expected in FY11.
RHB Equity 360° - 13 August 2010 (Wah Seong, Gloves, Genting S’pore, EON Cap, Petra Perdana; Technical: AZRB)
- Softer numbers are expected in the upcoming 2QFY10 results (expected to be on 25 August) mainly caused by the weakness in the engineering division and pipe-coating and pipe-manufacturing divisions. Meaningful earnings recovery only in expected in FY11.
RHB Equity 360° - 13 August 2010 (Wah Seong, Gloves, Genting S’pore, EON Cap, Petra Perdana; Technical: AZRB)
Friday, May 14, 2010
Corporate Highlights...-14/05/2010
♦ 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
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
Genting Singapore Plc : Exceeding Consensus Expectations - 14/05/2010
Exceeding consensus expectations. 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’ EI loss of S$452.6m included impairment loss on its UK intangible assets of S$478.1m, impairment loss on amount due from jointly controlled entity of S$2.27m offset by fair value gain on derivatives of S$27.8m.
Genting Singapore Plc :Exceeding Consensus Expectations -14/05/2010
Genting Singapore Plc :Exceeding Consensus Expectations -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...
Tuesday, April 27, 2010
Corporate Highlights - 27/04/2010
♦ Genting Singapore
Visit Note : The Competition Starts Now
♦ Manufacturing
Sector Update : Highlights From Timber & Furniture Day
♦ Building Materials
Sector Update : Higher Cement Prices Effective 1 May 10
♦ Top Glove Corporation
News Update : Proposes 1-For-1 Bonus Issue
♦ EPIC
Results Note : No Surprises
Corporate Highlights - 27/04/2010
Visit Note : The Competition Starts Now
♦ Manufacturing
Sector Update : Highlights From Timber & Furniture Day
♦ Building Materials
Sector Update : Higher Cement Prices Effective 1 May 10
♦ Top Glove Corporation
News Update : Proposes 1-For-1 Bonus Issue
♦ EPIC
Results Note : No Surprises
Corporate Highlights - 27/04/2010
Genting Singapore Plc : The Competition Starts Now...-27/04/2010
Marina Bay Sands opening today. Marina Bay Sands (MBS) will open its first phase with 963 out of 2,560 hotel rooms, a portion of its shopping mall, restaurants and the Sands Expo and Convention Centre, the event plaza and the casino today. The Casino Regulatory Authority issued a casino licence to MBS yesterday, 26 April 2010. Although the casino licence has been awarded to MBS, recall that RWS needed a few days to reset the systems back to zero and to get the real “chips” ready before it could officially open, and the casino only opened a full 8 days after the licence was awarded. If we assume a like-for-like scenario, it could be possible that MBS may only be able to open the casino in a few days time.
Genting Singapore Plc : The Competition Starts Now...-27/04/2010
Genting Singapore Plc : The Competition Starts Now...-27/04/2010
RHB Equity 360° (Genting Singapore, Cement, Furniture, Allianz, Top Glove, EPIC; Technical: Measat) - 27/04/2010
Top Story : Genting Singapore – The competition starts now Outperform
Visit Note
♦ The Casino Regulatory Authority issued a casino licence to Marina Bay Sands (MBS) yesterday, 26 Apr. Nevertheless, recall RWS needed a few days to reset the systems back to zero and to get the real “chips” ready before it could officially open, and the casino only opened a full 8 days after the licence was awarded. If we assume a similar scenario, MBS may only open in a few days time.
♦ We believe MBS would likely face similar teething issues and would also take some ime to ramp up the hotel rooms and gaming tables to full capacity. As such, while we do expect to see some shift in visitors to MBS, we believe the effect could be short term. In addition, we expect MBS’ opening to actually enlarge, rather than shrink, the gaming market, as more visitors would likely come through Singapore once both casinos are open, as the “pull factor” would be greater.
♦ Seven takeaways from recent RWS visit: 1) >60% of tables operating currently; 2) no significant drop in visitor numbers since CNY; 3) table drops in line with expectations, mass table limits raised; 4) still waiting for junket approvals; 5) hotels still fully occupied; 6) Universal Studios Singapore tickets doubled up
already; and 7) pre-operating losses to be lower qoq in 1QFY10.
♦ Post-visit, we have tweaked our FY10-12 forecasts slightly, by +0.4-0.8%. No change to our S$1.35 fair value, based on blended average of EV/EBITDA (12x FY11 based on regional average) and DCF methodologies. At current price levels, GS’ FY11 EV/EBITDA of 11.8x is now at a 6.3% discount to FY11 regional peers average of 12.6x and 20% discount to Macau peers average. As such, while we expect some potential downside in share price upon opening of MBS, we believe downside risk is limited at these levels and advise investors to take this opportunity to buy the shares on weakness. Maintain Outperform.
RHB Equity 360°(Genting Singapore, Cement, Furniture, Allianz, Top Glove, EPIC; Technical: Measat) - 27/04/...
Visit Note
♦ The Casino Regulatory Authority issued a casino licence to Marina Bay Sands (MBS) yesterday, 26 Apr. Nevertheless, recall RWS needed a few days to reset the systems back to zero and to get the real “chips” ready before it could officially open, and the casino only opened a full 8 days after the licence was awarded. If we assume a similar scenario, MBS may only open in a few days time.
♦ We believe MBS would likely face similar teething issues and would also take some ime to ramp up the hotel rooms and gaming tables to full capacity. As such, while we do expect to see some shift in visitors to MBS, we believe the effect could be short term. In addition, we expect MBS’ opening to actually enlarge, rather than shrink, the gaming market, as more visitors would likely come through Singapore once both casinos are open, as the “pull factor” would be greater.
♦ Seven takeaways from recent RWS visit: 1) >60% of tables operating currently; 2) no significant drop in visitor numbers since CNY; 3) table drops in line with expectations, mass table limits raised; 4) still waiting for junket approvals; 5) hotels still fully occupied; 6) Universal Studios Singapore tickets doubled up
already; and 7) pre-operating losses to be lower qoq in 1QFY10.
♦ Post-visit, we have tweaked our FY10-12 forecasts slightly, by +0.4-0.8%. No change to our S$1.35 fair value, based on blended average of EV/EBITDA (12x FY11 based on regional average) and DCF methodologies. At current price levels, GS’ FY11 EV/EBITDA of 11.8x is now at a 6.3% discount to FY11 regional peers average of 12.6x and 20% discount to Macau peers average. As such, while we expect some potential downside in share price upon opening of MBS, we believe downside risk is limited at these levels and advise investors to take this opportunity to buy the shares on weakness. Maintain Outperform.
RHB Equity 360°(Genting Singapore, Cement, Furniture, Allianz, Top Glove, EPIC; Technical: Measat) - 27/04/...
Monday, March 8, 2010
Corporate Highlights - 08/03/2010
Property - M-REITs
Sector Update : Expect Imminent Re-rating On Malaysian REITs
Magna Prima
Visit Note : The Gem Under The Radar Screen
Genting Singapore
News Update : Thrills And Spills Await
Market Technical Reading
Daily Trading Strategy : Critical Medium-term Bullish Chart Breakout Underway!
Affin Holdings
Weekly Trading Idea : Bargain Buy Near RM2.70 For A Rally Towards RM3.08
Commodities & Currencies
Weekly Technical Viewpoint : Positive On Commodities But Mixed Outlook On The US$
Corporate Highlights - 08/03/2010
Sector Update : Expect Imminent Re-rating On Malaysian REITs
Magna Prima
Visit Note : The Gem Under The Radar Screen
Genting Singapore
News Update : Thrills And Spills Await
Market Technical Reading
Daily Trading Strategy : Critical Medium-term Bullish Chart Breakout Underway!
Affin Holdings
Weekly Trading Idea : Bargain Buy Near RM2.70 For A Rally Towards RM3.08
Commodities & Currencies
Weekly Technical Viewpoint : Positive On Commodities But Mixed Outlook On The US$
Corporate Highlights - 08/03/2010
Genting Singapore Plc : Thrills And Spills Await
Universal Studios to open on 18 March… Resorts World Sentosa (RWS) will open its Universal Studios Singapore (USS) theme park to the public at 8:28am on 18 Mar. Following the sneak peek weeks during the Chinese New Year period, USS will first open the park to team members of RWS and their families on 13 March for one week as part of its staffappreciation perks, before opening to the public. Ticket sales for the opening phase will begin at 9 am on 10 March and same day tickets are not available, while there will be some tickets set aside for hotel guests on a first-come-first-served basis during this soft opening period.
Genting Singapore Plc : Thrills And Spills Await
Genting Singapore Plc : Thrills And Spills Await
RHB Equity 360° (Property, Genting Singapore, Magna Prima; Technical: Proton, Affin) - 08/03/2010
Top Story : Property – Expect imminent re-rating on Malaysian REITs Overweight
Sector Note
♦ We like M-REITs due to their natural defensive qualities and solid property market fundamentals. Thesemake them excellent asset class in the current volatile market environment. On top of that, M-REITs is currently trading at attractive FY10 spread 10-year MGS, 10-year Cagamas bond and even its regional peer, S-REITs.
♦ The emergence of a new sector leader i.e. Suncity REIT in the M–REITS arena will help to inject excitement and interest into the sector. The REIT is expected to have an asset size of more than RM3.0bn. Given its size, it is expected to be the bellwether for the M–REITs industry and help to inject interest and excitement.
♦ We expect REIT players to renew their focus on portfolio expansion and growth in distributable income. Further acquisitions are likely in the coming year. We advocate that investors with lower risk appetite and longer-term investment horizon should position themselves in the M-REITs given their high yield and defensive nature. In addition, as the industry grows, liquidity will improve and we expect a sustainable narrowing of yield gap with S-REITs. Our current top pick for the sector is Axis REIT.
RHB Equity 360° Property, Genting Singapore, Magna Prima; Technical: Proton, Affin) - 08/03/2010
Sector Note
♦ We like M-REITs due to their natural defensive qualities and solid property market fundamentals. Thesemake them excellent asset class in the current volatile market environment. On top of that, M-REITs is currently trading at attractive FY10 spread 10-year MGS, 10-year Cagamas bond and even its regional peer, S-REITs.
♦ The emergence of a new sector leader i.e. Suncity REIT in the M–REITS arena will help to inject excitement and interest into the sector. The REIT is expected to have an asset size of more than RM3.0bn. Given its size, it is expected to be the bellwether for the M–REITs industry and help to inject interest and excitement.
♦ We expect REIT players to renew their focus on portfolio expansion and growth in distributable income. Further acquisitions are likely in the coming year. We advocate that investors with lower risk appetite and longer-term investment horizon should position themselves in the M-REITs given their high yield and defensive nature. In addition, as the industry grows, liquidity will improve and we expect a sustainable narrowing of yield gap with S-REITs. Our current top pick for the sector is Axis REIT.
RHB Equity 360° Property, Genting Singapore, Magna Prima; Technical: Proton, Affin) - 08/03/2010