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1-20 of 190
RM4.94
Table 1: RNAV/sh valuation
TP No. of shares Shareholding Market value
Genting Malaysia 3.70 5,920.0 49.4% 10,820.6
Genting Singapore 4.94 12,193.1 52.0% 31,346.9
Genting Plantations 7.48 758.8 54.6% 3,099.2
Landmarks 1.44* 480.8 30.3% 209.8
Licensing & management fees DCF at 10.5% 6,101.3
Oil & Gas End-FY11F BV 629.7
Power EV/MW of USD0.6m 2,754.1
Net debt at Genting level (875.5)
RNAV 54,085.9
FD no. of shares 3,704.8
RNAV/share 14.60
(30% discount) (4.40)
TP 10.20
There will be better times to play this hand
Downgrade from Buy to Hold.
Downgrading TP from RM12.76 to RM10.20 on a wider discount to RNAV. Volatile equity markets do not favour this high beta stock. Its share price will also be affected by sentiment at Genting Singapore.
Genting recorded 1H11 results that were largely within expectations. Weaker earnings YoY were due to poor VIP win rate at 52% owned Resorts World Sentosa (RWS) and 49% owned Genting UK (GENUK). We trim our earnings estimates by 6%-9% on lower share of Singaporean VIP volume for RWS.
Within expectations.
2Q11 core net profit of RM634m (-19% YoY, - 26% QoQ) brought 1H11 core net profit to RM1.5b (+21% YoY) which was within expectation at 47% of our full year estimate. Excluding Resorts World New York (RWNY) development revenue, 1H11 revenue of RM8.7b (+21% YoY) was also within expectations at 48% of our 2011 estimate. The interim DPS of 3.5 sen less tax (1H10: 3.3 sen less tax) was also within expectations.
Less lucky at RWS and GENUK
2Q11 core net profit was 19% lower YoY largely due to RWS whose VIP win rate fell from > 3.5% in 2Q10 to 2.7% in 2Q11 and GENUK whose VIP win rate was markedly below the theoretical level of 2.85% despite its VIP volume growing 20% YoY.
Trimming earnings estimates by 6%-9%.
Our trimmed earnings estimates assume that RWS will now command 55% of Singaporean VIP volume (60% previously). 3Q11 is expected to be also slow due to the Hungry Ghost month and MICE events that favours its rival, Marina Bay Sands. That said, we expect VIP and mass market volumes at RWS to peak in 4Q11 due to the school holidays that favours RWS.
Lowering TP by 20%.
1, the discount widens during volatile equity markets (34% discount at one standard deviation below mean). The lower RNAV/sh is due to lower TPs for Genting Singapore (SGD2.06, SGD2.41 previously) and Genting Plantations (RM7.48, RM8.60 previously).
While we expect earnings to remain resilient, we lower our TP from RM12.76 (20% discount to RM15.94 RNAV/sh) to RM10.20 (30% discount to RM14.60 RNAV/sh). As exhibited on Chart
These factors also explain why 2Q11 core net profit was 26% lower QoQ. It is also important to note that RWS’ VIP volume fell 13% QoQ to SGD16.2b in 2Q11 (share of VIP volume fell 7 ppt QoQ to 52%).
Genting Bhd: Still growing Outperform
2QFY11 Results / Briefing Note
¨ 1HFY11 normalised net profit was in line with our and consensus expectations, coming in at 51-53% of FY11 projections.
Genting recorded a net EI gain of RM98m in 2Q11, bringing total EI for 1HFY11 to RM31.9m.
Genting declared a gross interim DPS of 3.5 sen (less 25% tax), in line with our forecasts.
Plantation: Aussie govt to oppose palm oil labelling Bill.
The Australian Government will oppose a Liberal-National Party coalition-supported anti-trade Private Member's Bill on compulsory palm oil labelling as it would breach Australia's obligations under the World Trade Organisation (WTO).
(Source: Business Times)
Genting Plantation: Production growth targets raised, but risk of wet weather impact? Market Perform
2QFY11 Results / Briefing Note
¨ Genting Plantation’s (GP) 1HFY11 net profit was in line with our and consensus expectations, coming in at 52-53% of our and consensus FY11 forecasts. Although the 2H of the year is traditionally the peak production period, we believe the current lower CPO prices would offset the impact of the higher production in 2HFY11.
In 1HFY11, GP’s core net profit rose 72% on the back of a 44% increase in turnover. The increase was due to higher CPO (+37% yoy to RM3,492/tonne) and PK (+88% yoy to RM2,766/tonne) prices achieved, as well as higher FFB production (+13% yoy).
Genting Bhd: Signed deal with consortium to buy Pan Malaysian Pools for RM2.1bn?
Outperform
News Update
¨ It was reported in the Edge daily that Tanjong plc yesterday signed an agreement to sell its entire stake in Pan Malaysia Pools (PMP) for RM2.1bn to a consortium comprising Genting’s Tan Sri Lim Kok Thay, Hong Leong Group’s Tan Sri Quek Leng Chan, Lion group’s Tan Sri William Cheng and Tan Sri Chua Ma Yu. The businessmen’s bid includes plans to eventually list the NFO.
Included in the winning bid is a charity element, whereby a portion of PMP’s profits would be allocated to charitable causes, including schools.
RHBRI Top Picks
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Maybank
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10.60
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Top Story: Genting Plantation – Rebound in FFB production offset by weaker CPO prices Market Perform
Visit Note
¨ Six key takeaways:
1) Rebound in FFB production
2) Minimal forward sales done
3) No significant labour shortage currently, not following Sime to raise wages yet
4) Likely to bring in JV partner to produce high-end downstream products?
5) Property launches accelerating in Johor and
6) Chelsea Premium Outlets could add 1-2% to FY12’s net profit, based on conservative estimates.
DJ Genting Malaysia Secures Casino License In UK - Report (2011-06-29 02:13:00)
KUALA LUMPUR (Dow Jones)--The U.K. unit of hotel and theme park operator Genting Malaysia Bhd. has secured a casino license in Birmingham, England, the BBC reported Tuesday.
The company''s proposed casino and leisure project in the area still requires planning permission, the BBC reported, citing Solihull Council.
" Members of the licensing committee considered this application very carefully," Councillor Andy Mackiewicz, chairman of the council''s licensing committee, was quoted as saying in the report.
In addition to the casino, a hotel, spa, multi-screen cinema, conference and banqueting centre and designer shopping outlets have also been proposed at the site, the report said.
Genting Malaysia wasn''t immediately available for comment.
Newspaper website: http://www.bbc.co.uk
SELL SINGTEL
BUY DiGi cOrp when there is cOrrectIOn ?Hulumas ( Date: 24-Jun-2011 21:18) Posted:
What can we do about it?
pharoah88 ( Date: 23-Jun-2011 19:12) Posted:
OVERHEAD:
SINGTEL is GREAT SHAME
compared to PERFORMANCE of
DiGi CORP ? ? ? ? |
|
|
|
Saturday June 25, 2011
Genting HK to raise RM600mil bonds
KUALA LUMPUR:
Genting Hong Kong Ltd, formerly known as
Star Cruises Ltd, is raising bonds worth about 1.28 billion yuan (RM600.18mil) for general corporate purposes, said a source in its associate company.
The bonds are three-year bonds with a yield of 3.95%. It was reported that Genting Hong Kong had hired
CIMB Group Holdings Bhd,
HSBC Holdings Plc,
Malayan Banking Bhd and
UBS AG to help with the sale of three-year, yuan-denominated bonds in Hong Kong.
Genting Malaysia Bhd owns an 18% stake in Genting Hong Kong. Apart from owning Star Cruises, Genting Hong Kong is a co-owner of Resorts World Manila and also has a 50% stake in Norwegian Cruise Lines (NCL).
Star Cruises together with NCL is the third largest cruise operator in the world, with a combined fleet of 18 ships cruising to over 200 destinations, offering about 35,000 lower berths. Resorts World Manila is Genting Hong Kong’s first foray in a land-based attraction. – By
Tee Lin Say
What can we do about it?
pharoah88 ( Date: 23-Jun-2011 19:12) Posted:
OVERHEAD:
SINGTEL is GREAT SHAME
compared to PERFORMANCE of
DiGi CORP ? ? ? ? |
|
OVERHEAD:
SINGTEL is GREAT SHAME
compared to PERFORMANCE of
DiGi CORP ? ? ? ?
|
|
 |
LIONCOR |
0.290 |
-0.010 |
40,261,800 |
|
LIONDIV |
0.450 |
0.010 |
23,045,300 |
|
PERISAI |
0.810 |
0.060 |
22,426,600 |
|
COMPUGT |
0.065 |
0.000 |
20,910,200 |
|
KURASIA |
0.480 |
0.045 |
16,317,100 |
| |
|
|
|
GENTING |
11.320 |
+0.120 |
5,349,200 |
|
BIMB |
1.840 |
+0.110 |
2,920,900 |
|
DLADY |
18.600 |
+0.100 |
16,600 |
|
GOLDIS |
1.800 |
+0.100 |
100 |
|
METROD |
3.600 |
+0.100 |
1,000 |
| |
|
|
|
NESTLE |
47.100 |
-0.600 |
4,000 |
|
RHBCAP |
9.080 |
-0.520 |
9,579,300 |
|
AEON |
7.270 |
-0.350 |
2,314,200 |
|
IBRACO |
0.980 |
-0.240 |
1,000 |
|
DIGI |
28.860 |
-0.140 |
85,300 |
|
Genting Malaysia:
News Update
¨ Genting New York company official said that Resorts World New York is looking to open on 1 Oct 2011.
According to the official, the video lottery terminals at GNY are expected to rake in US$380/machine/day. In addition, the racino was originally scheduled to have 4,525 slot-like video lottery terminals, but will now have an additional 475 electronic table games such as roulette, bringing the total number to 5,000.
¨ Our forecasts are unchanged, but we have raised our SOP-based fair value to RM4.60 (from RM4.40). However, that our DCF value for GNY has assumed a more conservative GGR of US$330/machine/day. We maintain our Outperform call on the stock.
Genting Plantation: Good deal on downstream acquisition, but now what? Market Perform
4QFY11 Results/Briefing Note
¨ 1QFY11 net profit was in line with expectations, coming in at 21-22% of our and consensus FY11 forecasts. Core net profit rose 36% on the back of a 28% increase in turnover due to higher CPO (+44% yoy to RM3,682/tonne) and PK (+116% yoy to RM3,038/tonne) prices achieved, offset slightly by a decline in FFB production (+3% yoy).
| Entitlements (Notice of Book Closure) |
| Reference No GG-110506-4668F |
© 2011, Bursa Malaysia Berhad. All Rights Reserved.
This is " A" TEAM RESORTS WORLD
Resorts World World [R W W]
* * * * * * * *
One shareholder told the floor at the Genting Singapore AGM 2010 that
his FATHER bought 1,000 shares at MYR2,000 in 1972.
It is now worth more than MYR2 Million.
[Inclusive of all the bonus and rights issues over the years]
One union member told fellow shareholders at the Genting Singapore AGM 2010 tea break that
he bought 1,000 NTUC CO-Operative shares in 1972 for S$1,000.
It is now still worth S$1,000.
* * * * * * * *
Is there an " A" TEAM in NTUC CO-Operative ? ? ? ?
RESORTS WORLD PENG*WU
[TAIWAN]
