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Genting Singapore's Q2 core earnings misses expectations
SINGAPORE, Aug 10 (Reuters) - Genting Singapore, which owns one of Singapore's two multibillion-dollar casino complexes, posted on Friday a 19 percent fall in second-quarter core earnings that missed analyst expectations.
Genting Singapore made S$311 million ($250.03 million)in earnings before interest, tax, depreciation and amortisation (EBITDA), or core earnings, in the quarter, down from S$384.2 million a year earlier. The company derives most of its EBITDA from its Singapore casino Resorts World Sentosa.
This was below an average estimate of S$361 million, according to three analysts surveyed by Reuters.
Genting Singapore's EBITDA was also lower than the $330.4 million reported by Singapore rival Marina Bay Sands, owned by U.S. casino giant Las Vegas Sands, in the second quarter.
Genting Singapore said its gaming revenue in April-June dipped 4 percent from a year ago, in line with an overall slowdown in Macau and other gaming centres around the world.
Marina Bay Sands and Resorts World are the world's second- and third-most expensive casino complexes after MGM's CityCenter in Las Vegas, and their profits and profit margins are among the highest globally.
SECOND QUARTER RESULTS * FINANCIAL STATEMENT AND RELATED ANNOUNCEMENT
http://info.sgx.com/webcorannc.nsf/AnnouncementTodayByCompanyNameAndCategory/AE49BAF3D9E5B7EA48257A560035FED0?opendocument
Price: 2.04
BUY GENTING SINGAPORE PLC ABOVE 2.040 WITH SL 2.000 FOR 5-6 DAYS TARGET OF 2.080-2.12-2.16
yes t can and will break soon looking at the market today. quite good. GLP capitalmall asia, STXOSV
should be 1.615. 
bishan22 ( Date: 14-May-2012 09:44) Posted:
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More sellers than buyers at 1.165. Can it hold????
Hi AK health is v important, do take care, yr Genting will sure continue to give u more beer money. but i think better drink less spend $ on holidays ya...take care
AK_Francis ( Date: 11-May-2012 19:36) Posted:
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Is Q1 (enjoying the CNT crowd ) the stronger quarter among the 4 Qs.
anyone got any info?
Thks
Ha ha, along the way, inconjunction with various world crisis, be it fianacial, country security n natuaral sisasters etc, I will adopt the buy, hold & sell principles, to keep casualty low, if happen. Last, my intake was 1.53 with same size. Wanted to clear away at 1.74 before France election, but missed the chance liao.
Warded twice in NUH, Jan n Apr, owing to pheumonia(lunch infection). Body seems not that strong already. Now, must be alert liao, if not eat ownself loh. Cheers.
chococoffee ( Date: 11-May-2012 12:41) Posted:
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Hi AK great to hear from u! U are still holding yr 60, 80 cents lots? .. .a loyal Genting's shareholder ya..
AK_Francis ( Date: 11-May-2012 11:45) Posted:
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Ha ha, thats much depend on your entry point, on any stock, in order to see profit, one day.
Unluckily, u didn't buy when it was 60cents or even it below a dollar. If u missed both, then when it declined fr peak of 2.24 to below 1.60 n much lower, u missed again, as u hold on your good principle, less stress loh. Anyway, u r smart trader, u will make more $ fr your elite coys,cheers.
settowin ( Date: 23-Feb-2012 15:03) Posted:
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Genting Singapore shares fall after Q1 earnings drop
SINGAPORE, May 11 (Reuters) - Shares of casino operator Genting Singapore PLC fell as much 3.3 percent to a seven-week low after it posted a decline in quarterly earnings and several brokerages lowered their target prices.
Genting on Thursday posted a 33 percent fall in first quarter net profit to S$205.5 million ($163.9 million), and said it was looking for new projects to expand its business.
Genting shares were 3 percent lower at S$1.620 with over 14.1 million shares traded around 0125 GMT.
CLSA cut its target price for Genting to S$2.33 from S$2.39, and kept its buy rating, as it expects the completion of the west zone in Genting's Singapore casino-resort, Resorts World Sentosa (RWS), to be delayed.
The broker is bullish on possible investments in Japan by Genting or mergers and acquisitions in Macau, it said in a report.
CIMB Research, which maintained its outperform rating, trimmed Genting's target price to S$1.95 from S$2.00, citing lower-than-expected operating margins and a higher tax rate.
However, Genting will benefit in the coming quarters from the increase in hotel rooms and the rollout of RWS' west zone, CIMB said. (Reporting by Charmian Kok Editing by Kevin Lim)
Genting Singapore posts 33% fall in Q1 profit
Posted: 10 May 2012 2147 hrs SINGAPORE: Genting Singapore, which runs one of Singapore's two integrated resorts, has posted a 33 percent decline in first quarter earnings.
Net profit for the three months ended in March came in at S$205.5 million.
In a filing to the Singapore Exchange, Genting says the lower profit was due to lower gaming revenues.
Group revenue for the quarter fell 14 percent on-year to S$787 million.
This drop was attributed to the lower win percentage and business volume in the premium player business when compared to the same period a year ago.
Genting adds that higher depreciation for its new attractions in Universal Studios Singapore, the Maritime Experiential Museum, Equarius Hotel and Beach Villas also weighed down its earnings for the quarter.
Gaming revenue from its casino at Resorts World Sentosa fell by 19 percent year-on-year to S$655 million.
The adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) for its casino operations fell 29 percent to S$376.4 million.
Last month, rival Marina Bay Sands reported higher net revenue of US$848.7 million in the first quarter this year, with its casino earnings climbing by 51 per cent to US$701.3 million.
- CNA/de
Luckily I don't invest in Genting shares due to my belief that it is no good to be part of a gambling business. You are shareholder of a casino that means you are " boss" of the business, however small your shareholdings are, yes you are the " boss" because when you attend agm you can make a decision or join in a decision. Thusyou are the boss. I don't like to be a boss of a gambling outlet, that's all. I don't buy SGX, I don't buy banks because there are all after your money, that is it. Lol..
Hawkeye ( Date: 23-Feb-2012 14:55) Posted:
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All along Genting SP EBITDA is around 350mil +-50mil.
The report show GSP is consistent and much growth prospect planned and upcoming.
Those analyst who expect EBITDA 450mil and like Sands is expecting lucky everytime.
settowin ( Date: 23-Feb-2012 14:06) Posted:
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It is good to repeat and repeat again so that the weak hearts can succumb, hahaha.
krisluke ( Date: 23-Feb-2012 14:03) Posted:
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Shares of casino operator Genting Singpore PLC fell as much as 4.5% to a three week low after some analysts said its fourth quarter earnings missed their expectations, reported Reuters.
By 9:05 a.m., Genting’s shares were 3% lower at $1.615 with over 3 million shares changing hands, making it the most actively traded stock on the stock.
Genting, whose main asset is the Resorts World at Sentosa casino complex, made $398.8 million in adjusted earnings before interest, tax, depreciation and amortisation last quarter, up from $384.7 million a year ago.
By 9:05 a.m., Genting’s shares were 3% lower at $1.615 with over 3 million shares changing hands, making it the most actively traded stock on the stock.
Genting, whose main asset is the Resorts World at Sentosa casino complex, made $398.8 million in adjusted earnings before interest, tax, depreciation and amortisation last quarter, up from $384.7 million a year ago.
Genting SP: 4Q11 results slightly below consensus, despite the boost by luck factor.
RWS adjusted EBITDA came in at $406m, +8% qoq, and RWS EBITDA margin was 52% vs 48% in 3Q. This was boosted by a record high VIP win rate of 3.9% (vs 3Q11's 3.2% and normalized expectation of 2.85%), otherwise normalized EBITDA would have been only ~$300m.
The headline EBITDA numbers masked sequentially weaker volumes (VIP: -26% qoq, mass: -7% qoq), which confirms the first sequential drop in VIP volumes for Spore’s gaming market.
The silver lining was that RWS recovered share, 49% of Spore gross gaming revenue (GGR) in 4Q, vs 48% in 3Q, and 47% of the VIP rolling chip volume vs 44$ in 3Q.
Investors may also cheer the maiden 1ct div.
While mgt guided for a slightly more positive outlook for 2H12, key risks are possible rise in bad debt provisions and high operating expense relating to the 2nd phase opening of hotels and new facilities.
GENS also said it is planning to issue perpetual capital securities and has received a rating of Baa1 from Moody’s and A- from Fitch, the highest for any gaming co in the world, as mgt said it was looking to invest in new projects.
Plenty of downgrades from the Street.
Citi maintains Sell with TP $1.47 (from $1.50)
Nomura reiterates Reduce with TP $1.41.
HSBC downgrades to Neutral with TP 1.74 (from $1.99)
JPM keeps at Neutral but lowers TP to $1.90 from $1.95.
Goldman keeps at Buy, but lowers TP to $2.16 from $2.22.
RWS adjusted EBITDA came in at $406m, +8% qoq, and RWS EBITDA margin was 52% vs 48% in 3Q. This was boosted by a record high VIP win rate of 3.9% (vs 3Q11's 3.2% and normalized expectation of 2.85%), otherwise normalized EBITDA would have been only ~$300m.
The headline EBITDA numbers masked sequentially weaker volumes (VIP: -26% qoq, mass: -7% qoq), which confirms the first sequential drop in VIP volumes for Spore’s gaming market.
The silver lining was that RWS recovered share, 49% of Spore gross gaming revenue (GGR) in 4Q, vs 48% in 3Q, and 47% of the VIP rolling chip volume vs 44$ in 3Q.
Investors may also cheer the maiden 1ct div.
While mgt guided for a slightly more positive outlook for 2H12, key risks are possible rise in bad debt provisions and high operating expense relating to the 2nd phase opening of hotels and new facilities.
GENS also said it is planning to issue perpetual capital securities and has received a rating of Baa1 from Moody’s and A- from Fitch, the highest for any gaming co in the world, as mgt said it was looking to invest in new projects.
Plenty of downgrades from the Street.
Citi maintains Sell with TP $1.47 (from $1.50)
Nomura reiterates Reduce with TP $1.41.
HSBC downgrades to Neutral with TP 1.74 (from $1.99)
JPM keeps at Neutral but lowers TP to $1.90 from $1.95.
Goldman keeps at Buy, but lowers TP to $2.16 from $2.22.
cold sweat for short positions .....
seanpent ( Date: 14-Feb-2012 13:49) Posted:
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now patiently waiting for it to flow towards 1.8xx level .....