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FridaY: 20 AUGUST 2010 MORNING PULSE
lOw vOlume cOnsOlidatiOn
CHERRY PICKING
S$1.50 ~ S$1.49
accumulatIOn
S$1.48
Genting dividends in two to three years if ...
Jo-ann Huang
joannhuang@mediacorp.com.sg
SINGAPORE
And despite that caution, Genting shareholders told MediaCorp at an extraordinary general meeting yesterday that they remain confident the firm is on track to repay its massive debt.
It posted a hefty net profit of $397 million in the quarter ended June — overturning a $51 million loss in the previous year.
But Genting remains unable to declare any cash dividends as it is tied to a loan structure which restricts the firm from paying any dividends until next year or after the loan has been fully paid off.
Genting was responding to some of the 1,000 shareholders that attended the meeting, who had asked why the company had kept a zero-dividend policy since its listing in 2005.
On the other hand, some shareholders told MediaCorp they are investing in Genting for the long-term and are hopeful they will see returns in due time.
“By not paying dividends, the funds remain in the company.
They can be used to repay loans or finance any capital expenditure, or used as loan repayment,” said shareholder Horace Tan.
The S$4.2-billion loan was secured in Feb 2008 and funded about 60 per cent of the development of Resorts World Sentosa.
At the same time, shareholders have approved the company’s proposed divestment of its British operations. Genting UK will be handed over to Genting Malaysia for about £340 million (some $688 million at the time).
This is far less than the original purchase price of £626 million when Genting Malaysia bought British casino operators Stanley Leisure in 2006 and renamed it Genting UK.
Genting UK posted losses to the tune of £184.6 million for the three months ended March 31.
Genting Singapore’s share price rose three cents or two per cent yesterday to close at $1.55.
— Genting Singapore shareholders can look forward to cash dividends in two to three years time, provided the company remains profitable and has paid off its $4.2-billion debt.
I expect to see some analysts say that there is a bearish engulfing pattern formed by yesterday's and today's candles.
In theory they are right.
| Genting Singapore may fall on candlestick: Technical analysis |
| Written by Bloomberg |
| Thursday, 19 August 2010 09:11 |
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Genting Singapore Plc, operator of one of two casino resorts in the city-state, may fall as a bearish candlestick pattern emerged after the stock surged to a record, according to OCBC Investment Research.
“Judging from the candlestick that emerged, the rally could have peaked,” Philip Teo, a technical analyst at OCBC Investment, said in an interview. “A strong correction could kick in over the next couple of days.”
Genting soared to a record close on Aug 13, a day after the company reported it returned to profitability in the second quarter on positive contributions from its casino resort in Singapore and as analysts upgraded their stocks ratings.
The stock climbed as much as 31% from the Aug 12 close through a record intra-day high of $1.68 on Aug 17 before it started falling, according to Bloomberg data. That decline helped create a long black candlestick with long upper shadow, indicating a potential reversal of the recent rally, Teo said.
“This will likely lead to a sharp correction,” Teo said. “The stock could retrace back to $1.30.” That was the previous record high set in December.
Genting Singapore rose 2% to $1.55 yesterday. That helped form a so-called harami reversal pattern, Teo said.
Candlestick charts show information on opening and closing prices and the trend within each trading period. If the closing price is above the open, the candlestick is clear, or white, indicating a bullish trend. If the stock closes lower than it opened, the candlestick is black, or bearish, according to StockCharts.com.
Harami Origins
A harami pattern is formed if the range between a security’s opening and closing prices falls within the equivalent range from the preceding day. The name, which is derived from the Japanese word for pregnancy, comes about because the body of the second day’s candle would fit within that created the day before.
Technical analysts observe price charts to forecast resistance levels, or ceilings restricting further price increases, and support levels, or floors limiting declines. They use trading patterns and prices to predict changes in a security, commodity, currency or index.
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That is entirely possible...
But it needs a few power elephants to give it another oomphy push...
After that, it will be game over...
and then the long gradual slide begins... 
DnApeh ( Date: 19-Aug-2010 20:49) Posted:
looks like continuation pattern to me.
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looks like continuation pattern to me.
It's a SHORT for me. Oh yeah! Today STI Cheong Up. This One Cheong Down. Very Bad Indication. Body Longer Than Bottom Shadow suggests Bearishness. More SELLDOWN to COME !!! Firers!!! Watch Your Front !!!
Above is just a personal opinion, you can consider... hehehe...
Everything is overboard, over sold (Prices is due for technical correction). Yes-bearable. Worst is if it drop bit by bit, many will get stuck holding till another new round appear
A huge super catch up phase on it Super volume last Friday 13th Aug 2010.
teeth53 read as the best moment and news to break it to Punters. (Investors, Day Traders and Speculators) does all the catch up, elements of certain surprises on it best earning last 2nd Q.
iPunter ( Date: 19-Aug-2010 19:57) Posted:
| If stocks drop fast from the mountain top, it is a bullish situation...
since it is only due to panic selling.
But of it drops bit by bit, it is very bearable for many to hold on...
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Just sharing my personnal opinion. Hope tomorro Friday 20-8-10 will be better.
Just if anyone chasing after the share, please trade with care, not an inducment to trade.
Noted - Last Friday Super Volume : 676,743,000 millions share changed hands. teeth53 - Those bot today (last Fri) n this few days have best week to sell in this coming week.
For niuyear wrote ( Date: 13-Aug-2010 17:17) Posted:
wow!! best weeks to sell is next week.
am holding 1.27 HUAT AHHHHHHHHHHHH cheong to 1.50!!
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If stocks drop fast from the mountain top, it is a bullish situation...
since it is only due to panic selling.
But of it drops bit by bit, it is very bearable for many to hold on...
Hope is farther weaken by bad news, no dividends for this 3Q, till debt payable and pay up. Closed at $1.53c -0.02c
| Genting SP |
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1.570 |
1.530ct |
-0.020c |
-1.3% |
Vol: 81,327,000 |
1,402,000 |
1.520 |
1.530 |
744,000 |
1.570 |
1.500 |
Last Tuesday 17-8-2010 (Closed at $1.52ct after hitting a high of $1.68ct)
(T+3, T+...margin calling / force selling in coming week, most concern with unless one has deep pocket)
teeth53 thot - (For short term oni) deal yesterday at $1.54, if did't hold position may have opportunties to buy back.
teeth53 ( Date: 19-Aug-2010 08:52) Posted:
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Not many think alike...Better hope today (19-8-10) that Gent SP goback to $1.68c. A different of 11ct
Those bot this on a high, really has made bad decision to catch up, Yesterday high is $1.57c
teeth53 ( Date: 18-Aug-2010 23:05) Posted:
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teeth53 thot. Just sharing my personnal opinion. This is only good for short term trading
Today +0.03c. Hope it go back beyond $1.68c (T+3 to T+....margin calling and force selling.)
| Genting SP |
|
|
1.540 |
1.550 |
+0.030c |
+2.0% |
Vol:146,165,000 |
839,000 |
1.540 |
1.550 |
3,554,000 |
1.570 |
1.510c |
Trade Summary: Top most willing sellers / buyers at this range and nos of deal done.
It lasted Mon 16-8-10 and till mid Tues afternoon (see below).
Last Tuesday 17-8-2010 (Closed at $1.52ct after hitting a high of $1.68ct)
| Genting SP |
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|
1.580 |
1.520ct |
-0.060c |
-3.8% |
Vol:334,800,000 |
2,412,000 |
1.510 |
1.520 |
23,000 |
1.680c |
1.510 |
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Can you short it all the way down to $1.30 for me? Cos I will be there with a big bucket.....hehe
alexchia01 ( Date: 19-Aug-2010 15:51) Posted:
Today is still a good day to Short Genting SP. Now trading at $1.51. Good luck.
alexchia01 ( Date: 18-Aug-2010 12:58) Posted:
Today is a Good Day to Short Genting SP.
Genting SP now trading at $1.54.
1. Genting SP made 2 Gap ups on 13 and 16 Aug. Theoretically, it should come down to fill these gaps before heading up again.
2. Price hit its trend channel top of $1.58 and have a long way down to its bottom of $1.15.
3. MACD is off the chart. It's so high and overstretch that would pull back within the next few days.
4. Stochastic is in overbrought region. High risk for buying, but good to take profit or going short.
5. RSI is also in overbrought region.
This is my just personal analysis. Don't take it too seriously.
Please
note that I hold short position for couple of days to weeks, if you
can't do this, then this recommendation is not for you.
Good luck to all.
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When frogs are super-heated and slow-fried,
It is hard for them to imagine ice ...
hehehe...
Today is still a good day to Short Genting SP.
Now trading at $1.51.
Good luck.
alexchia01 ( Date: 18-Aug-2010 12:58) Posted:
Today is a Good Day to Short Genting SP.
Genting SP now trading at $1.54.
1. Genting SP made 2 Gap ups on 13 and 16 Aug. Theoretically, it should come down to fill these gaps before heading up again.
2. Price hit its trend channel top of $1.58 and have a long way down to its bottom of $1.15.
3. MACD is off the chart. It's so high and overstretch that would pull back within the next few days.
4. Stochastic is in overbrought region. High risk for buying, but good to take profit or going short.
5. RSI is also in overbrought region.
This is my just personal analysis. Don't take it too seriously.
Please
note that I hold short position for couple of days to weeks, if you
can't do this, then this recommendation is not for you.
Good luck to all.
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No, but the other day a shooting star formation is formed. Long shadow.
cathylmg ( Date: 19-Aug-2010 15:31) Posted:
got shadow or not?
hpong5 ( Date: 19-Aug-2010 15:30) Posted:
| I'm going to short this burger upside down, inside out. |
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get it at lower price, tomolo will start to rebound, go in today is good choice and good timing ....
got shadow or not?
hpong5 ( Date: 19-Aug-2010 15:30) Posted:
| I'm going to short this burger upside down, inside out. |
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I'm going to short this burger upside down, inside out.
Bingo...
rolandchiau ( Date: 19-Aug-2010 12:44) Posted:
| Trading Vol. will be up later afternoon... let's see... |
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still pretty low now...
rolandchiau ( Date: 19-Aug-2010 12:44) Posted:
| Trading Vol. will be up later afternoon... let's see... |
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