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DMG Research - 29 January 2010
Genting Singapore: Good Start (TRADING BUY, S$1.08, TP S$1.22)Keith Wee (+60 (3) 9207 7638,
keith.wee@osk.com.my)
We attended a site tour and briefing of Resorts World at Sentosa on Tuesday. We visited three hotels (Hard Rock, Hotel Festive and Hotel Michael), Universal Studios Singapore (USS) and the casino. The casino and USS are all set to begin operations pending the award of its respective operational license and the last leg of stress testing at USS. We were well impressed by the painstaking attention to detail ranging from the strategically located restaurants across the casino to a well planned casino layout which strives to achieve the optimal level of yield management without compromising on customer experience. We are maintaining our Trading BUY recommendation but tweaked out TP
lower to SGD1.22 to factor in the slight dilution from the mandatory convertible bonds conversion. We see the current de-rating in the stock as an opportunity to accumulate on weakness as we continue to like the longer term prospects of RWS given it’s more diversified entertainment offerings vs other regional integrated casino resort coupled with Genting group’s established execution track record within the region.
Hotels fully booked. Even without firm dates of the casino and USS opening, the current available rooms of about 600 out of the 1,350 rooms have been fully booked into March 2010. Surprising to note, 50% of the rooms were booked by domestic Singaporeans. The commencement of convention meetings and conferences coupled with the eventual influx of foreign visitors post announcement of the opening of the casino and USS are likely to help sustain the already impressive bookings. Management expects an eventual 90%:10% foreign : domestic guests mix in its hotels once the casino and USS are fully operational.
Sentosa already seeing promising visitor growth. In spite of the 2% decline in total tourist arrivals to Singapore in 2008, in part due to the global economic downturn, foreign tourist arrivals to Sentosa was still up an impressive 16% over the same period. Current foreign tourist arrivals to Sentosa Island, even before the opening of USS and the casino, represents nearly 46% of management’s targeted 7.5m foreign visitor arrivals, thus providing a sizeable captive base to build on.
Gradual ramp up: Stronger 2HFY10 earnings momentum. Management has indicated that they are in no rush to operate at full capacity in the initial 3-4 months of its maiden operation as it intends to place greater emphasis on ensuring a smooth opening, thereby reducing the risk of potentially detrimental negative opening feedbacks, which its competitor Marina Bay Sands (MBS) could then potentially capitalize on. As such, it aims to gradually ramp up its operations which will allow RWS to fine tune its services and product offerings to better cater to the taste of its customer needs and hence positioning itself ahead of its competitor (MBS).
FYE Dec (SGD) FY07 FY08 FY09f FY10F FY11F
Revenue 726.2 630.2 513.4 2,762.7 3,498.3
Net Profit -381.4 -125.2 -248.8 193.8 416.9
% chg y-o-y 67.1 -98.7 <100 115.1
Consensus -195.4 209.2 437.4
EPS (cents) -3.3 -1.1 -2.1 1.6 3.6
DPS (cents) - - - - -
Dividend yield (%) - - - - -
ROE (%) -11.2% -4.5% -6.1% 4.5% 8.8%
ROA (%) -7.2% -2.6% -2.7% 2.1% 4.3%
PER (x) n.m n.m n.m 80.6 35.8
BV/share (SGD) 0.34 0.27 0.35 0.37 0.40
EV/ EBITDA (x) 155.1 46.5 n.m 24.2 15.8
| Date of change of Interest |
29-01-2010 |
| 2. |
The change in the percentage level |
From 53.89 % To 52.96 % |
| 3. |
Circumstance(s) giving rise to the interest or change in interest |
# Others |
| |
# Please specify details |
| Increase in the issued share capital of Genting Singapore PLC (“GENS”) due to conversion of part of the GENS S$450,000,000 Convertible Bonds due 2012 into new GENS shares on 29 January 2010. |
|
| 4. |
A statement of whether the change in the percentage level is the result of a transaction or a series of transactions: |
| The change in the percentage level is the result of a series of transactions. |
|
| 1. |
Holdings of Substantial Shareholder , including direct and deemed interest : |
 |
Direct
|
Deemed
|
| No. of shares held before the change |
0 |
6,296,005,069 |
| As a percentage of issued share capital |
0 % |
53.89 % |
| No. of shares held after the change |
0 |
6,296,005,069 |
| As a percentage of issued share capital |
0 % |
52.96 % |
this comment worse right hahaha...sigh not meant to be lady like.
tanh2l ( Date: 29-Jan-2010 16:30) Posted:
i had tried my best to hold on to this alr until another of my wives back home ask for comfort to hump it up; barring this i have to let go of this G spot few days ago after leaving 6L of blood behind into this tight little black hole; nevertheless we had funD since last apr fool, i miss u; will be back soon... ... ...to distribute some durians here after i have collected enuff in my hometown...seeya:*
yummygd ( Date: 29-Jan-2010 16:20) Posted:
| wah dun la very sad lei....put in ice if fall off once genting go up you can reattach with money left over..have fait |
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dun worry, i will be back as promised to one of the big bros, my mission is completing soon back in hometown, once it stabilise and self-sufficient there, i will bring the goodies back here to push with u guys together again:))
yummygd ( Date: 29-Jan-2010 16:33) Posted:
| tanh21 you abandon us haha.sigh |
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very the x- rated leh, not suitable for lady like u,,
yummygd ( Date: 29-Jan-2010 16:33) Posted:
| tanh21 you abandon us haha.sigh |
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tanh21 you abandon us haha.sigh
i had tried my best to hold on to this alr until another of my wives back home ask for comfort to hump it up; barring this i have to let go of this G spot few days ago after leaving 6L of blood behind into this tight little black hole; nevertheless we had funD since last apr fool, i miss u; will be back soon... ... ...to distribute some durians here after i have collected enuff in my hometown...seeya:*
yummygd ( Date: 29-Jan-2010 16:20) Posted:
wah dun la very sad lei....put in ice if fall off once genting go up you can reattach with money left over..have faith
tanh2l ( Date: 29-Jan-2010 16:15) Posted:
| i alr lost 6L of blood juz on this counter... just left a bit more for my little bro to say goodbye to his love one, hope can last for the nite ... ... .. |
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Perhaps, perhaps, perhaps......you are spot on... one cool 'bull'..
matrixneo ( Date: 29-Jan-2010 14:41) Posted:
next Mon may have panic buy... |
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wah dun la very sad lei....put in ice if fall off once genting go up you can reattach with money left over..have faith
tanh2l ( Date: 29-Jan-2010 16:15) Posted:
i alr lost 6L of blood juz on this counter... just left a bit more for my little bro to say goodbye to his love one, hope can last for the nite ... ... ...
yummygd ( Date: 29-Jan-2010 16:12) Posted:
| HAHAHAHHAAHAHAHAH weee blood lor. thats what we have been doing hahahahah |
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i alr lost 6L of blood juz on this counter... just left a bit more for my little bro to say goodbye to his love one, hope can last for the nite ... ... ...
yummygd ( Date: 29-Jan-2010 16:12) Posted:
HAHAHAHHAAHAHAHAH weee blood lor. thats what we have been doing hahahahaha
tanh2l ( Date: 29-Jan-2010 16:11) Posted:
| i dun even have water to weeeeee now...: : .. |
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HAHAHAHHAAHAHAHAH weee blood lor. thats what we have been doing hahahahaha
tanh2l ( Date: 29-Jan-2010 16:11) Posted:
i dun even have water to weeeeee now...: : ...
yummygd ( Date: 29-Jan-2010 15:34) Posted:
| and they go weee wee wee all the way home sigh |
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i dun even have water to weeeeee now...: : ...
yummygd ( Date: 29-Jan-2010 15:34) Posted:
| and they go weee wee wee all the way home sigh |
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dear mr president you sure popular right now
sigh hard la he need to garner votes and popular rating how to not talk. bloody biatch.if not you think la the rally will be making us happy now....posting for earnings super good lei.wah lau.
ask obama dont talk for 1 week sure go up
and they go weee wee wee all the way home sigh
sure or not so bad....go haunt Obama.go
tanh2l ( Date: 29-Jan-2010 14:51) Posted:
i oso wish its not happening, i hate to say this, hsi down 400+ now; hiaks, lots of people have to say their last words to their family already...
yummygd ( Date: 29-Jan-2010 14:47) Posted:
| risktaker friend say will support though he ditch us for hongkong now. haha. |
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it genting giving out warrant
i oso wish its not happening, i hate to say this, hsi down 400+ now; hiaks, lots of people have to say their last words to their family already...
yummygd ( Date: 29-Jan-2010 14:47) Posted:
| risktaker friend say will support though he ditch us for hongkong now. haha. |
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signzz :(
wonder when i can sell my shares..
G13 faster up up upppppp
