Genting Sing    Last:0.71    +0.005

GenSp starts to move up again

Its been a battle between 2 groups of funds since last week, where funds managers decided to step in to counter the shorters. Seems like the - shorters are trying very hard to suppress the price unsuccessfully.

The funds manager will continue its counter action till a point where the shorters run dry. Pretty much within these 2 days if the funds keep pushing up the shorters will be forced to cover its position. You gonna see genting above 90 cents when this happen, unless the funds manager decided to give them some chance.

waterfalls      ( Date: 11-Aug-2009 15:50) Posted: Genting Singapore Initiation Report by JP Morgan Overweight Playing it forward Price: S$0.82 Price Target: S$1.20 Company data 52-wk range S$0.32-0.91 Mkt cap (S$MM) 7,861.8 Mkt cap (US$MM) 5,459.6 Share Outstanding (MM) 9646.4 Free float (%) 39.4 Avg. daily volume (MM) 98.6 Liquidity (S$MM) 68.6 Genting Singapore is our top pick within the group Rating PT Upside Gent Sing OW S$1.20 47% Gent Bhd OW M$8.50 35% Gent Msia OW M$3.50 21% Source: J.P. Morgan. • potential upside: We initiate with OW and a Jun-10 PT of S$1.20, implying 47%We believe Genting Singapore (GS) is in a dominant position as it is one of the only two companies with the right to develop and operate an integrated resort (IR) in Singapore (and will maintain this duopoly at least for the next 10 years). • Building bullish expectations on IRs: (1) We believe IRs help the objectives of the Singapore government, which aims to double visitor arrivals by 2015; (2) with annual tourist arrivals of 10MM (+35MM transiting), Singapore already has the numbers to support two IRs (RWS expects 60% foreign visitors); and (3) a wide catchment area of 700MM people living within a 5-hour flight. Based on the Macau and Las Vegas experience, new casino openings should grow the casino industry pie. • Run-up to the RWS opening could prompt a share price re-rating: LVS, Galaxy, and Wynn’s share prices rose 14-85% before and after their casino openings (see page 12). We believe Genting Singapore’s share price could see a similar trend. RWS can leverage Genting Group’s established customer network and management expertise whileRWS’s Universal Studios is also the only branded theme park in Southeast Asia. For FY12, we estimate RWS to have casino revenue of US$1.7B (when the IR is fully completed). Assuming a market share of 40%, this translates into a Singapore casino market size of US$4.3B, which is 4x the size of Malaysia’s and a quarter of the size of Macau’s. We also assume 7.5MM visitors to Universal Studios in FY12 (compared to 8-9MM visitors to Universal Studios, Osaka). • EV/EBITDA. This is a concept stock which we think could trade over S$2 using bullish assumptions.Valuation, PT, and risks: Our June-10 PT of S$1.20 is based on our SOTP valuation, in which we value its Singapore business at 14x FY12E

 

Genting Singapore

Initiation Report by JP Morgan

Overweight

Playing it forward

Price: S$0.82 Price Target: S$1.20

Company data

52-wk range S$0.32-0.91 Mkt cap (S$MM) 7,861.8 Mkt cap (US$MM) 5,459.6 Share Outstanding (MM) 9646.4 Free float (%) 39.4 Avg. daily volume (MM) 98.6 Liquidity (S$MM) 68.6

Genting Singapore is our top pick within the group

Rating PT Upside

Gent Sing OW S$1.20 47%

Gent Bhd OW M$8.50 35%

Gent Msia OW M$3.50 21%

Source: J.P. Morgan.

•

potential upside: We initiate with OW and a Jun-10 PT of S$1.20, implying 47%We believe Genting Singapore (GS) is in a dominant position as it is one of the only two companies with the right to develop and operate an integrated resort (IR) in Singapore (and will maintain this duopoly at least for the next 10 years).

• Building bullish expectations on IRs: (1) We believe IRs help the objectives of the Singapore government, which aims to double visitor arrivals by 2015; (2) with annual tourist arrivals of 10MM (+35MM transiting), Singapore already has the numbers to support two IRs (RWS expects 60% foreign visitors); and (3) a wide catchment area of 700MM people living within a 5-hour flight. Based on the Macau and Las Vegas experience, new casino openings should grow the casino industry pie.

• Run-up to the RWS opening could prompt a share price re-rating:

LVS, Galaxy, and Wynn’s share prices rose 14-85% before and after their casino openings (see page 12). We believe Genting Singapore’s share price could see a similar trend. RWS can leverage Genting Group’s established customer network and management expertise whileRWS’s Universal Studios is also the only branded theme park in Southeast Asia. For FY12, we estimate RWS to have casino revenue of US$1.7B (when the IR is fully completed). Assuming a market share of 40%, this translates into a Singapore casino market size of US$4.3B, which is 4x the size of Malaysia’s and a quarter of the size of Macau’s.

We also assume 7.5MM visitors to Universal Studios in FY12 (compared to 8-9MM visitors to Universal Studios, Osaka).

•

EV/EBITDA. This is a concept stock which we think could trade over S$2 using bullish assumptions.Valuation, PT, and risks: Our June-10 PT of S$1.20 is based on our SOTP valuation, in which we value its Singapore business at 14x FY12E

 

Genting SP volume could be triggered by this morning news in zaobao chinese paper. 

     本地股市前景看好 证券研究机构推荐潜质绩优股

（2009-08-11）

● 陈士铭　报道

　　尽管本地股市上周连跌不休，各家证券研究机构依然看好本地股的未来表现，并且推荐投资者买入能够交出良好业绩的个股。

海指五个月内 从3月低点升74.5％

　　富时海峡时报指数上周五收报2549.35点，全周重挫4.1％，但今年以来依然攀升44.7％。要是从3月9日的1456.95点这个近期最低收市水平算起，海指在短短五个月内劲升了74.5％。

　　联昌国际(CIMB-GK)研究依然给予海指“加磅”评级，继续把它的目标水平设在2700点。除了全球经济环境复苏和各地政府的量化宽松金融政策外，投资者接下来料会对快要开业的两个综合度假胜地抱着热切期待，并可能引发本地股的估值进一步升高。

　　联昌国际指出，两个综合度假胜地将能促进旅游业，受惠者莫过于云顶新加坡(Genting Singapore)和城市发展酒店服务信托(CDL Hospitality Trusts)，而零售商场投资信托也将受益。

　　要是根据澳门和澳洲开赌场的经验，银行和房地产股也会有收获。其他较不显著的得益者将是交通和电信股。

　　除了云顶新加坡和城市发展酒店服务信托之外，联昌国际因综合度假胜地效应而给予“表现优于大市”的股票还包括荣南控股(Yongnam)、新达信托(Suntec Reit)、和美投资(Ho Bee Investment)、长春产业(Allgreen Properties）、华侨银行(OCBC)和城市发展(CDL)。

瑞信分析公司

 

14:28:43

0.865

2,264,000

Buy Up

 

buying up again?

 

14:06:46

0.860

6,016,000

Buy Up

 

Siow liao ah!

 

Faster hit $1.00 by end of month. cannot wait any longer. 

dealer0168      ( Date: 11-Aug-2009 13:02) Posted: Today Genting power up..... Are we going fo 0.90. Kuai Ma Jia Pian liao loh......................faster faster faster.

 

Here are the big ones.

12:07:56

0.855

1,000,000

Buy Up

12:05:42

0.850

1,300,000

Buy Up

12:05:38

0.850

5,000,000

Buy Up

11:28:12

0.845

1,325,000

Buy Up

11:26:55

0.845

1,000,000

Buy Up

11:21:20

0.845

2,015,000

Buy Up

11:21:18

0.845

2,500,000

Buy Up

11:20:46

0.845

1,000,000

Buy Up

10:56:17	0.840	2,867,000	Buy Up
10:56:13	0.840	1,000,000	Buy Up

10:17:04	0.840	1,350,000	Buy Up
10:17:02	0.840	3,020,000	Buy Up

10:15:18

0.835

3,527,000

Buy Up

09:24:29

0.830

1,000,000

Buy Up

09:09:41

0.830

5,000,000

Buy Up

09:03:40

0.825

1,100,000

Buy Up

 

Genting Singapore: Less muted 2Q09 results

 

 

By Carey Wong Tue, 11 Aug 2009, 09:50:00 SGT   Genting Singapore (Genting) posted a less muted set of 2Q09 results; both revenue and net loss improved QoQ, aided by an improvement in its UK operations. While the UK operations may continue to remain uncertain, its Singapore casino – RWS – is on track for an early 2010 opening; though there have been talks that it could open partially before end 2009. RWS has increased its investment from S$6.0b to S$6.59b, but it expects the additional investment to be funded by operating cash flows once the IR opens. It has awarded over S$4.7b in project costs but it expects capex to remain under S$6.0b by the time of opening. In view of the improving economic outlook for Singapore and Asia, we have raised our FY10 revenue forecast by 10.1% and reduced our loss estimate by 48.9%; this will in turn improve our fair value from S$0.76 to S$0.85. Maintain HOLD.   Less muted 2Q09 results. Genting Singapore (Genting) posted a less muted set of 2Q09 results last Friday evening. While revenue fell 3.1% YoY to S$120.1m, it was up 14.0% QoQ, thanks to improved luck factor and increase in business volume at its UK casino operations. However, net loss widened from S$1.8m in 2Q08 to S$50.7m – it was also up 59.0% QoQ, mainly due to its share of associates loss of S$20.7m; this arising from a reduction in values of a property owned by a jointly controlled entity in London, as well as higher pre-operating expenses for RWS. However if we strip out this item and also its fair value adjustments, its core loss would have widened 101.0% YoY but shrunk 13.5% QoQ to S$20.7m. For the first half, revenue fell 21.7% to S$225.5m, meeting about 38.4% of our FY09 estimate, while Genting swung from a net profit of S$4.2m in 1H08 to a net loss of S$82.5m; excluding fair value adjustments and associate loss, core loss came up to S$44.6m, meeting 44.8% of our FY09 forecast. UK operations remain wild card. Although its UK operations have picked up somewhat QoQ, aided by improvement in business volume, as well as significant cost control on its end, management noted that the outlook for its UK operations remain uncertain. Besides the still uncertain economic environment, there are also several new measures by the UK government to raise gaming taxes; Genting expects the higher taxes to have an impact of less than £0.5m in 2009 but will continue to mitigate the impact of revenue reduction via vigilant cost reduction measures. RWS on track for 1Q10 launch. As for Singapore, RWS is still targeting for a soft launch in 1Q10, but some talks have emerged that its casino may open before the end of 2009. RWS has increased its investment from S$6.0b to S$6.59b, but it expects the additional investment to be funded by operating cash flows once the IR opens. It has awarded over S$4.7b in project costs but it expects capex to remain under S$6.0b by the time of opening; we understand some attractions will only be opened by end 2011. Maintain HOLD with improved S$0.85 fair value. In view of the improving economic outlook for Singapore and Asia, we have raised our FY10 revenue forecast by 10.1% and reduced our loss estimate by 48.9%; this will in turn improve our fair value from S$0.76 to S$0.85. Maintain HOLD.

 

Genting Singapore - UK business on the mend, brighter prospects at RWS

Genting Singapore (GENS SP)                Not Rated
Price/Tgt: S$0.815/NA        Mkt Cap: US$5.46bn        Daily: Vol 38.5m          1-Yr Hi/Lo: S$0.91/0.32

UK business on the mend, brighter prospects at RWS
Analyst: Singapore Research Team        Tel: research@uobkayhian.com

Genting Singapore (GENS) reported a 2Q09 net loss of S$50.7m (-59% qoq;  -2,925% yoy). The higher loss is mainly attributed to a write-off of bad debt (S$3.1m) and a reduction in property value of a property owned by a jointly controlled entity (808 Holding Pte Ltd) in London. Its share of the property value loss is valued at S$20.7m. Excluding these two items, the net loss would be S$26.9m, an improvement of S$5m as compared with previous quarter.

The revenue was up 14% qoq (but down 3% yoy) contributed by higher drop (7% qoq) and better win percentage of 14.5% (vs 13.4% in 1Q09) at casinos in UK.  Management has indicated that casino attendance has stabilized, particularly at provincial casinos.

UK casino operations on the mend. UK casino operations registered an operating income of S$5.3m (before net foreign exchange gain/loss and interest expense) for 1H09, as compared a loss of S$7.4m in previous corresponding period. The improvement is largely attributed to measures put in place by management in streamlining and restructuring the business, which includes a reduction of 600 staff and stringent cost controls.

Another S$675m drawndown.  GENS has drawndown another S$675m from its S$4.b credit facility and bring the total drawndown amount of S$1.7b as at 30 Jun 09 to finance the construction of Resorts World Sentosa (RWS).

Increase in pre-opening expenses. S$14.5m pre-opening expenses for RWS were incurred in 1H09, mainly associated with the acceleration of recruitment, training, sales and marketing programmes prior to RWS' opening. As at 30 Jun 09, about 400 personnel had been recruited for RWS' operations.

Universal Studios Singapore (USS). Management guided that testing and commissioning of USS will commence in few weeks time, and that due diligence testing and safety of the rides is management's priority.  Management will not rush  these issues to achieve an earlier opening date. RWS' soft opening target remains unchanged at 1Q10, as indicated previously.

Comments

The 2Q09 results suggest that the adverse operating conditions in UK have stabilized, given the higher drop and stabilised attendance registered at UK casinos. For RWS, we expect pre-opening expenses to accelerate in 2H09. Going forward, GENS' prospects will be driven by continuous positive news flow from RWS, such as a possible earlier-than-expected opening of RWS (before the targeted 1Q10), further delay of Marina Bay Sands' opening, and a better regional economic outlook, which will drive Singapore's tourist arrivals. We are going to initiate coverage on this stock with a preliminarily target of S$0.95 per share based DCF valuation, which implies 2011 EV/EBITDA of 12.7x.

Impacts on Genting. GENS' 1HFY09 loss is within our expectations. Our forecasts for Genting Berhad already imputes higher 2H09 pre-opening expenses incurred at RWS. Maintain BUY on Genting Berhad. Our target price of RM6.15 per share is under review.

 

Can have a look at the report?

ozone2002      ( Date: 11-Aug-2009 13:02) Posted: just saw a report on genting..prob the catalyst for the move up..

 

Today Genting power up..... Are we going fo 0.90.

Kuai Ma Jia Pian liao loh......................faster faster faster.

 

 

just saw a report on genting..prob the catalyst for the move up..

 

But the Merlion just kena whacked on the head!...

just kidding... no offense... hehehe... 

 

Moving up smooth and steady today

 

Well the fengshui master even say that there are 2 dragons supporting the Fu lu shou..... Big dragon = ECP and small dragon = there are some flyover around marina area. Also, the merlion "spitting" water is good luck.... Well let's see.

 

I also believe in positive thinking...

What I mean is the tablet shape and positioning of the structures, on first impression from afar, does not appear to be 3 fulushou images...  

Anyway, thsi counter has made many people happy lately... 

limkt009      ( Date: 11-Aug-2009 10:23) Posted: Or could that be for each president who died during office. loyfam88      ( Date: 11-Aug-2009 10:07) Posted: Did you see the latest comment by some HK fengshui master??? It's not 3 tablet but rather Fu Lu Shou..... It's all about positive thinkin

 

Ho say liao, this counter is having power today with high transaction.

 

 

Or could that be for each president who died during office.

loyfam88      ( Date: 11-Aug-2009 10:07) Posted: Did you see the latest comment by some HK fengshui master??? It's not 3 tablet but rather Fu Lu Shou..... It's all about positive thinking iPunter      ( Date: 11-Aug-2009 00:10) Posted: It's rather eerie, since there are 3 tablet-looking images in the background ...

 

Did you see the latest comment by some HK fengshui master??? It's not 3 tablet but rather Fu Lu Shou..... It's all about positive thinking

iPunter      ( Date: 11-Aug-2009 00:10) Posted: It's rather eerie, since there are 3 tablet-looking images in the background ...

 

Heard that Wynn Resort & Sand is going to list in HangSeng this month.

This should be a good new........cheong liao........break the recent high of 91 cents will send the price to $1.30......