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hlfoo2010 ( Date: 12-Nov-2010 11:12) Posted:
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hesperus ( Date: 12-Nov-2010 10:53) Posted:
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| 11:19:11 | 2.150 | 1,905 | S |
BB is still buying up ! 1,900 sold to a buyer.
pharoah88 ( Date: 12-Nov-2010 11:12) Posted:
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But not all think so, fair S$1.85
Genting Singapore- 3Q10: Gaming EBITDA eased 30% qoq as forewarned; a seasonally firmer 4Q10 and hopes for legalisation of junkets limit downside.
(HOLD/S$2.28/Fair: S$1.85)
FY11 P/E (x): 31.2
FY12 P/E (x): 27.9
C H E E R S
tO 4Q
bishan22 ( Date: 12-Nov-2010 10:48) Posted:
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The long -erm Target Price should be 2.88...
aleoleo ( Date: 12-Nov-2010 11:01) Posted:
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SHARE your BUNGEE photo when you are back.
HAVE a GREAT TRIP!
ENJOY your BUNGEE with OPEN EYES
thunder88 ( Date: 12-Nov-2010 10:16) Posted:
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The Game Has Only Just Begun
• 3Qresults within expectations. RWS continues to lead MBS in market share.
• Raised FY10-12F EBITDA by 8-16% to factor in faster ramp-up & higher margins. Junkets could come in as
early as 1Q11.
• Maintain Buy, SOP-TP raised to S$2.70 (from S$2.36) Results in line. 3Q10 net profit (ex-exceptionals) came in at
S$216m (-46% q-o-q), on the back of S$348m adjusted EBITDA (-32% q-o-q) which saw: a) normalization of VIP luck
factor (VIP constituted 55-60% of gaming revenue vs 2Q10’s 60%); and b) absence of monopoly impact (2Q10 had one
month). EBITDA margin remained a healthy 47% (2Q10: 58%), despite higher contribution from non-gaming segment
(10-20% of revenue). Even with MBS ramping up, RWS remained the market leader with 53% share of revenue and
52% of EBITDA while visitors remained stable at 3m in 3Q10 (~33k/day).
teeth53 ( Date: 12-Nov-2010 10:50) Posted:
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epliew ( Date: 12-Nov-2010 10:26) Posted:
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12 November 2010
Maintain
BUY
Current Price: S$2.28
Fair Value: S$2.53
Expects 4Q10 to be better.
3Q10 results mostly within expectations.
Singapore (GS) reported its 3Q10 results last evening.
Revenue, which excludes the discontinued UK operations, hit
S$744m versus S$12.1m in 3Q09; it was spot on our S$745m
forecast, driven by Resorts World Sentosa (RWS) which
contributed S$731.8m. 3Q10 EBITDA came in at S$345.6m
(within 3% of our estimate) and was a sharp turnaround from
negative S$21.6m in 3Q09; GS was also able to hold its margin
at a commendable 46.5% (though lower than 51.2% in 1H10),
despite a full quarter of competition from Marina Bay Sands.
Net profit (including discontinued operations) came in at
S$187.8m; core net profit at S$182.1m. For 9M10, revenue
hit S$1964.8m, meeting 77.0% of our FY10 estimate, while
net profit came in at S$565.6m, or 72.0% of our full-year
forecast (both adjusted for discontinued operations).
Junkets possible from early 2011.
concurs with market watchers that the Casino Regulatory
Authority (CRA) could issue licenses to junket operators in
early 2011, especially to those already operating in wellregulated
markets such as Australia. As before, we estimate
that the Singapore gaming market should stabilize around S$7b
in 2011, with RWS maintaining a slightly more dominant share
of under 55%. Depending on how many licenses are
subsequently issued, we do see room to revise up our gaming
market estimates. New S$2.53 fair value.
and FY11 estimates. As we are raising our long-term FCF
rate from 2% to 2.5%, this also bumps up our DCF-fair value
For the upcoming school holiday
from S$2.38 to S$2.53. Maintain
(From OCBC Securities)
season, management believes that RWS has the correct
offering to do well, given that it is pitched towards the family
and vacation crowd. As such, it expects the fourth quarter to
perform better than the third, which was also affected by the
"Ghost Month", making it "inauspicious" for some to visit the
casino. Nevertheless, management was also pleased with its
3Q10 showing, noting that its hotel occupancy was 71% with
an average room rate of S$250, as it continued to receive
some 3m visitors to the integrated resort (IR). It adds that
Universal Studios Singapore (USS) has also turned cash
positive, and will gradually increase the current daily capacity
from 8k visitors to 18k by next year. GS acknowledged that
the visitors so far were "low-hanging" fruits plucked from areas
around the region; but with its enlarged marketing program,
management is confident that it can attract visitors from further
afield.
Previous Rating: BUY
give u an example
buy up at 1,382 lots @ 2.15..... more up to come.....
| 10:16:53 | 2.150 | 1,382 | S |
mainly auntie and uncles cannot take the less earning report positively...... it is still a profit report. 2 billions dollars in 9 months.... clearly a good result.
epliew ( Date: 12-Nov-2010 10:04) Posted:
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pharoah88 ( Date: 12-Nov-2010 10:08) Posted:
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bUngEE jUmp
wIll transfOrm yOUr
HORIZON
The EARLIER
The BETTER
thunder88 ( Date: 12-Nov-2010 09:58) Posted:
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Day lOw was S$2.07
teeth53 ( Date: 12-Nov-2010 09:40) Posted:
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Dun chase stocks...
Even u hv missed e boat 2 sell high. Juz hold if u can. Wait till nxt round.
Dun sell shorts & buy cos Genting Sp's hving a huge vol. & u might b chasing 2 catch a falling knifes.
('',)
Bon3260 ( Date: 12-Nov-2010 09:07) Posted:
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