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Wow Ang Bao !
Unexpected price? 😅
Unexpected price? 😅
tdy is fri and then follow by 2 days CNY , think ppl will exit before end of the day..
New123 ( Date: 08-Feb-2013 09:56) Posted:
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really gone up.. Buy ..
Flashstep ( Date: 07-Feb-2013 12:24) Posted:
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Macao Casinos backyard on fire soon,china government going action soon,rumors that anti-xxx action so Singapore casino will benefits
CNY ANGBAO
CNY rally...
the next big news should be its earnings report in mid feb
Any coming news ?
not too far from yr price . It may goes back to $1.80 if the mkt sentiment is good .
james87 ( Date: 02-Feb-2013 11:25) Posted:
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Me too at 2.... Lol...
Greedy didn't sell above 2...
Now waiting... Hoping...
Greedy didn't sell above 2...
Now waiting... Hoping...
Last time bought my target price was 2.00...zzz
dingbat ( Date: 02-Feb-2013 11:36) Posted:
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Thot I was the only one. Bought some at that price, some at > 2.00. Fingers crossed price will surge.
james87 ( Date: 02-Feb-2013 11:25) Posted:
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bought 1.76 leh...
New123 ( Date: 02-Feb-2013 11:23) Posted:
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next wk will b gd to take profit . Will see it cross $1.60 & above.
Peter_Pan ( Date: 01-Feb-2013 18:42) Posted:
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Only went in for a quick punt yesterday.
peter u in or out?
Sunnier days ahead
• MBS 4Q12: Strong rebound in rolling chip, mass picking up
• RWS: May see similar recovery with RWS running at full
steam, potential new ventures in 12-18 months
• Raise 2013-14F earnings by 7-11% Maintain Hold but raise
TP to S$1.60 (from S$1.30)
Signs of recovery. MBS’ 4Q12 EBITDA came in at US$303m/ S$373m
(-29% y-o-y, +16% q-o-q), bringing full-year EBITDA to US$1.37bn/
S$1.68bn (-11% y-o-y). The y-o-y drag came from lower VIP win rate
(2.14% vs 4Q11: 3.3% 3Q12: 1.8%), slower mass volume growth (-
2%), and an additional US$24m property tax assessment. But MBS
saw a strong rebound in VIP rolling chip (+53% y-o-y, +40% q-o-q)
while mass volume rose 1% q-o-q as MBS’ focus on premium mass
starts to bear fruit. Hold-adjusted EBITDA would have been
US$406m/S$499m (+13% y-o-y, +11% q-o-q). LVS opines that
Singapore is still a challenging market given concentrated demand,
strict regulations and limited junket participation.
RWS: Stronger earnings ahead. GENS’ 4Q12 results to be announced
on 21 Feb may show a similar q-o-q recovery as MBS (estimated
S$350-400m vs 3Q12’s S$303m). We look forward to seasonally
stronger earnings in1Q13 from Chinese New Year and recovery in
EBITDA margin in 2Q13 as the recently completed Western Zone
ramps up (> 10k/day visitors to the oceanarium on weekends). GENS
has recently also hired experts to improve its mass segment
operations.
New ventures likely but not so soon. With minimal updates on Japan’s
and Korea’s gaming liberalisation post-elections, GENS may need 12-
18 months before it can put to use its S$2.3bn perpetual bonds
(S$119m interest p.a. or 11% of 2013F earnings). GENS is also eyeing
North America (aside from New York and Miami under GENM). LVS is
looking at Japan, Korea, North & South America and Vietnam
(targeting > 20% EBITDA returns). GENS may acquire more hotel sites
after its recent acquisition in Jurong (4-star hotel by 4Q14/1Q15).
Maintain Hold, TP raised to S$1.60. We raised 2013-14F earnings by
7-11% to factor in a stronger recovery in both VIP and mass
segments. Our TP is raised to S$1.60 (from S$1.30) as we also roll
forward to FY14 and peg valuation to Macau sector average
EV/EBITDA of 11x. Potential wildcard: accelerated liberalization of
Japan’s gaming market, award of licences to bigger junkets (RWS
recently granted its third licenced junket but minimal contribution). (DBS Vickers)
is this the reason for push down?
Resort World Sentosa's casino licence renewed for 3 more years
Resorts World Sentosa's casino licence has been renewed for another three years.
In a press release issued on Friday, the Casino Regulatory Authority of Singapore (CRA) said RWS' new licence will come into effect from Feb 6.
A CRA spokesman said that RWS' compliance record was one of many factors considered with assessing the licence application.
She added: " In renewing RWS' casino licence, CRA has imposed additional requirements on RWS to put in place more robust structures and processes aimed at strengthening its overall compliance of our laws and regulations." Just last month, RWS was penalised $100,000 for breaches of the casino regulations.
Genting Singapore
Don’t Get Overly Excited
Don’t jump to conclusions. Marina Bay Sands (MBS) recorded
decent 4Q12 results driven by VIP volume growth, but the same may
not necessarily be true of Genting Singapore (GENS). Recall that when
MBS’ VIP volumes surged 35% QoQ in 3Q11, VIP volumes at Resorts
World Sentosa (RWS) were flat QoQ. We maintain GENS’ estimates,
HOLD call and SGD1.35 TP on 11x FY13 EV/EBITDA. While its share
price reacted positively to the news of MBS’ earnings, investors may
want to take profit ahead of its results on 21 Feb 2013.
MBS’ 4Q12 earnings off an intra-year low. MBS reported 4Q12 net
revenue of USD717.2m (+15% QoQ, -11% YoY) and EBITDA of
USD302.5m (+16% QoQ, -29% YoY). The sequential improvement was
driven by higher VIP volumes of USD16.5b (+40% QoQ, +53% YoY)
and a higher, albeit still below theoretical, VIP win rate of 2.14%
(+35bps QoQ, -120bps YoY).
High VIP volumes may not be sustainable. Although MBS’ 4Q12 VIP
volumes were markedly higher QoQ and YoY, it said that VIP volumes
are concentrated on only a few VIPs and will vacillate QoQ. We also
note that its rebate rate of 1.31% of VIP volume was the highest since
4Q10. Thus, RWS too may have raised its rebate rates in 4Q12 to
defend its share of VIP volume, but at the expense of margins.
Mass market segment still contracting. Conversely, MBS’ 4Q12
mass market revenue of SGD1.1b was down 2% QoQ and 3% YoY
(slot handles were up 3% QoQ but down 2% YoY), likely reflecting a
still-cautious outlook among mass market patrons around the region.
Coupled with its below-theoretical VIP win rate of 2.14%, EBITDA
margins remained suppressed at 42%.
May not be positive for GENS. When MBS’ VIP volumes hit a similarly
high level of USD16.7b (SGD20.5b) in 3Q11, RWS’ VIP volumes
stayed flat QoQ at SGD16.1b (Chart 1) it therefore lost market share.
MBS stated that this was because it hosted 25 VIPs unique to it who did
not gamble there again. This corroborates its earlier statement that VIP
volumes are highly volatile. Hold(unchanged)
Share price: SGD1.55
Target price: SGD1.35 (unchanged) (Maybank Kim Eng)