Genting Spore 03 (Nov 14 - Dec 21)

Re: Genting Spore 03 (Nov 14 - Dec 18)

Postby winston » Fri Nov 09, 2018 10:26 am

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Genting Singapore (GENS SP)

3Q18: All Looks Good

GENS’s 3Q18 results within expectations.

VIP yoy volume grew decently at 13% while mass market GGR is stable.

GENS’ near-term outlook remains sanguine, though cautiously monitoring impact of US-China trade war.

GENS is one of the cheapest casinos in the region. Its valuation could trend up over time on the development of its Japan IR bidding.

Maintain BUY. Target price: S$1.38.

Source: UOBKH

https://research.uobkayhian.com/content ... 5503cfeda4
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Re: Genting Spore 03 (Nov 14 - Dec 18)

Postby winston » Thu Nov 15, 2018 9:56 am

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Genting Singapore (GENS SP, BUY, TP: SGD1.23)
Stable Outlook; Stay a BUY

Company Update
Maintain BUY with a new DCF-derived TP of SGD1.23, 32% upside, as we update our DCF assumptions and roll over our valuation base year to FY19.

In view of a resilient financial performance, sustainable margins and expansion of its market share, we think the current share price is unjustified as it is trading at a discount to its 5-year EV/EBITDA average of 10x.

Our SGD1.23 TP translates into an implied EV/EBITDA of 9x, which we deem close to its historical average.

Source: RHB

https://research.rhbtradesmart.com/atta ... f88f28.pdf
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Re: Genting Spore 03 (Nov 14 - Dec 18)

Postby winston » Mon Nov 19, 2018 8:46 am

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Time to place bets on Genting Singapore as stock is now looking cheap, says RHB

By Michelle Zhu

SINGAPORE (Nov 16): RHB Research is maintaining its “buy” rating on Genting Singapore with a lower target price of $1.23 compared to $1.42 previously after updating DCF assumptions and rolling over the valuation base year to FY19.

At the share price of 93 cents, RHB thinks the stock is undervalued as it is trading at a discount to its five-year EV/EBITDA average of 10 times.

The revised target price translates to an implied EV/EBITDA of 9 times, which the research house deems close to Genting Singapore’s historical average.

Commenting on the group’s latest earnings performance in 9M18, RHB notes how trade receivables rose 42% y-o-y to $654 million compared to a slowdown of 57% in 9M17 – a result of the group slowly loosening the tap for its VIP customers.

“As this was accompanied by a 13% YoY increase in VIP rolling chip volume, we believe the company could have granted higher credit limits to its premium and VIP customers. As a result, Genting Singapore is likely to attract and retain a higher volume of premium and VIP customers, leading to an expansion in its gaming market share in Singapore,” says RHB in a report on Thursday.

The research house also sees the group’s reinvestment proposal for RWS, which remains at the discussion stage, as well as recently set-up offices in Osaka, as re-rating catalysts for the long term.

Going forward, RHB believes Genting Singapore’s earnings will be buoyed by its existing facilities at Resorts World Sentosa (RWS) as they continue to gain tourist traction, which in turn, would drive the gaming business.

“In view of a resilient financial performance, sustainable margins and expansion of its market share, we think the current share price is unjustified,” concludes RHB.

As at 3:28pm, shares in Genting Singapore are trading 0.53% lower at 94 cents or 1.44 times FY18F book value.

Source: The Edge

https://www.theedgesingapore.com/time-p ... 401b309bc7
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Re: Genting Spore 03 (Nov 14 - Dec 19)

Postby winston » Tue Dec 25, 2018 8:58 am

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Genting Singapore Ltd Is Down 30% From Its High In 2018: Is It Cheap Now?

by Lawrence Nga

Genting Singapore currently has a PB ratio of 1.5.

Genting Singapore shares trade 16.0 times earnings.

It’s dividend yield is 3.6%.




Source: Motley Fool

https://www.fool.sg/2018/12/24/genting- ... cheap-now/
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Re: Genting Spore 03 (Nov 14 - Dec 19)

Postby winston » Fri Dec 28, 2018 11:45 pm

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Genting Singapore

Genting Singapore’s rolling chip volume (RCV) delivered a fifth consecutive quarter of positive growth in 3Q18. It recorded a 13 percent year-on-year growth this quarter alone. This came in largely in line with what UOBKH had forecasted.

Moving forward, Genting Singapore will continue its relaxed credit policy in spurring gaming volume growth.

Its management has indicated that it will remain diligent in monitoring macro risks, particularly the potential impact from trade war as it could affect Genting’s VIP players’ arrival and their ability in debt repayments.

Right now, Genting Singapore is trading at an attractive approximately 6 times EV/EBITDA in 2019, which is under -2 standard deviation to its 7-year mean EV/EBITDA.

Based on its EV/EBITDA valuation, Genting Singapore is currently one of the cheapest casinos in the region after its share price correction.

It has an attractive valuation that is even more compelling than its holding company, Genting Berhad’s 6.6 times forward-FY19 EV/EBITDA.

Its valuation could trend up over time on the development of its Japan Integrated Resort (IR) bidding. Underpinned by its stable Singapore operations, Genting Singapore’s valuation will trend up over time as its bidding for Japan’s IR concession builds up to the RFP stage.

Source: Shares Investment
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Re: Genting Spore 03 (Nov 14 - Dec 19)

Postby winston » Tue Jan 15, 2019 9:23 am

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Genting Singapore - Has big plans for 2019 (GENS SP, CP SGD1.03, BUY, TP SGD1.36, Gaming)

Although the Macau VIP market growth is decelerating, we are sanguine about the Singaporean one.

Yet, GENS still trades at an attractive 6.8x FY19E EV/EBITDA or -1.5 SD to LT mean and only 11.0x FY19E ex-net cash PER.

We roll forward our valuation to 9.0x FY19E EV/EBITDA (close to -1SD to LT mean of 8.5x) from 10.0x FY18E EV/EBITDA (5-year mean) leading to a trimmed TP by 2% to SGD1.26.

Key 2019 lookouts are RWS rejuvenation plans and potential expansion into Japan.

Source: Kim Eng

https://www.kelive.com/KimEng/servlet/P ... &rid=48903
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Re: Genting Spore 03 (Nov 14 - Dec 19)

Postby winston » Tue Jan 15, 2019 2:02 pm

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BUZZ - Genting Singapore hits over 3-1/2-month high; technicals suggest further rise

** Genting Singapore Ltd's shares gain as much as 3.9 pct to S$1.07, highest since Sept 27

** Stock breaks above a resistance at S$1.048, the 50 pct Fibonacci retracement level of the uptrend from June 28, 2016 low to Jan 24, 2018 high
https://tmsnrt.rs/2RS5yzu

** Breakout suggests, in the near term, the stock may test next resistance at S$1.133, the 38.2 pct retracement level

** Stock cuts above its 200-day exponential moving average,seen as a bullish signal

** Trend Intensity (TI) indicator rises to 17, suggesting prices are trending upwards; MACD is positive and above its signal line

** Stock up 5.64 pct this year as of last close, compared with the broader index's <.STI> 3.41 pct gains in the same period. It lost 21 pct in the past one year

Source: Reuters
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Re: Genting Spore 03 (Nov 14 - Dec 19)

Postby winston » Thu Jan 17, 2019 9:50 am

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Japan expansion, upgrade of Resorts World Sentosa keep Genting at 'buy' by RHB

By Samantha Chiew

SINGAPORE (Jan 16): RHB Reserch is maintaining its “buy” call on Genting Singapore with a target price of $1.23.

In a Wednesday report, RHB says, “We like Genting Singapore for its potential expansion into the Japan market and the upcoming reinvestment into Resorts World Sentosa (RWS), with more news flow expected in FY19.”

In 3Q18, the group reported a 46% increase in earnings to $210.4 million, which was resulted from its strategy to loosen the tap for VIP customers.

Trade receivables increased to $142 million from $127 million in Dec 2017, marking a 13% y-o-y growth in VIP rolling volume amid trade war uncertainties and narrowing bad debt provisions, which improved 49% y-o-y to $22.5 million.

It is also expanding into the Japan market and on the Japan licence bid, RHB reckons that the potential locations are Yokohama, Osaka and Hokkaido.

“We believe the stock is trading at an unjustified EV/EBITDA of 7.5 times (vs regional peers’ 10.6 times and its 5-year historical mean of 10 times) despite stable earnings and long-term re-rating catalysts ahead,” says RHB.



Source: The Edge

https://www.theedgesingapore.com/japan- ... 401b309bc7
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Re: Genting Spore 03 (Nov 14 - Dec 19)

Postby winston » Thu Jan 24, 2019 1:07 pm

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Genting Singapore (GENS SP)

Stock is down 1.8% to S$1.07 today as at noon-break.

Reason could be due to Marina Bay Sand’s disappointing 4Q earnings. MBS reported a slump in VIP play, dragging down EBITDA by 21% YoY to US$362m.

We think that this could be an opportunity to accumulate GENS, which is trading at 8x EV/EBITDA, or 1SD below 7-year average. So risk-reward looks attractive.

Source: KGI
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Re: Genting Spore 03 (Nov 14 - Dec 19)

Postby winston » Fri Feb 01, 2019 10:36 am

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Genting Singapore says that it's licence of Resorts World at Sentosa renewed for three more years.

Genting Singapore on Thursday said that the Regulatory Authority of Singapore has renewed the licence of Resorts World at Sentosa for another three years, starting from Feb 6.

Source: Phillips
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