Genting Spore 03 (Nov 14 - Dec 21)

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

Postby winston » Fri Feb 01, 2019 7:55 pm

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Genting Singapore – Let Fortunes Roll [财源滚滚]

While people try their luck, investors are rolling their fortunes with Genting Singapore. The stock has been on tear since the beginning of the year.

After closing 2018 at $0.975, stocks of Genting Singapore have risen to $1.11 to register a year-to-date return of 13.9 percent as of 21 January 2019. On the other hand, local benchmark Straits Times Index only recorded a rise of slightly above six percent.

After Naga2 opened in Phnom Penh of Cambodia in November 2017, concerns of VIP volumes have waned as 2Q18 marked a turning point where trade receivables for Genting Singapore hit a record low of $111.9 million. This gives scope for Genting Singapore to loosen its credit policy to lure back the VIPs.

Meanwhile, based on latest data from Singapore Tourism Board, inbound tourist arrivals continued to grow in the months of October and November 2018 (December data not out) and hence why there could be some surprise in Genting Singapore’s upcoming 4Q18 results.

That said, there may be some major capex announcement for the integrated resort (IR) operator in 2019, as the government has identified Pulau Brani and the Greater Southern Waterfront as areas for future developments. Genting Singapore could very well be participating in the development given the proximity of the Sentosa and Pulau Brani.

Lastly, Japan is slated to issue licenses for three IRs in 2H19 of which Genting Singapore is expected to be amongst the top contenders. After having disposed its stakes in its South Korea venture on Jeju Island, Genting Singapore has propped up its balance sheet to focus on its Japan’s foray.

At the current share price, Genting Singapore is changing hands at a price-to-earnings (P/E) multiple of just 17.3 times despite the many potential catalysts. Notwithstanding that, its indicative yield is a decent 3.2 percent.

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

Postby winston » Tue Feb 19, 2019 8:33 pm

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Genting Singapore kept at 'buy' with $1.23 target by RHB on stable earnings, market share gains

By PC Lee

SINGAPORE (Feb 18): RHB Research is maintaining Genting Singapore at “buy” with target price of $1.23 on the back of stable earnings, market share gains and the company’s potential to tap into the Japan market, bolstered by its net cash balance of $2.9 billion.

In FY18, tourist arrivals into Singapore also hit a new high of 18.5 million vs 17.4 million in FY17, mainly driven by visitors from China, Indonesia and India, owing to strong travel demand and better flight connectivity.

Singapore also registered 6% growth in tourist spending on entertainment, sightseeing and gaming – which bodes well for Genting Singapore.

“We expect Genting Singapore to report $184 million-$201 million in PATAMI for 4Q18 (-5 to -13% q-o-q, +23 to 34% y-o-y). It is trading at a relatively low 7.3x EV/EBITDA (regional peer average is 12.3x, 5-year historical mean is 10x), which we deem as unjustified,” says RHB in a Feb 15 results preview.

The Resorts World Sentosa operator will announce its 4Q18 results on Feb 21.

In 4Q18, Marina Bay Sands (MBS) reported lower 4Q18 EBITDA of US$362 million ($491 million), down 21% y-o-y, mainly on softer rolling volume due to heightened competition from neighbouring countries. This alsoresulted in a decline in EBITDA margin to 50%.

But based on indicators from MBS’s 4Q18 results, RHB says Genting Singapore could see double-digit growth y-o-y in rolling volume, on an overall gain in market share, which averaged 49% for 9M18 (vs 36% in FY17).

Assuming market share of 47% and normalised win rate in 4Q18, FY18 EBITDA could come in within the range of $1.25-1.30 billion, vs the Street estimate of $1.24 billion.

“Resorts World Singapore (RWS) is on course to deliver double-digit growth in FY18 EBITDA and core PATAMI,” says RHB, “Moving forward, it could maintain its market share, in view of Genting Singapore’s focus to expand in the premium and VIP segments, with better credit facilities. “

As at 1.00pm, shares in Genting Singapore are up 2 cents at $1.10 or 15.6 times FY20F earnings.

Source: The Edge

https://www.theedgesingapore.com/gentin ... hare-gains
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Re: Genting Spore 03 (Nov 14 - Dec 19)

Postby winston » Wed Feb 20, 2019 8:00 pm

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Genting Singapore Q4 VIP market share improves

BY Erik Gibbs

February 19, 2019

According to Bernstein, “We expect Genting Singapore to gain share quarter-on-quarter and year-on-year in VIP…” It adds that this has been “driven by credit extension” to players.

VIP represents a 4% decline over the previous quarter, but a 17% increase over the same period a year earlier.


Source: Calvinayre

https://calvinayre.com/2019/02/19/
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Re: Genting Spore 03 (Nov 14 - Dec 19)

Postby winston » Thu Feb 21, 2019 10:49 pm

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Genting Singapore sees 4Q earnings rise 12% to S$150m on revenue growth

by Michelle Zhu

SINGAPORE (Feb 21): Genting Singapore (GENS) announced earnings of S$150.2 million for the 4Q ended Dec 2018, rising 12% y-o-y from its earnings of S$134 million in 4Q17 due to higher revenue.

This brings the group’s earnings for the full year to S$755.4 million, up 10% from S$685.6 million in the previous year.

Revenue for the latest quarter under review grew 15% on-year on the back of strong performance from the attractions business, which did well with an average daily visitation of over 21,000.

Meanwhile, the hotels segment – which includes hotels like Hard Rock Hotel and Equarius Hotel – maintained a strong occupancy rate of 95%.

Adjusted EBITDA grew 12% y-o-y to $286 million from $255.1 million in 4Q17.

As at end-Dec 2018, cash and cash equivalents stood at $4.2 billion compared to $3.8 billion a year ago.

GENS is proposing a final dividend of 2 cents for FY18, unchanged from a year ago.

Japan: formal bidding process expected to commence in 2H19.

Source: The Edge

https://www.theedgesingapore.com/gentin ... -occupancy
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Re: Genting Spore 03 (Nov 14 - Dec 19)

Postby winston » Fri Feb 22, 2019 9:48 am

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4Q18 results review: Game on!

FY18 adjusted EBITDA of S$1.22bn was in-line at 101.6%/98.6% of our/consensus FY18 estimates (S$1.21bn/S$1.24bn).

Final DPS of 2.0 Scts brought FY18 DPS to 3.5 Scts.

VIP GGR grew 20.8%; mass held steady. GENS expects to keep volumes intact.

Maintain Add with an unchanged TP of S$1.28, now based on 9x EV/EBITDA (close to its 5-year historical mean of 9.3x) as we roll forward to CY20F.

Source: CIMB

https://brokingrfs.cimb.com/SL838yq_VQf ... mrDQA2.pdf
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Re: Genting Spore 03 (Nov 14 - Dec 19)

Postby winston » Fri Feb 22, 2019 9:49 am

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Could have been better but all eyes on RWS 2.0 and Japan

Reiterate BUY call and SGD1.26 TP

FY18 core net profit was at the lower end of our expectations only due to higher-than-expected depreciation & amortisation (D&A). Thus, we trim our forward earnings estimates by 8% p.a. but our EBITDA estimates and EV/EBITDA based TP of SGD1.26, on 9.0x FY19E EV/EBITDA (close to -
1SD to LT mean of 8.5x) are unchanged.

Investors ought to BUY GENS to ride on its RWS renovation/expansion plan that will be released in 1H19 and potential expansion into Japan, where bidding will begin in 2H19.

Source: Kim Eng

https://factsetpdf.maybank-ke.com/PDF/1 ... 6e8316.pdf
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Re: Genting Spore 03 (Nov 14 - Dec 19)

Postby winston » Fri Feb 22, 2019 10:14 am

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4Q18: Gaming Operations Still Intact. VIP Growth To Take A Break In 2019

GENS’ 4Q18 EBITDA grew 7% yoy but full-year results were slightly below expectations.

VIP yoy volume grew 10% while mass market GGR also saw decent growth.

We expect 2018’s strong VIP segment growth to pause in 2019 as GENS is unlikely to further relax its credit policy.

While lacking catalysts at home until RWS properties are refurbished, GENS’ stock is expected to trend up with GENS’ expected bid submission for Japan IR’s concession in 2H19.

Maintain BUY. Target price: S$1.32.

Source: UOBKH

https://research.uobkayhian.com/content ... cd2b60cf48
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Re: Genting Spore 03 (Nov 14 - Dec 19)

Postby winston » Fri Feb 22, 2019 2:36 pm

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News Flow Around The Corner; Keep BUY Target Price (Return) SGD1.22 (+10%)
Price: SGD(+18%) 1.11
Market Cap: USD9,521m
Avg Daily Turnover (SGD/USD) 28.32m/6.95m

Maintain BUY, as we fine-tune our TP to SGD1.22 from SGD1.23, 10% upside plus 3% FY19F yield. Our call and TP is on Genting Singapore’s (GENS) stable earnings and upcoming news flow on the Resorts World Sentosa (RWS) rejuvenation plan, as well as its bid for a licence in Japan.

FY18 revenue and core earnings came in at SGD2.5bn (+6% YoY) and SGD761m (+22% YoY), ie below our estimates but in line with the Street’s, at 91% and 97%.

The group declared a final interim DPS of SGD0.02, bringing full-year DPS to SGD0.035 (flat YoY), which is within expectations.

Source: RHB

https://research.rhbtradesmart.com/atta ... 70a442.pdf
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Re: Genting Spore 03 (Nov 14 - Dec 19)

Postby behappyalways » Fri Feb 22, 2019 7:57 pm

Genting Singapore sees 4Q earnings rise 12% to $150 mil on higher visitors, hotel occupancy
https://www.theedgesingapore.com/gentin ... -occupancy
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Re: Genting Spore 03 (Nov 14 - Dec 19)

Postby winston » Fri Mar 08, 2019 6:08 pm

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SHOULD YOU BET ON GENTING SINGAPORE?

by Mei Siew Lai

Genting Singapore’s share price had fallen from a high of $2.19 in 2010 and had stayed largely below the $1-mark since May 2015.

In FY18, revenue increased 6.1 percent to $2.5 billion while gross profit rose 7.3 percent to $1.2 billion as gross margins improved from 44.9 percent to 45.4 percent.

The revenue growth was driven by the 5.7 percent growth in gaming segment and seven percent growth in non-gaming segment.

In FY18, the impairment charge of $58.1 million is considered at a manageable level as compared to $235.1 million in FY16.

As of 31 December 2018, the group holds $4.2 billion of cash and cash equivalents. Netting off $1 billion of bank borrowings and trade payables, Genting Singapore still has around $3.2 billion of cash on hand, equivalent to around $0.26 net cash per share.

At the prevailing share price of $1.06, this would represent a dividend yield of 3.3%.

As at 26 February 2019, Genting Singapore is trading at $1.05, translating to a price-to-earnings (P/E) multiple of 16.9 times, well below its average regional peers of 19.2 times.

Meanwhile, Genting Singapore’s shares are currently valued at price-to-book (P/B) ratio of 1.6 times.


Source: Shares Investment

http://aspire.sharesinv.com/60068/si-re ... singapore/
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