Genting Spore 03 (Nov 14 - Dec 21)

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

Postby winston » Fri Jun 28, 2019 6:22 pm

vested

SI RESEARCH: GENTING SINGAPORE – IRRATIONAL SELL-OFF OPENS OPPORTUNITY

by Don Low

Higher taxes coming in 2022 and capex peaking around 2023.

RWS expansion will result in an addition of 164,000 square metre (sqm) – a 50 percent increase – of new gross floor area (GFA) for leisure and entertainment space.

The developments would include expansion of the acclaimed Universal Studios Singapore, the expansion and re-branding of SEA Aquarium to Singapore Oceanarium, the expansion of MICE (Meetings, Incentives, Conferences and Exhibitions) facilities and the addition of up to 1,100 new hotel rooms.

Distribution of the $420 million in dividends.

Current valuation at 14 times PE and 4% yield.


Source: Aspire

http://aspire.sharesinv.com/61306/si-re ... portunity/
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Re: Genting Spore 03 (Nov 14 - Dec 19)

Postby winston » Mon Jul 08, 2019 9:58 am

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Resistance 1: 0.96;
Support: 0.855
Resistance 2: 1.12

Genting Singapore share price has been bearish since the start of 2019.

Based on our technical readings, the stock is expected to head lower as the strong descending triangle formation has been completed.

To add on, the stock is currently trending below all three major moving averages and this is a strong indication of bearish sentiment.

Separately, we favour shorting at the support level 1. There is a better risk reward ratio
and much more potential to gain from the price movement. Also, there is a strong area of selling
located in that zone.

Source: Phillips

http://internetfileserver.phillip.com.s ... 190708.pdf
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Re: Genting Spore 03 (Nov 14 - Dec 19)

Postby behappyalways » Sat Aug 03, 2019 6:45 pm

Genting posts 5% drop in 2Q earnings to $168.4 mil despite higher revenue
https://www.theedgesingapore.com/capita ... er-revenue
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Re: Genting Spore 03 (Nov 14 - Dec 19)

Postby winston » Mon Aug 05, 2019 8:12 am

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BRIEF-Genting Singapore Posts Qtrly Net Profit Of S$168.4 Mln

Aug 2 (Reuters) - Genting Singapore Ltd :

* QTRLY REVENUE S$636.8 MILLION VERSUS S$560.3 MILLION

* QTRLY NET PROFIT S$168.4 MILLION VERSUS S$177.6 MILLION

* DECLARED INTERIM DIVIDEND OF 1.5 CENTS PER ORDINARY SHARES

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

Postby winston » Mon Aug 05, 2019 8:42 am

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High VIP win rate keeps Genting Singapore’s 2Q19 results respectable despite 5% profit fall

Genting Singapore has pointed to a series of challenging headwinds for a 5% year-on-year decline in net profit to SG$168.4 million in the three months to 30 June 2019, warning the decline would have been significantly greater if not for a high VIP win percentage.

The falling profit came despite a 22% increase in gaming revenue to SG$441.1 million at Resorts World Sentosa – also boosted by the VIP results – with the company performing poorly in mass and facing high bad debt expenses.

Adjusted EBITDA increased 11% year-on-year to SG$294 million but would have declined 14% if not for the VIP win rate of 3.7%, up from 2.6% 12 months earlier.

In a management discussion following the release of its 2Q19 results, Genting Singapore said, “Amidst a confluence of challenging headwinds, this [revenue] decline would have been significant if not for the high rolling win percentage in the VIP rolling business segment at Resorts World Sentosa.

“Underlying mass gaming business experienced significant declines in the quarter and would have been further impacted if not for considerable increased spending to tap the regional markets. Adding to the decline were the effects of a slowing local economy and within the region.

Source: Inside Asian Gaming

https://www.asgam.com/index.php/2019/08 ... ofit-fall/
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Re: Genting Spore 03 (Nov 14 - Dec 19)

Postby winston » Mon Aug 05, 2019 9:03 am

vested

Genting Singapore (GENS SP)

Share Price: SGD0.90
Target Price: SGD0.99
Recommendation: Hold



Trade war and casino entry levy hike beginning to weigh

2Q19 results did not disappoint, but only due to a high VIP win rate. More crucially, trade receivables impairment is rising and the mass market is weakening.

The former due to the United States-China trade war and the latter due to the casino entry levy fee hike.

We cut our FY20/FY21 core net profit estimates by 10%/8%.

Rolling forward our valuation base year to FY20 from FY19 and ascribing an unchanged 8x EV/EBITDA (-1SD to long term mean), we trim our TP to SGD0.99 from SGD1.04.

Source: Kim Eng

https://factsetpdf.maybank-ke.com/PDF/1 ... 895594.pdf
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Re: Genting Spore 03 (Nov 14 - Dec 19)

Postby winston » Mon Aug 05, 2019 9:03 am

vested

Genting Singapore (GENS SP)

Share Price: SGD0.90
Target Price: SGD0.99
Recommendation: Hold



Trade war and casino entry levy hike beginning to weigh

2Q19 results did not disappoint, but only due to a high VIP win rate. More crucially, trade receivables impairment is rising and the mass market is weakening.

The former due to the United States-China trade war and the latter due to the casino entry levy fee hike.

We cut our FY20/FY21 core net profit estimates by 10%/8%.

Rolling forward our valuation base year to FY20 from FY19 and ascribing an unchanged 8x EV/EBITDA (-1SD to long term mean), we trim our TP to SGD0.99 from SGD1.04.

Source: Kim Eng

https://factsetpdf.maybank-ke.com/PDF/1 ... 895594.pdf
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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Re: Genting Spore 03 (Nov 14 - Dec 19)

Postby winston » Mon Aug 05, 2019 10:05 am

vested

Genting Singapore (GENS SP, NEUTRAL, TP: SGD0.97)

High Win Rate Offsets Decline In Mass Gaming

Results Review

Maintain NEUTRAL with a lower TP of SGD0.97, from SGD1.02, 8% upside plus 4% yield.

2Q19 results met our expectations.

2Q19 adjusted EBITDA grew 11% YoY to SGD294m, bringing 1H19 adjusted EBITDA to SGD624m, which represents 50% of our estimates.

This was attributed to stronger VIP volumes and a higher win rate, which helped offset the significant decline in mass gaming.

Moving forward, we expect adjusted EBITDA to soften as win rate normalises and volume eases.

Source: RHB

https://research.rhbtradesmart.com/atta ... a25bfd.pdf
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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Re: Genting Spore 03 (Nov 14 - Dec 19)

Postby winston » Mon Aug 05, 2019 10:22 am

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Genting Singapore (GENS SP)
2Q19: In Line But Less Exciting Outlook


GENS delivered predictably qoq weaker EBITDA as a historical high win rate and higher VIP volumes were offset by the expected plunge in mass market volume (mostly reflecting the higher entrance levy for local gamers) and sharply higher prudent provisions.

We cut our target price to S$1.11 in exercising prudence to our option value for the Japan IR bid, and trim 2020-21 earnings forecasts.

Maintain BUY.

Source: UOBKH

https://research.uobkayhian.com/content ... c1906aa0a3
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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Re: Genting Spore 03 (Nov 14 - Dec 19)

Postby winston » Mon Aug 05, 2019 10:24 am

vested

Lucky 2Q19, saving bets on 2H

1H19 adj. EBITDA (S$624.1m) was 52.2%/52% of our/consensus (S$1.17bn/S$1.18bn) FY19F, with 2Q19 adj EBITDA growing +10.7% yoy.

However, we deem it slightly below as it was led by a high win rate. We lower FY19-21F EBITDA forecasts as 2H19 could see slower growth.

Maintain Add. We still like GENS’ longer-term prospects. TP is lower at S$1.00 on unchanged 8x CY20F EV/EBITDA (close to -0.5 s.d. below mean).

Source: CIMB

https://brokingrfs.cimb.com/5YBc8l7HV2n ... IGJQA2.pdf
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
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