Genting Berhad / Lim Kok Thay

Re: Genting Berhad / Lim Kok Thay

Postby winston » Fri Feb 24, 2017 7:17 am

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Genting FY16 earnings jump to over RM2b

KUALA LUMPUR: Genting Bhd's earnings jumped to over RM2bil for the financial year ended Dec 31, 2016 boosted by a one-off gain in the fourth quarter from the disposal of the group's investment in Genting Hong Kong Ltd.

Revenue was higher by 1.4% at RM18.36bil from RM18.10bil.


The board of directors recommended a final single-tier dividend of six sen per share for FY2016. It also declared a special single-tier dividend of 6.5 sen per share.


Source: The Star

http://www.thestar.com.my/business/busi ... over-rm2b/
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Re: Genting Berhad / Lim Kok Thay

Postby winston » Mon Feb 27, 2017 10:38 am

Gaming and plantation earnings booster

Genting’s (GENT) FY16 core EPS came in above our forecast but below consensus, at 105% and 94% of the respective full-year estimates.

GENT declared a special dividend of 6.5 sen and final DPS of 6 sen, which outstrips expectations.

We upgrade our FY17-18F EPS by 17-26% after updating for GENP and GENS results and EPS changes.

Our RNAV-based target price is also tweaked higher to RM9.40 after revising our target prices for GENS and GENP. Maintain Hold.

We prefer GENM for exposure.

Source: CIMB

https://brokingrfs.cimb.com/IvVVTx6cYJ_ ... G4pfA2.pdf
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Re: Genting Berhad / Lim Kok Thay

Postby winston » Fri Aug 25, 2017 8:49 am

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Genting Bhd’s earnings surge, growth seen at all operating divisions

BY M. HAFIDZ MAHPAR

KUALA LUMPUR: Genting Bhd’s earnings climbed 57% year-on-year to RM456.33mil in the second quarter (Q2) ended June 30 despite the group incurring impairment losses of RM113.42mil.

17% improvement in total revenue to RM4.95bil


The division's Malaysian component, comprising Resorts World Genting (RWG), posted a 7% increase in revenue to RM1.44bil on higher volume of business from the mass market as well as mid to premium segments of the business.


RWG's Singapore counterpart saw a 31% jump in revenue to RM1.85bil


Genting's plantation businesses in Malaysia and Singapore both enjoyed higher revenue and profit. The combined operations grew 48% in revenue to RM423.1mil and 97% in pre-tax profit to RM144.6mil.


Source: The Star

http://www.thestar.com.my/business/busi ... eTJIPgu.99
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Re: Genting Berhad / Lim Kok Thay

Postby winston » Wed Sep 20, 2017 11:29 am

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Stock still trades at a significant discount to gross RNAV

GENT continues to trade at a significant discount to its gross RNAV (based on existing share prices of all its listed companies). It currently trades at a 34.9% discount to gross RNAV vs the longterm average discount of 19.7%.

We highlight three key concerns which are consistently brought up by investors:
(1) has GENS’ share price peaked?
(2) on-going family feud (concerns renewed following the recent demise of the widow of GENT’s founder); and
(3) election risk.

Based on historical trends, in a “worst case” scenario, we estimate potential 14.8% downside from current levels. This assumes that GENT will trade back at 0.9x historical P/B (this is the lowest that GENT has hit during the 1997/2002/2009 crises).

We believe that the wide discount on GENT’s stock price could eventually narrow as the street begins to fully appreciate the ongoing expansion in Genting Highlands and prospects in Genting
Singapore (earnings might surprise on the upside again).

OP rating maintained. Pecking order: GENS, GENT, GENM.

Source: CS
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Re: Genting Berhad / Lim Kok Thay

Postby winston » Wed Oct 11, 2017 8:44 am

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Fitch expects Genting to reap higher earnings from leisure, plantations biz

KUALA LUMPUR: Fitch Ratings expects higher earnings at Genting's Malaysian leisure and hospitality (L&H) and oil-palm plantation businesses, which together contributed around 40% of its consolidated earnings before interest, tax, depreciation and amortisation (Ebitda) in 1H17.

In its rating announcement on Tuesday, Fitch pointed out Resorts World Genting (RWG) has opened several new facilities as part of its 10-year RM10bil redevelopment masterplan launched in 2013.

Other key attractions, including a new theme park and the remaining floors at its new mall and casino, are scheduled to open progressively from 2017.

“We expect these developments to result in a sustained increase in visitor arrivals over the next three years, from 20 million in 2016, and drive revenue growth for Genting's L&H business.

“The plantation business should benefit from a rebound in yields on fresh-fruit bunches in 2017 due to better weather conditions.

“We expect earnings to be supported over the longer term by a sustained yield improvement, as Genting's Indonesian oil-palm acreage matures, and healthy palm-oil prices,” it said.

Fitch also expects Genting's consolidated capital expenditure (capex) to increase over the next three years to an average of around RM7bil per year, against the RM4bil spent in 2016.

Genting is investing in its Resorts World Las Vegas project and expects full-scale construction to commence by end-2017, with opening targeted for 2020.

“This is in addition to its continued investment in RWG, of which around RM4bil has been spent up to 2016. Our capex estimates do not factor in potential investment by Genting Singapore PLC (GENS) in Japan due to significant uncertainties,” it said.

It pointed out Genting was in a net cash position as of end-2016, “which we expect to turn into a net debt position in the next three years due to higher capex”.

However, leverage should remain low, with net adjusted debt/operating EBITDAR less net income attributable to minorities at below 0.5 times for 2019.

The group's management has a record of prudent capital management, evidenced by GENS' sale of its stake in a South Korean venture in late 2016 to bolster cash reserves.

“Our estimates factor in likely equity inflows from the exercise of Genting's warrants, which expire in December 2018,” it said.

Source: The Star

http://www.thestar.com.my/business/busi ... S7Sg3j0.99
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Re: Genting Berhad / Lim Kok Thay

Postby winston » Fri Nov 10, 2017 7:55 am

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MassMutual no longer Genting's substantial shareholder

By M. Hafidz Mahpar

KUALA LUMPUR: Fortune 500 company Massachusetts Mutual Life Insurance Company (MassMutual) has ceased to be Genting Bhd ’s substantial shareholder after more than three years.

Based on filings with Bursa Malaysia on Thursday, funds managed by MassMutual subsidiaries OFI Global Institutional Inc and OppenheimerFunds Inc have pared down their combined stake in Genting by 26.52 million shares since July 31.

Based on the counter’s closing price of RM9.48 on Thursday, the value of MassMutual’s deemed interest that was sold is RM251.39mil.

The disposal reduced MassMutual’s deemed interest to 4.9703% or 190.14 million shares from 5.717% or 216.65 million shares in July.

MassMutual emerged as Genting Bhd’s substantial shareholder in May 2014 when funds managed by its subsidiaries, OppenheimerFunds Inc and OFI Global, acquired 186.09 million shares or 5.006%.

Source: The Star

https://www.thestar.com.my/business/bus ... areholder/
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Re: Genting Berhad / Lim Kok Thay

Postby winston » Sun Nov 12, 2017 8:45 am

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Genting gets lucky again

by Cecilia Kok

Genting’s shares ended 7 sen lower yesterday at RM9.41.

That represents a valuation of 16 times the consensus estimated earnings for its financial year (FY) ending Dec 31, 2017, and about 13 times the estimated earnings for FY18.

This compares with the average 12-month target price that analysts have ascribed to Genting’s shares at RM11.36, which represents a conservative valuation of about 19 times and 17 times consensus estimated earnings for FY17 and FY18, respectively.


Following the first two quarters of strong growth, GenS scored another solid win, with a 35% year-on-year increase in profits to S$143.8mil (RM443.5mil) for the third quarter of FY17, driven by strong recovery in its VIP segment.

Its revenue rose 8% to S$629.9mil compared with S$581.5mil a year ago.

On strong showing by GenS, which contributes about 45% to Genting’s bottom line, the holding company is also expected to report solid growth for its third-quarter FY17 results.


Source: The Star

http://www.thestar.com.my/business/busi ... txKS1Pr.99
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