Genting Berhad / Lim Kok Thay

Re: Genting Berhad / Lim Kok Thay

Postby winston » Sat Sep 14, 2019 6:53 pm

vested

Aug 30, 2019

Value Has Re-emerged

Valuation

With the change in GENM’s fair value (from RM3.47 to RM3.30), we cut Genting’s SOP-valuation to RM6.87 (from RM6.97 previously).

However, since our last downgrade in July-19, value has re-emerged after the share price plummeted by 13.7%.

As such, we upgrade our stock call for Genting to Buy (from sell previously).

Source: TA Securities
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Re: Genting Berhad / Lim Kok Thay

Postby winston » Tue Sep 24, 2019 2:45 pm

Genting slumps after rising on Japan casino race news

by Wong Swee May

KUALA LUMPUR (Sept 24): Genting Bhd's share price fell as much as four sen or 0.67% so far today on profit taking after rising on news its 52.7%-owned subsidiary Genting Singapore Ltd is among a narrowed list of three potential bidders for the planned development of an integrated casino resort in the Japanese city of Osaka.

At Bursa Malaysia, Genting shares fell to their lowest so far today at RM5.90 on profit taking and amid broader market weakness after rising to their highest at RM5.98.

Yesterday, Genting shares closed up 14 sen or 2.41% at RM5.94 after news reports indicated that Genting Singapore, MGM Resorts International and Galaxy Entertainment Group
had submitted request for concept proposals for the development of the resort, with a dedicated casino space.

Today, Public Investment Bank Bhd analyst Eltricia Foong wrote in a note the news is not a surprise as Public Investment was expecting the formal bidding process for Japan's integrated resort (IR) to commence in the second half of 2019.

"Earlier, we had highlighted the possibility of Genting Singapore securing one of the three IR licences in Japan due to its track record in operating and developing successful IRs in Singapore and Malaysia," Foong said.

She said Public Investment reiterated its outperform call on Genting shares with an unchanged target price (TP) of RM8.60.

"Genting's share price has been falling in recent months and we attribute this to the overall weakness in market sentiment as well as investors' uneasiness over the controversial related party transaction undertaken by Genting Malaysia Bhd.

"Also, we believe market may be wary of potential unfavourable measures to be announced in the upcoming Budget. Following the casino duties hike announced in the previous budget, we are not expecting further hike this year.

Trading at an undemanding forward PER (price-earnings ratio) of 12x, we reiterate our Outperform rating on Genting with an unchanged TP of RM8.60," Foong said.

Genting owns a 47.08% stake in Genting Malaysia.

Source: The Edge

https://www.theedgemarkets.com/article/ ... -race-news
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Re: Genting Berhad / Lim Kok Thay

Postby winston » Fri Nov 08, 2019 3:57 pm

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Singapore gaming market likely to remain challenging for Genting, says Affin Hwang

by Nazuin Zulaikha Kamarulzaman

KUALA LUMPUR (Nov 8): Affin Hwang Investment Bank Bhd has maintained its “Buy” call on Genting Bhd at price RM6.17 with an unchanged target price (TP) of RM9, and said the outlook for the Singapore gaming market is likely to remain challenging, due to slower local mass market and uncertainty in the VIP segment.

In a note today, the research house said Genting’s subsidiary, Genting Singapore (GenS) reported a relatively weak set of numbers for 9M19, as core profit after tax and minority interests (PATAMI) of S$529 million (-14% year-on-year [y-o-y]) was below Affin Hwang’s expectation.

It is still however within the consensus forecast, as it constituted 66% and 75% of respective forecast.

Affin Hwang said the decline in 3Q19 is more severe as PATAMI fell a sharper 27% y-o-y compared to 1H19 in which PATAMI contracted 7.3% y-o-y.

It said the decline in 3Q19 was due to a significant drop in gaming revenue.

“Apart from the drop in mass market volume due to a 50% hike in entry levy for locals since April 19, the gaming revenue was also negatively impacted by the win rate normalising to 2.6%,” the research house said.

It believes that the high win rate in 2Q19 at 3.7% had helped mask the weakness of GenS’s profitability.

Affin Hwang stated that due to challenging economic outlook locally and regionally, the overall gaming revenue is likely to remain weak for both the mass and VIP segment.

The research house also said that Genting’s management guided that they are still interested in both Osaka and Yokohama, and hence will be submitting bids for the request-for-concept for both cities.

Three out of six players have decided to give up on the Osaka bid recently as Yokohama has recently decided to host an IR.

“Management believes that the Osaka IR could still yield an IRR return of 12-15% supported by the 23 million population in the Kansai region.”

“As results for the IR bids will only likely be made known in late 2021, management is confident that they do not need to raise any funding over the next 2 years,” it said.

Source: The Edge

https://www.theedgemarkets.com/article/ ... ffin-hwang
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Re: Genting Berhad / Lim Kok Thay

Postby winston » Mon Nov 25, 2019 3:59 pm

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Genting's Resorts World Las Vegas to include new facilities

by Wong Swee May

KUALA LUMPUR (Nov 25): Genting Bhd's Resorts World Las Vegas has unveiled its updated plans for the US$4.3 billion luxury resort-casino to include new amenities.

According to Cision Distribution by PR Newswire on Nov 21, Resorts World Las Vegas, which is projected to open in summer of 2021, will combine traditional and modern architecture, weaving a new luxury hotel experience into the fabric of Las Vegas with Asian-inspired touches, progressive technology and world-class guest service.

The new amenities include a 5,000-capacity state-of-the-art theatre, scalable to host A-list residencies and corporate events; a dynamic 75,000 square foot (sq ft) nightlife and day-life concept; a 50-foot diameter video globe, which will display over 6,000 sq ft of captivating LED content; and additional luxury suites, villas and penthouses with individual lobby experiences, open balconies and a sky casino, the news portal reported.

Resorts World Las Vegas is being developed by Genting, which has been registered as a publicly traded corporation by the Nevada Gaming Commission.

Resorts World Las Vegas has affiliated integrated resorts in the Americas, Malaysia, Singapore, the United Kingdom and the Bahamas.

Source: The Edge

https://www.theedgemarkets.com/article/ ... facilities
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Re: Genting Berhad / Lim Kok Thay

Postby winston » Fri Nov 29, 2019 10:27 am

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Genting Bhd (GENT MK)

Share Price: MYR5.85
Target Price: MYR6.30
Recommendation: Hold

Not a bad quarter but not much reason to be excited

3Q19/9M19 results were largely within our expectations.

Notwithstanding, we raise our FY19-21 earnings estimates a tad by 2-6%.

Our SOTP-based TP is slightly lower at MYR6.30 (MYR6.35 previously) on an unchanged 50% discount to SOP/sh valuation.

Save for GENP, we are not overly excited over GENS and GENM’s near-term prospects.

The one re-rating catalyst is GENS securing an Japanese integrated resort license in 2021. Until then, maintain HOLD on GENT.

Source: Maybank

https://factsetpdf.maybank-ke.com/PDF/1 ... 83d417.pdf
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Re: Genting Berhad / Lim Kok Thay

Postby winston » Fri Nov 29, 2019 1:18 pm

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Genting Berhad (GENT MK)
3Q19: Within Expectations


GENT’s 3Q19 results are largely in line, as the weaker-than-expected performance from
Genting Plantation was offset by stronger-than-expected contribution from GENM.

Maintain BUY with a target price of RM7.60.

GENT will see a valuation catch-up as it is well positioned to capitalise on its subsidiaries’ event catalysts, which include GENS’ progress in bidding for an IR concession in Osaka, and GENM’s opening of its outdoor theme park.

Source: UOBKH

https://research.uobkayhian.com/content ... b14459ded1
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Re: Genting Berhad / Lim Kok Thay

Postby winston » Mon Dec 02, 2019 9:20 am

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9M19: Weak gaming profits

9M19 core net profit was below market (65% of Bloomberg consensus) and our expectations at 73% of our full-year forecast due to weak gaming profits.

9M19 domestic non-VIP gaming volume was down 5% yoy due to fewer incentives offered by GENM.

Maintain Add. We cut FY19-21F EPS by 6.7-15.5% to reflect weak domestic, US and UK gaming profits.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... 615A2B8A0D
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Re: Genting Berhad / Lim Kok Thay

Postby winston » Mon Dec 02, 2019 1:53 pm

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Genting Berhad (GENT MK) : BUY

Last Traded Price ( 28 Nov 2019): RM5.85
Price Target 12-mth: RM7.25 (24% upside)

Deep value despite soft earnings

3QFY19 core earnings dragged by impairment losses, lower contributions from GENS and GENM

9MFY19 headline earnings came below expectations

RWLV expected to open by summer 2021

Maintain BUY with RM7.25 TP; still offers strong value on cheaper exposure to subsidiaries

Source: DBS

https://researchwise.dbsvresearch.com/R ... =faaackhab
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