Genting Berhad / Lim Kok Thay

Genting Berhad / Lim Kok Thay

Postby winston » Fri May 27, 2011 9:44 am

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Valuation/Recommendationï‚·

Maintain BUY with RNAV-based target price of RM13.63. Genting remains the best proxy to Genting group's rising fortunes in the Singapore casino operations and in the longer term, the potential to acquire greenfield operations or win new gaming concessions around the world.

Share Price Catalyst

Improving consumer sentiment and earnings-accretive acquisitions.


Source: UOBKH

http://research.uobkayhian.com/content_ ... 7920aef719
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Lim Kok Thay

Postby winston » Sat Jan 14, 2012 7:57 am

Meet The Billionaire Malaysian Businessman Who's Spending Millions To Bring Gambling To New York
by Matthew Kassel

As chairman of Genting Berhad, one of the world's largest gambling conglomerates, KT Lim is no upstart.

But when the Malaysian businessman bought a stake in a struggling racetrack casino in the Catskills in 2009, it was his first entree into the seemingly unnavigable maze of rules and regulations that is the American casino gambling industry.

As The New York Times reports, in just three years, Lim has made up for his lack of connections in the United States with a phalanx of lobbyists that is helping his company pursue multibillion-dollar projects in New York and in Miami.

In New York, the site of Lim's most ambitious aspirations, he spent $380 million to acquire a license to operate a gambling hall -- the first one in New York City--at the Aqueduct Racetrack in Queens. He then put $450 million into building the casino, which opened in October.

Though gambling is banned in New York--with the exception of Indian land casinos and slot machines at nine racetracks throughout the state--it seems that Governor Cuomo would like to legalize the industry.

This is good news for Lim, who has announced a $4 billion expansion plan at Aqueduct, which would include three hotels, more slot machines, and the country's largest convention center. Cuomo heartily supports the plan.

http://www.businessinsider.com/kt-lim-m ... nos-2012-1
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Re: Lim Kok Thay

Postby kennynah » Sat Jan 14, 2012 9:25 am

Yeap, the migrant invaders took the lands away from the native Indians n now allowed these parcels to operate casinos but not sharing the bulk of the revenues with them... If we are not careful, Singapore will all become Indian chiefs
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Re: Lim Kok Thay

Postby winston » Wed Jun 20, 2012 8:19 am

A Singapore gaming company looks to expand

Genting sits on more cash than any other gaming operator in the world and to increase it further it is raising additional billions on the debt market, fueling speculation..

By AlphaVN.com

Genting Singapore (GIGNY +1.66%), a resorts and gaming company, reported a 16% fall in revenue from premium customers at its Singapore location.

Genting wants to expand its casino business into New York, but suffered a blow when talks with Gov. Andrew Cuomo collapsed regarding a casino and convention center at the Aqueduct racetrack. Genting had spent more than $774,000 on New York lobbying in the first 10 months of 2011, the Associated Press reported.

This followed a report saying that Genting and a larger lobby, the New York Gaming Association, poured $2.4 million into a group focused on praising Cuomo and his proposals in television and radio commercials.

Genting also stumbled in Miami, where its planned $3.8 billion resort has not materialized either. The company has also suffered as palm oil prices pulled back after a big rally in 2011 while power generation revenue from Chinese operations fell. The end result was a drop in total revenue by 9.6% to 4.4 billion ringgit ($1.4 billion).

Genting Malaysia, operators of the only casino in Malaysia, saw first-quarter profit slip 35% from a year earlier to 270.7 million ringgit ($86 million). The second-quarter devaluation of the Ringgit will not help, either.

Genting's expansion into the U.K. and the U.S. has goosed the top line, but not the bottom. The contribution to income in the U.S. has been frankly awful. Gaming revenue is down significantly in Las Vegas, which is why resort operators are looking to Asia for salvation.

Despite the bad news, Genting is working on deploying some of its $5.5 billion in cash to strengthen its foothold in Asia-Pacific region. Genting has no stake outside of Malaysia and Singapore.

To rectify this, Genting has been purchasing stakes in Echo Entertainment, an Australian casino company, with the intent of ultimately owning 10%, which would put the Malaysian casino group close to Crown Entertainment as Echo's largest shareholder.

Genting sits on more cash than any other gaming operator in the world and is raising additional billions on the debt market, fueling speculation that its stake purchase in Australia's Echo Entertainment is just the beginning of an acquisition spree. Genting Malaysia and Genting Singapore have a combined 9.7% stake in Echo.

Genting Singapore has issued a perpetual bond at 5.125% coupon and is looking to raise another $500 million to fund further potential acquisitions.

While it may be blocked from developing its own projects, Genting is more than willing to use cash and credit to deal itself into the Asian gaming action. The speculation is that these perpetual bonds are setting Genting up to expand into both Japan and South Korea. But this is another risky venture with echoes of New York in that both potential projects are subject to the whims of politicians and the electorate.

The good news is that Genting can fund these arrangements, as the bonds have a call date of 10 years, and both issuances would leave Genting with a debt-to-equity ratio of 0.57 -- far better than its competitors, such as Las Vegas Sands' 1.12. But, then again, Las Vegas Sands has the premier facility in Singapore and a massive presence in the gambling mecca of Macau.

Of the two potential expansion sites, South Korea looks to be the bigger opportunity and with Las Vegas Sands already committed to two projects, and Wynn Resorts (WYNN +4.18%) licking its wounds over a number of failed ventures, Genting looks poised to strike.

http://money.msn.com/top-stocks/post.as ... ea4216c0cd
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Re: Genting Berhad

Postby winston » Sun Jun 01, 2014 8:13 am

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CIMB Research sees better quarters ahead for Genting

KUALA LUMPUR: CIMB Equities Research expects better quarters ahead for Genting Bhd and maintains its target price of RM13.10, which is 33.7% above the last traded price of RM9.80.

It said on Friday the first quarter ended March 31, 2014 core earnings per share was in line with expectations at 23% of its full-year forecast and 25% of consensus.

"We project better quarters ahead, with narrowing losses at the Bimini operations at Genting Malaysia and better performance from seasonality and higher property sales at Genting Plantations. We retain our EPS forecasts and RNAV-based target price. Add rating maintained," it said.

CIMB Research said potential catalysts include earnings recovery at Genting Singapore and capex-driven growth at Genting Malaysia.

"The common theme in Genting's results was that VIP business was behind the good performances at Resorts World Sentosa (RWS), Resorts World Genting (RWG) and the UK operations resulting in 45% EBITDA growth.

"We expect this trend to continue, assuming macro conditions remain stable. Contribution to Genting's 1QFY14 bottomline came in as expected, with Genting Singapore accounting for 44% of net profit, Genting Malaysia 37% and Genting Plantations 9%," it said.

CIMB Research believes Resorts World Las Vegas will be the main focus in the second half 2014 since work is starting in the second half of 2014.

It expects the casino licence to be issued nine months before the scheduled opening of the property in 2017.

"We believe that the headline US$4bil capex budget is preliminary and that capex in the first phase of the project will not add significant stress on the balance sheet.

"Management seems comfortable with a conservative 60:40 debt-to-equity ratio. The conversion of outstanding warrants will raise US$1.8bil in capital, which should comfortably meet the financing ratio," it said.

Source: The Star
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Re: Genting Berhad

Postby winston » Sat Nov 22, 2014 6:34 am

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Genting Bhd Q3 earnings slip on lower casino earnings
21 November 2014

KUALA LUMPUR: Genting Bhd reported a decline in its earnings for the third quarter ended Sept 30, 2014 on weaker performance from its leisure and hospitality business operated by Resorts World Sentosa (RWS) and Resorts World Genting (RWG).

Announcing its results on Friday, it said earnings fell 23.6% to RM352.70m from RM462.10mil a year ago which were also due to the absence of a net fair value gain on derivative financial instruments and gain on disposal of available-for-sale financial assets in the previous quarter.

Profit before tax from continuing operations for the current quarter fell 12% to RM954.0mil from RM1.082bil a year ago. Revenue increased by a marginal 0.3% to RM4.492bil from RM4.478bil. Earnings per share were 9.49 sen compared with 12.51 sen a year ago.

Leisure and hospitality

Notes to its accounts showed the leisure and hospitality revenue recorded a 6% fall in revenue from the continuing operations to RM3.838bil from RM4.067bil -- mainly due to the RWS and RWG.

Profit before tax for this segment was down 15% to RM1.326bil from RM1.567bil a year ago.

Malaysia reported a 9% fall to RM1.298bil in revenue while that of Singapore fell at a faster pace of 17% to RM1.639bil and US and Bahamas, declined 10% to RM225.9mil. However, its UK operations reported a 66% increase to RM674.60mil.

At the profit before tax level, Malaysia recorded a 12% decline to RM527.9mil, Singapore (down 27% to RM645.8mil), US and Bahamas (down 83% to RM6.9mil) but UK reported a surge to RM145.5mil from RM40.5mil a year ago.

Genting explained the lower revenue and adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) of RWS was attributed mainly to the premium players business which underperformed due to low win percentage.

“RWG in Malaysia recorded lower revenue mainly due to lower hold percentage in the premium players business, mitigated by overall higher volume of business. The lower adjusted EBITDA was mainly due to lower revenue and higher costs relating to premium players business,” it explained.

Genting said the higher revenue from the casino business in the UK was mainly due to higher hold percentage in its international markets division and overall higher volume of business.

“Adjusted EBITDA likewise improved mainly due to higher revenue offset by higher bad debt written off in the current quarter,” it added.

Revenue from the leisure and hospitality business in the US and Bahamas fell mainly due to lower revenue contribution from Resorts World Bimini in Bahamas. The Bimini operations suffered a higher loss before interest, tax, depreciation and amortisation in the current quarter due to operational challenges.

As for the Resorts World Casino New York City (RWNYC), it recorded a lower adjusted EBITDA due to higher payroll costs.

Plantations

As for the plantation operations, revenue from the Malaysian operations fell 8% to RM236mil but its Indonesian operations showed a 74% improvement to RM38.1mil.

Revenue from its plantation operations in Indonesia segment increased in the current quarter due to higher fresh fruit bunches (FFB) production which mitigated the impact of lower crude palm oil (CPO) selling prices.

Power

However, the power division recorded higher revenue and adjusted EBITDA mainly from the construction revenue of the 660MW coal-fired Banten Plant in Indonesia. Revenue jumped more than 100% to RM164.4mil from RM41.3mil.

Property

Revenue jumped 99% to RM97.3mil due to better performance mainly by Genting Plantation’s property segment which had higher recognition of property sales coupled with the progressive completion of development projects during the current quarter.

Oil and gas

Genting’s revenue and adjusted EBITDA from the oil and gas division was contributed by the 57% participating interest by Genting CDX Singapore Pte Ltd (Genting CDX) in the Chengdaoxi Block (CDX) in the shallow waters of Bohai Bay, China. CDX is an oil producing field and it is jointly operated by Genting CDX and the China Petroleum Corporation.

This saw it recording revenue of RM75.7mil when compared to nil a year ago.

Nine months performance

For the nine months ended Sept 30, 2014, its earnings fell 7.8% to RM1.222bil from RM1.326bil. However, total revenue from continuing operations was RM13.594bil, up 7% from RM12.707bil in 2013.

Genting group’s profit before tax from continuing operations for the current financial period was RM3.349bil, a 3% increase compared with RM3.241bil in the previous year.


Source: The Star
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Re: Genting Berhad

Postby winston » Tue Jun 09, 2015 4:36 am

UOB Kay Hian Research maintains Buy on Genting

KUALA LUMPUR: UOB Kay Hian Malaysia Research is retaining its Buy on Genting Bhd at RM8.25 with a target price of RM10.90.

It said on Monday Genting recently touched a four-year low of RM8.14 to RM11.32. Last Friday’s closing price of RM8.25 represented a 19% drop from its one year-high of RM10.22.

“Genting’s share price notably fell 3.2% last week, ignoring the technical rebound of Macau gaming stocks. Its warrants, issued in Dec 13 closed last Friday at RM1.43, below its issue price of RM1.50 (exercise price: RM7.96) and one-year high of RM2.98,” it said.

UOB Kay Hian Research said the current valuations were compelling, and it continues to expect a series of moderate positives to re-rate the stock, including modest special dividends in this year's 50th Anniversary celebration.

Other factors are the opening of iconic 20th Century theme park by 49.3%-owned Genting Malaysia in 4Q16 (Genting Malaysia accounts for 26% of its sum-of-parts of Genting), and in the future which is the opening of Genting Las Vegas.

“Genting’s present valuation does not ascribe any option value to the eventual opening of Genting Las Vegas or liberalisation of casino in Japan (there's still a possibility that Japanese lawmakers could pass the casino legalisation bill in 2015, and 52.6%-subsidiary Genting Singapore is regarded to be a key
contender for a casino concession),” it said.

Genting trades at a prospective 2015 EV/EBITDA of 7.4 times at the low end of its seven times to 24 times EV/EBITDA range (9.4 times average) since 2011 (the opening of Resorts World Sentosa).

UOB Kay Hian Research maintained its sum-of-parts based target price of RM10.90 which implies a 9.0 times 2015 forecast EV/EBITDA.

Source: The Star
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Re: Genting Berhad

Postby winston » Fri Nov 25, 2016 6:19 am

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Stronger Q3 performance by Genting Bhd

BY M. HAFIDZ MAHPAR

Resorts World Genting is being expanded under a RM10bil Genting Integrated Tourism Plan. Genting's leisure and hospitality segment in Malaysia contributed less to the Genting Bhd group's Ebitda in the third quarter.

KUALA LUMPUR: Genting Bhd’s earnings soared 60% to RM577.21mil in the third quarter (Q3) ended Sept 30 from a year earlier, despite a RM614.8mil drop in contribution from the its investments & others segment.

The group’s adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) fell 12% to RM1.71bil as a result of that segment’s reversal from a pre-tax profit of RM604.1mil in Q3 2015 to a loss of RM10.7mil in the quarter under review.

The drop in adjusted Ebitda was, however, cushioned by the commendable 19% growth in the leisure and hospitality segment’s profit to RM1.42bil and the more than doubling (+113%) of the plantation segment’s profit to RM147.1mil.

Furthermore, the group’s adjusted Ebitda, despite being lower by RM230.2mil in Q3, was more than offset by a sharp RM241.3mil reduction in impairment losses and a RM117.5mil drop in net fair value loss on derivative financial instruments.

Revenue remained fairly stable, up by a marginal 1% to RM4.68bil.

In the leisure and hospitality segment, Resorts World Sentosa’s (Singapore) contribution to the group’s Ebitda grew 16% to RM713mil, overtaking the Malaysia operations’ shrinking (-3%) input of RM641.2mil.

This was the result of cost efficiency initiatives implemented by the Singapore operations during the preceding quarter as well as lower impairment of trade receivables in Q3 2016. The Malaysian Ebitda slipped due mainly to higher operating expenses for the mid to premium segment of the business.

The UK operations, meanwhile, swung to an Ebitda of RM42mil from an RM86.7mil loss a year earlier. Also doing well was the US and Bahamas market, with Ebitda jumping from RM4.4mil a year earlier to RM24.2mil in the quarter under review.

For the plantations division, both the Malaysian and Indonesia operations performed well due mainly to stronger palm product selling prices despite lower fresh fruit bunches production.

The Malaysian contribution to the group’s Ebitda increased 60% to RM125.5mil while the Indonesian business turned around from a RM9.3mil loss previously to earnings of RM21.6mil.

It is also worth noting that the power segment’s contribution improved sharply from RM15.2mil previously to RM96.3mil. This was due to the lower cost of construction incurred for its 660MW coal-fired Banten plant in Indonesia.

For year-to-date (the nine months to Sept 30), Genting Bhd’s earnings of RM1.00bil were slightly lower than the RM1.05bil recorded in the previous year’s corresponding period.

Genting Malaysia Bhd, which also reported its quarterly results on Thursday, said its earnings jumped 70% to RM555.73mil in the third quarter compared with a year earlier as revenue grew 8% to RM2.20bil.

Genting Malaysia owns and operates Resorts World Genting, Resorts World Kijal (Terengganu) and Resorts World Langkawi in Malaysia. Overseas, it operates Resorts World Casino New York City, Resorts World Bimini, Resorts World Birmingham and other casinos in the UK.
.
Source: The Star

http://www.thestar.com.my/business/busi ... nting-bhd/
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Re: Genting Berhad

Postby winston » Mon Jan 02, 2017 6:52 am

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THOMAS PT YONG

CEO of Fortress Capital Asset Management (M) Sdn BhdStock pick: Genting Bhd

GENTING’S 52.9% effective stake in Genting Singapore has experienced improving fundamentals, which has led to a recovery in Genting Singapore’s share price. This improvement could be attributed to lower impairments of receivables and the effectiveness of its recent cost-cutting measures.

Coupled with its tightening credit policy, there will be lower impairment risk, going forward. Recent initiatives to attract more premium-mass players should also compensate for the decline in the VIP segment.

Genting’s 49.3% effective stake in Genting Malaysia should be a good proxy to tourism play in Malaysia with the contribution from the Genting Integrated Tourism Plan (GITP), which will see the launching of the Sky Avenue and Sky Plaza shopping malls by this month and the 20th Century Fox World outdoor theme park by end-2017.

In addition, the GITP makeover will come with 300 new gaming tables in Sky Plaza, a 55% increase from 550 gaming tables currently.

Overseas operations, which include the casinos in the United States and the United Kingdom, are also showing signs of improvement in operations.

Earnings for Genting’s 52.9%-owned Genting Plantations should also improve in financial year 2017 in view of better fresh fruit bunch and crude palm oil (CPO) production, as the effect of the El Nino subsides. The output growth is also supported by the maturing of its oil-palm estates and a higher oil-extraction rate. The current CPO price of RM3,100 has exceeded most analysts’ expectations of RM2,600 to RM2,800 per tonne.

The sum-of-parts value computed on a per-share basis for Genting is RM11 and the share price is now trading at a 30% discount, which is one standard deviation above its 10-year historical average discount. A narrowing of the holding discount will provide an attractive upside potential.

Other catalysts include Genting Singapore winning the bid for the integrated casino resort development in Japan.

Source: The Star

http://www.thestar.com.my/business/busi ... gers-pick/
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Re: Genting Berhad

Postby winston » Sat Feb 04, 2017 7:55 pm

TAN SRI LIM KOK THAY
Flagship: Genting Group
Net worth: RM22bil

THE 66-year-old head of the Genting group of companies has had a busy 2016 expanding the group’s operations in the leisure and gaming segments both locally and abroad.

In Malaysia, Genting continued with its upgrading works at the highland resort. There was progress to the 10,000-room hotel and further expansion of the theme park. This is part of a 10-year master plan called the Genting Integrated Tourism Plan (GITP) that will see the group spend some RM10bil to upgrade the resort.

Other key features of the GITP are the construction of a 20th Century Fox World theme park estimated to cost RM2bil, a shopping mall and a Genting Premium Outlet store.

Outside Malaysia, the Genting group, among others, expanded its gaming operations in the United States, made a bid for a licence in Japan and purchased a shipyard in Germany that is building its luxury cruise liners operating out of Hong Kong.

Last year, Empire Resorts, the Nasdaq-listed company that is 88.7%-owned by the Lim family through Kien Huat Realty Sdn Bhd, blossomed.

Empire Resorts, which owns and manages several hotels and casinos in the United States, received the licence to build a racing course and casino (racino) about 90km off New York.

In relation to its expansion, Empire Resorts undertook a fund-raising exercise that saw the Lim family increasing its stake from less than 50% to 88.7%. The fund-raising exercise saw the value of Empire Resorts jumping from US$1.172bil to US$4.3bil.

In Europe, the Lim family, through Genting Hong Kong, invested an additional 160 million euros (RM462mil) into its German shipyard MV Werften, which is building its line of luxury cruise ships. With the investment, Genting Hong Kong has invested a total of 260 million euros into the shipyard.

Genting Hong Kong took delivery of Genting Dream, its latest luxury cruise ship worth about US$1bil. The cruise ship is targeted for the Chinese cruise market.

Lim had told reporters in November last year that he felt the time was ripe to tap into the mainland Chinese market, and that the group was preparing a line of luxury cruise ships to cater to the expected demand.

The Genting group, which anchored its fortunes on a resort and casino built in Genting Highlands in the late 1960s, is now a global company with resort and casino operations in almost all the continents. Since opening its doors for business on May 8, 1971, the group is probably the only gaming company in Asia that can claim to be running its operations 24 hours a day.

The Lim family’s flagship company in Malaysia is Genting Group that controls Genting Malaysia Bhd and Genting Plantations Bhd. The Lim family has a direct 58.4% interest in Genting Hong Kong.

Source: The Star
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