Genting Berhad / Lim Kok Thay

Re: Genting Berhad / Lim Kok Thay

Postby winston » Fri Apr 05, 2019 3:25 pm

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RhB lowers Target Price for Genting to Rm831

Source: The Edge

https://www.theedgemarkets.com/article/ ... ting-rm831
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Re: Genting Berhad / Lim Kok Thay

Postby winston » Thu Apr 18, 2019 3:16 pm

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Lim Kok Thay confident of Genting being picked for Japan casino

SINGAPORE (April 18): Genting will bid for all three casino licenses allowed by Japan and hopes to win one, the Business Times reported Thursday, citing Chairman Lim Kok Thay at the firm’s annual general meeting.

* Genting is confident of being chosen by Japan because the government said it will use a Singapore-style integrated resort, Lim was cited as saying

* Co. expects to borrow in yen for funding if chosen given low interest rates, Chief Operating Officer Tan Hee Teck told shareholders

* Co. doesn’t plan to call upon shareholders for Japan’s plans: Tan

* Genting plans to grow its attractions and add up to 1,100 more rooms at Resort World Sentosa in Singapore and counts on international visitors to the casino

Source: Bloomberg

https://www.theedgemarkets.com/article/ ... pan-casino
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Re: Genting Berhad / Lim Kok Thay

Postby winston » Fri May 24, 2019 7:22 am

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Genting posts lower Q1 net profit on provision

KUALA LUMPUR: Genting Bhd is reviewing spending plans and cost structures in Malaysia following recent hikes in casino duties, while a provision on a terminated project impacted its first quarter earnings.

Earnings in the three months ended March 31 fell 6.8% to RM561.6mil from RM602.7mil made a year ago.

The international gaming and leisure group, which also has plantation, as well as oil and gas divisions, said revenue improved 6% to RM5.57bil during the quarter under review.

Profits during the quarter, the company said in a filing with Bursa Malaysia today, was impacted by the provision for termination related costs of RM198.3mil by Genting Malaysia Bhd

(GENM), as well as a loss on a discontinued cash flow hedge.

"In Malaysia, the group will continue to review its capital expenditure requirements and rationalise its operating cost structure to mitigate the impact of the hike in casino duties against an increasingly challenging operating environment," it said.

"Additionally, the GENM will focus on leveraging the new assets to grow key business segments," it added.

The group, however, is forging ahead with massive new investments abroad.

In Singapore, the group has embarked on a re-development investment of S$4.5bil to expand and transform its integrated resort from 2020 onwards.

The group is also stepping up efforts and deploying more resources in preparation to enter the Japanese market.

Meanwhile, Genting also provided an update on its venture in Las Vegas, in the US.

As of May 9, Resorts World Las Vegas has completed concrete work up to level 65 of the West Tower and level 64 of the East Tower.

"The hotel towers are scheduled to reach their full height (level 69) on July 23," it said.

The group said total development and land costs incurred as of March 31 were approximately US$1.3bil.

"The first phase is estimated to cost approximately US$4.1bil and is targeted to open by the end of 2020," it said.

Source: The Star

https://www.thestar.com.my/business/bus ... FllZmBZ.99
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Re: Genting Berhad / Lim Kok Thay

Postby winston » Fri May 24, 2019 9:10 am

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Genting (GENT MK)
1Q19: Lacking Near-term Momentum


1Q19’s adjusted EBITDA and core net profit are in line with expectations.

Adjusted EBITDA was flattish yoy, principally reflecting the flattish performance of its gaming
division.

We still prefer GENT over GENM for cheaper valuations and expect positive share price momentum when subsidiary GENS formally bids for the Japan gaming concessions.

Maintain BUY on GENT and target price of RM8.70.

Source: UOBKH

https://research.uobkayhian.com/content ... 26e45e3df5
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Re: Genting Berhad / Lim Kok Thay

Postby winston » Mon May 27, 2019 10:00 am

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1Q19: Weak gaming revenue; strong profit

1Q19 core net profit was in line with our expectations at 30.4% of our fullyear forecast, but above consensus at 41% of consensus FY19F.

Both domestic and Singapore gaming operations experienced lower revenue in 1QFY19, which could be a major concern if the trend continues.

Maintain Add. The stock remains attractive at 2020F 7.8x P/E.

RNAV: RM12



Source: CIMB

https://brokingrfs.cimb.com/R4AYarawR7m ... mjGEg2.pdf
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Re: Genting Berhad / Lim Kok Thay

Postby winston » Fri Aug 30, 2019 9:35 am

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Malaysia's Genting 2Q Net Profit Rose — Earnings Review

By Yantoultra Ngui

Malaysia's casino-to-plantations conglomerate Genting Bhd. (3182.KU) reported its second-quarter results on Thursday. Here's what you need to know:

NET PROFIT: Net profit during the quarter rose to 599.68 million ringgit ($141.9 million) from MYR383.52 million net profit a year earlier. This was higher than the mean estimate of MYR508.6 million net profit compiled by FactSet.

REVENUE: Revenue climbed 12.9% to MYR5.45 billion in the quarter from MYR4.82 billion a year earlier. This also beat the mean estimate of MYR5.19 billion revenue compiled by FactSet.

--THEME PARK: Genting said its Malaysian unit is continuing work on the development of the outdoor theme park in Malaysia following resolution of the legal dispute with Fox and Disney surrounding the park. The company said that details on the opening date of the outdoor theme park would be made available in due course.

--JAPAN: Genting said its Singapore's unit has fully met the application guidelines and qualifying criteria to bid for one of the three integrated resort licenses in Japan. It said that Genting Singapore is well positioned to submit a world class concept integrated resort as part of the bid, based on its track record of operating highly successful resorts.

--EMPIRE: Genting did not offer much detail on its Malaysian unit Genting Malaysia's recently announced purchase of a stake in U.S.-based Empire Resorts. Concerns over corporate governance issues and the anticipation of the need for capital injection into the unprofitable company could well continue to weigh on the shares of Genting's Malaysian unit.

Source: Dow Jones Newswires

https://www.morningstar.com/news/dow-jo ... ngs-review
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Re: Genting Berhad / Lim Kok Thay

Postby winston » Fri Aug 30, 2019 9:43 am

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Genting Bhd (GENT MK)

Share Price: MYR5.90
Target Price: MYR6.35
Recommendation: Hold

Valuations to remain suppressed, in our view

2Q19 earnings did not disappoint but dividends did vs. our expectations.

Going forward, GENS’ operating environment will be challenging, while GENM will acquire 49% of loss making Empire Resorts.

We cut our FY20/FY21 EPS estimates by 10%/3%.

Given that Empire Resorts is a related party, there is also enough history to warrant a wider 50% discount to SOP/sh valuation (-33% previously; Fig. 2). Thus, we cut our GENT SOP-based TP 27% to MYR6.35 from MYR8.70. D/G to HOLD.

Source: Maybank

https://factsetpdf.maybank-ke.com/PDF/1 ... 590627.pdf
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Re: Genting Berhad / Lim Kok Thay

Postby winston » Fri Aug 30, 2019 1:59 pm

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Genting 2Q net profit up 56%, declares 6.5 sen dividend

by Wong Ee Lin

KUALA LUMPUR: Diversified group Genting Bhd’s net profit grew 56% to RM599.68 million in the second quarter ended June 30, 2019 (2QFY19) from RM383.52 million in the corresponding quarter last year, boosted by higher earnings in its leisure and hospitality division.

Quarterly revenue was up 12.9% to RM5.45 billion from RM4.82 billion. The group declared an interim dividend of 6.5 sen per share.

Kien Huat Realty Sdn Bhd, which is controlled by its chairman and chief executive Tan Sri Lim Kok Thay, will receive dividend of about RM106 million from his 42.35% equity stake in Genting.

Prior to that, Lim will also be getting RM538 million proceeds from selling a 35% stake in the US-based casino operator Empire Resorts Ltd.

Genting said in the result announcement that its quarterly earnings were lifted mostly by higher leisure and hospitality income from Singapore, the UK and Egypt, as well as the US and Bahamas, together with stronger contribution from its power business.

Singapore’s profit before tax (PBT) rose 16% to RM929.2 million, while the UK and Egypt’s PBT advanced 52% to RM45.1 million, and the US and Bahamas’ PBT was up 32% to RM102.6 million.

Its power business PBT rose 18% to RM135.2 million. “Revenue and Ebitda (earnings before interest, taxes, depreciation and amortisation) from the power division increased compared with 2Q18 due mainly to higher generation from the Indonesian Banten coal-fired power plant,” said Genting.

The gains were mitigated by a slight 2% PBT drop to RM675.1 million in its Malaysian leisure and hospitality segment as overall gaming business volume fell on fewer incentives offered to players, despite higher revenue that was boosted by the opening of new attractions under its Genting Integrated Tourism Plan.

It also saw a 24% drop in plantation PBT to RM75.7 million, and a 15% drop in oil and gas PBT to RM48.3 million, while its investments and others segment fell to a pre-tax loss of RM36.6 million versus a PBT of RM15.5 million previously.

For the cumulative six months of FY19, the group’s net profit grew 18% to RM1.16 billion from RM986.22 million a year ago, while revenue rose 9.38% to RM11.02 billion from RM10.07 billion.

On prospects, the group said Genting Malaysia Bhd (GenM) is continuing work on the development of its outdoor theme park following the resolution of the legal dispute over the project.

“Details on the opening date of the outdoor theme park will be made available in due course,” said Genting, adding that GenM will continue to focus its efforts on rationalising its operating cost structure and improving overall operational efficiencies at Resorts World Genting.

Source: The Edge

https://www.theedgemarkets.com/article/ ... n-dividend
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Re: Genting Berhad / Lim Kok Thay

Postby winston » Mon Sep 02, 2019 11:02 am

1H19: Boosted by high win rate

1H19 core net profit was above expectations at 60.1% of our and 84% of consensus full-year forecasts due to a high gaming win rate.

1H19 domestic leisure and hospitality division recorded a 0.4% PBT increase, which was mainly due to high gaming win rate at VIP tables.

Maintain Add, raise FY19F EPS by 7.0% but cut FY20-21F EPS by 7.2-13.8%.

Our TP falls from RM8.40 to RM7.90.

Source: CIMB

https://brokingrfs.cimb.com/lNQmQnHEtHq ... wA7Lg2.pdf
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Re: Genting Berhad / Lim Kok Thay

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

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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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