Genting Malaysia

Re: Genting Malaysia

Postby winston » Tue Jan 08, 2019 9:53 am

not vested

Awaiting court hearing date

Genting Malaysia met with some 40 institutional investors at our annual Malaysia Corporate Day on Friday.

The company is still waiting for a court hearing date for its US$1bn law suit against Disney and 21st Century Fox.

The stock remains a Hold. We await more clarity on the possible opening dates for the new outdoor theme park.

Source: CIMB

https://brokingrfs.cimb.com/r1HR8FaCRNA ... 9ibMQ2.pdf
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 101937
Joined: Wed May 07, 2008 9:28 am

Re: Genting Malaysia

Postby winston » Tue Jan 15, 2019 9:26 am

not vested

Selectively optimistic

Maintain POSITIVE view – Prefer GENT and GENS

For GENM, we expect FY19 earnings to fall 25% YoY on 10ppts higher RWG duty rates.

For GENS, we expect FY19 earnings to be more stable not only vis-à-vis to GENM but to the Macau operators as well.

Despite GENM’s woes, we expect the earnings of its parent, GENT to still grow at a 3-year forward CAGR of 8%.

We maintain our GENM TP at MYR3.30, trim our GENS TP by 2% to SGD1.26 and raise our GENT TP by 6% to MYR9.50.

Maintain BUY calls on GENT and GENS; HOLD on GENM.

https://factsetpdf.maybank-ke.com/PDF/1 ... f55253.pdf
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 101937
Joined: Wed May 07, 2008 9:28 am

Re: Genting Malaysia

Postby winston » Thu Jan 17, 2019 7:37 am

not vested

Genting Malaysia identifies areas for cost cutting

Some of the steps that have been planned include to have a more prudent way to give incentives and promotions to its members.

According to UOB Kay Hian, the company is also targeting to reduce exposure in the high-end VIP market as it only provides thin margins.

“It will also control payroll and number of staff until the opening date of its outdoor theme park is set,” the research house said in a report.


“For the indoor theme park, 13 rides are operating now and the remaining nine rides are targeted to be ready for operation in early February to catch the Chinese New Year crowd”.

“Genting Malaysia would incur a cost of about RM15mil per quarter (about 3%-4% of total pre-tax profits) for maintenance works, before the theme park starts operating for business,” it said.

UOB Kay Hian has maintained its “hold” call on Genting Malaysia with a target price of RM3.30.

Maybank IB said it has accounted for these events and is maintaining its earnings estimates with a “hold” call and a target price of RM3.30 based on a 10% discount to the sum-of-parts per share.


Source: The Star

https://www.thestar.com.my/business/bus ... utlubiG.99
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 101937
Joined: Wed May 07, 2008 9:28 am

Re: Genting Malaysia

Postby winston » Thu Jan 24, 2019 7:25 am

not vested

FOX files US$46.4m counterclaim against Genting Malaysia

PETALING JAYA: The legal dispute between Genting Malaysia Bhd (GENM) and Fox Entertainment Group LLC, Twentieth Century Fox Film Corp and FoxNext LLC (collectively known as FOX) intensified as FOX filed a counterclaim seeking US$46.4 million (RM191.7 million) from GENM.

GENM told the Malaysian stock exchange today that FOX and The Walt Disney Company on Jan 22 filed answers to its lawsuit, but at the same time filed a counterclaim alleging breach of the implied covenant of good faith and fair dealing.

In addition to that, FOX is claiming a sum of RM191.7 million in respect of annual licence fees, guarantee amounts/royalties and travel reimbursements pursuant to the memorandum of agreement (MoA) dated June 1, 2013, as amended, as well as consequential damages, reasonable costs and other relief under applicable law.

The counterclaim was filed at the United States District Court, Central District of California, which is also the same court in which GENM had filed its lawsuit.

“GENM is in the process of reviewing the above with its legal counsel and intends to file a timely response. GENM will make any necessary announcements in relation to the above matter when appropriate or once there is further material development,” it said.

To recap, GENM is suing FOX and The Walt Disney Company for more than US$1 billion (RM4.13 billion) for terminating their contract to develop a Fox-branded theme park at Resorts World Genting in Malaysia.

The Fox theme park is a key selling point of the Malaysian resort group’s multi-billion-ringgit Genting Integrated Tourism Plan.

The MoA was amended on June 10, 2014 and June 9, 2017. Genting Malaysia was granted a licence to use certain intellectual property rights associated with Fox theatrical motion pictures in connection with the design, development, construction and operation of what was to be called the Twentieth-Century Fox World Theme Park.

On Bursa Malaysia today, GENM ended down 2 sen or 0.61% to RM3.26 on volume of 12.4 million shares.

Source: The Sun

https://www.thesundaily.my/business/fox ... a-HM428382
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 101937
Joined: Wed May 07, 2008 9:28 am

Re: Genting Malaysia

Postby winston » Thu Jan 24, 2019 1:19 pm

Fox & Disney respond but what was not said is +ve for GENM?

Maintain HOLD call and MYR3.30 TP for now

Fox and Disney answered GENM’s lawsuit.

Fox’s USD46.4m (MYR191.7m) claim is not new and accounts for <1% of GENM’s market capitalisation.

Curiously, neither Fox nor Disney sought to preclude the opening of RWG Outdoor Theme Park (OTP). This implies to us that GENM can proceed to operate the OTP on its own.

If it does, our SOP-based TP will be lifted to MYR3.65 to MYR3.30.

Our earnings estimates, HOLD call and MYR3.30 TP are unchanged for now.

Source: Kim Eng

https://factsetpdf.maybank-ke.com/PDF/1 ... 66a1f0.pdf
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 101937
Joined: Wed May 07, 2008 9:28 am

Re: Genting Malaysia

Postby winston » Sat Jan 26, 2019 9:36 pm

not vested

Genting responds to Fox's countersuit over theme park

Genting's lawyer has responded to the counterclaim filed by Fox recently.

24 Jan – Last November, Genting Malaysia Bhd filed a lawsuit against Walt Disney Co. and Twenty-First Century Fox Inc. for allegedly abandoning Fox's theme park deal with Genting.

On 22 January, Fox filed a counterclaim in U.S. District Court in California.

However, Deadline is reporting that Genting's lawyer, Kasowitz Benson Torres partner John V. Berlinski, has responded to the counterclaim: "Fox's attempt to blame Genting is only to be expected and is designed to divert attention away from its own incompetence and inexperience.

"Just two months before termination, Fox was more than willing to open Fox World, but only if Genting paid them well in excess of the amounts the parties originally agreed upon.

"Genting has a proven track record in delivering high quality world-class theme parks and will prove that Fox's termination was both unfounded and improperly directed by Disney and Fox's parent company, Twenty First Century Fox."

Genting's original lawsuit, which named Disney as co-defendant since it is acquiring most of Twenty First Century Fox's film and TV businesses, stated that it had done everything as asked by Fox but Fox then demanded that the park open in "an impossible-to-meet deadline of 30 days."

A Fox spokesperson had previously called the lawsuit by Genting "entirely without merit", stating that Genting has been the one failing to meet the deadlines for years.

The recent counterclaim stated that "Genting's failure to 'soft open' the Park by June 2018 gave Fox the right to terminate the agreement without regard to whether Genting was at fault."

"Genting's failures to adhere to its obligations and deliver on the agreed-upon schedule resulted from a mixture of Genting's incompetence, inexperience, and rank indifference to its contractual obligations," it added.

Officially filed by Twentieth Century Fox Film Corporation, Fox Entertainment Group, LLC and FoxNext, the counterclaim, asks for monetary damages that include USD9 million in license fees, USD37.2 million in guarantee amounts/royalties, and USD196.2 million in travel reimbursements "entitled to under the terms of the [original Memorandum of Agreement], plus interest, as well as consequential damages."

There's some hope for Malaysians and theme park enthusiasts to still be able to enjoy the theme park, since it was reported by AusLeisure last month that Genting plans to go ahead and open theme park, once its development in Genting Highlands is completed, despite the branding uncertainty.

Source; The Hive Asia

https://malaysia.yahoo.com/news/genting ... 00502.html
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 101937
Joined: Wed May 07, 2008 9:28 am

Re: Genting Malaysia

Postby winston » Fri Feb 15, 2019 8:13 am

not vested

Genting Malaysia upgraded to outperform at CLSA; price target RM3.70

SINGAPORE (Feb 14): CLSA upgraded the recommendation on Genting Malaysia Bhd to outperform from underperform.

* Price target (PT) raised to RM3.70 from RM3.08, implies 13% increase.
* Genting Malaysia average PT is RM3.46
* Genting Malaysia had 6 buys, 9 holds, 5 sells previously: Bloomberg data

Source: The Edge

http://www.theedgemarkets.com/article/g ... rget-rm370
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 101937
Joined: Wed May 07, 2008 9:28 am

Re: Genting Malaysia

Postby winston » Thu Feb 28, 2019 7:43 am

not vested

Genting Malaysia swings to loss in FY18, declares special dividend

KUALA LUMPUR, Feb 27 — Genting Malaysia Bhd slipped into a net loss of RM19.59 million for the 2018 financial year, compared with a net profit of RM1.16 billion in the preceding year, primarily attributed an impairment loss of RM1.83 billion.

Revenue increased to RM9.93 billion from RM9.33 billion previously, it said.

However, the fourth quarter net profit improved by 60 per cent year-on-year to RM720.14 million, although revenue was slightly lower at RM2.51 billion versus RM2.54 billion before.

The board has declared a special single-tier dividend of 8.0 sen per share and proposed a final single-tier dividend of 5.0 sen per share.

If approved, total dividend for the year would amount to 19.0 sen per ordinary share, including an interim single-tier dividend of 6.0 sen per share. This represents a 12 per cent increase from the previous year.

Elaborating on its 2018 financial results, Genting Malaysia said in a statement that the Malaysian leisure and hospitality business recorded a 13 per cent increase in revenue to RM6.59 billion and a 27 per cent jump in adjusted earnings before interest, taxation, depreciation and amortisation (EBITDA) to RM2.29 billion.

This was mainly contributed by higher hold percentage in the mid to premium segment of the business.

Additionally, Resorts World Genting (RWG) recorded growth in business volume from the mass market segment following the roll-out of new facilities and attractions under the Genting Integrated Tourism Plan which included Empire by Zouk, Zouk Club, the VOID, and the Skytropolis Funland indoor theme park, it said.

In the UK and Egypt, the group’s operations registered a decrease in revenue and adjusted EBITDA to RM1.78 billion and RM182.4 million respectively, largely due to lower volume of business from the premium gaming segment.

Nevertheless, the decline was mitigated by higher contributions from Crockfords Cairo and the group’s interactive business, Genting Malaysia said.

The impact to adjusted EBITDA was also alleviated by lower debts written off during the period.

Meanwhile, the group’s operations in the US and Bahamas recorded a four per cent decline in revenue to RM1.38 billion, mainly due to the unfavourable foreign exchange translation of the US dollar against the ringgit.

“Excluding this impact, revenue increased by three per cent primarily attributable to higher contribution from the Hilton Miami Downtown hotel. Adjusted EBITDA also improved by 32 per cent to RM305.8 million, predominantly driven by lower operating costs as a result of ongoing improvements to operational efficiencies at Resorts World Bimini,” it said.

The group’s overall adjusted EBITDA was aided by higher foreign exchange translation gains on its US dollar-denominated assets of RM23.0 million recorded in the 2018 financial year, compared with the foreign exchange translation losses of RM112.7 million reported in the previous last year.

As for the outlook, Genting Malaysia said the group remained cautiously optimistic on the opportunities and growth potential of the leisure and hospitality industry.

In Malaysia, the operating environment will be challenging as the group adapts to the new fiscal operating landscape.

“In view of the severity of the duty increases announced in the Malaysian Budget 2019, the group will continue reviewing and managing its cost structure. This includes reducing or delaying capital expenditures and the implementation of various cost rationalisation initiatives such as manpower optimisation.

“The group will also continue placing emphasis on the execution of its marketing strategies as well as growing key business segments through yield management systems and database analytics,” it said.

The Genting Malaysia group will complete the roll-out of the Skytropolis Funland indoor theme park and Imaginatrix, an attraction which combines physical rides with state-of-the-art virtual reality gaming technology.

“(However,) the development plans and options for the outdoor theme park are being reviewed amid ongoing legal proceedings. The group remains committed to the outdoor theme park at RWG as a growth initiative in Malaysia,” it explained.

In the UK, the group remains focused on delivering sustainable performance amid the challenging operating environment by managing business volatility in the premium players segment.

It will also place emphasis on strengthening its position in the non-premium players segment by growing market share and improving overall business efficiency.

Meanwhile, the Genting group would continue its efforts in driving business volumes and enhancing the operating performance of Resorts World Birmingham, it said. The group is also committed to improving the product mix and targeted marketing of its interactive business to grow and reinforce its position in this business segment.

In the US, Resorts World C New York City (RWNYC) maintained its position as the leading gaming operator in the northeast US region despite increased competition. Nevertheless, the group will continue intensifying direct marketing efforts to grow visitation and drive frequency of play at the property.

“Meanwhile, the group remains focused on the ongoing expansion works at RWNYC which is expected to open in phases from the end of 2019.

In Miami, the group will continue to leverage the Hilton Miami Downtown hotel to boost visitation and higher spend at the property,” Genting Malaysia said.

In the Bahamas, the group was committed to improving operational efficiency and infrastructure at Resorts World Bimini to grow visitation and revenue at the resort, it added.

Source: Bernama

https://www.malaymail.com/news/money/20 ... nd/1727532
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 101937
Joined: Wed May 07, 2008 9:28 am

Re: Genting Malaysia

Postby winston » Thu Feb 28, 2019 10:39 am

not vested

Genting Malaysia (GENM MK)
4Q18: Powered By The Mass Market


4Q18 results are in line, as steady growth in the Malaysian mass market segment offset disappointing VIP gaming volumes (presumably due to timing of marketing activities).

The opening date of the outdoor theme park remains elusive, beholden to the ongoing litigation with 20th Century Fox.

While GENM pleasantly surprised with a special DPS and 1Q19 should deliver modest GGR growth, upside is limited as investors assess the impact of the new tax regime.

Maintain HOLD. Target: RM3.30.
Entry price: RM3.10.

Source: UOBKH

https://research.uobkayhian.com/content ... b27045649c
It's all about "how much you made when you were right" & "how little you lost when you were wrong"
User avatar
winston
Billionaire Boss
 
Posts: 101937
Joined: Wed May 07, 2008 9:28 am

Previous

Return to E to K

Who is online

Users browsing this forum: No registered users and 1 guest

cron