Genting Spore 03 (Nov 14 - Dec 26)

[winston]

vested

Genting Singapore (GENS SP)
Wuhan Coronavirus Spreading Fear

GENS’ share price has plunged by 10.5% since the Wuhan coronavirus outbreak.

While the coronavirus effect should taper off by mid-year, Singapore’s gaming industry’s interim financial results will be badly infected due to its high dependency on foreign tourist (including mainland Chinese) arrivals.

Nevertheless, we retain our BUY call as downside is supported by dividends and our assessed trough value of S$0.80, and GENS’ Japan IR bid will be an eventual rerating factor.

Target price: S$0.95.

Source: UOBKH

https://research.uobkayhian.com/content ... 80db7f28fc

[winston]

vested

Genting Singapore Posts Q4 Net Profit S$155.9 Mln

Feb 12 (Reuters) - Genting Singapore Ltd :

* Q4 REVENUE S$607.2 MILLION VERSUS S$664.8 MILLION
* Q4 NET PROFIT S$155.9 MILLION VERSUS S$150.2 MILLION
* PROPOSE PAYMENT OF A FINAL DIVIDEND OF 2.5 CENTS PER ORDINARY SHARE
* GROUP IS GENERALLY PESSIMISTIC ABOUT OUTLOOK FOR FIRST HALF OF 2020
* WITH CORONAVIRUS ISSUE THAT CREATED MASSIVE DISRUPTION TO TRAVEL & TOURISM INDUSTRIES, GROUP PESSIMISTIC ABOUT OUTLOOK FOR 1H2020

Source: Reuters

[winston]

not vested

Genting Singapore (GENS SP)
4Q19: Coronavirus Attack, But Not A Big Deal

4Q19 EBITDA and full-year results met expectations.

VIP volume dropped 2% yoy while mass market GGR softened for the fourth quarter in reaction to Apr 19’s casino entry levy hike.

While the coronavirus impact brings near-term uncertainty, our black sky scenario suggests a trough value of S$0.80.

A key positive is the surprise rise in dividends (yielding >4.5%), backed by hefty net cash of 33 S cents/share.

Positive progress in Japan IR’s bid remains a key re-rating catalyst.

Maintain BUY. Target price: S$0.95.

Source: UOBKH

https://research.uobkayhian.com/content ... 161869ea0c

[winston]

Pessimistic On 1H20 Outlook; Still NEUTRAL
Neutral (Maintained)

Target Price (Return): SGD0.85 (-3%)
Price: SGD0.88

Market Cap: USD7,613m
Avg Daily Turnover (SGD/USD) 18.6m/13.7m
52-wk Price low/high (SGD) 0.85 – 1.11
Source: Bloomberg

Maintain NEUTRAL, new SGD0.85 TP from SGD0.97, 3% downside with c.5% FY20F yield.

Genting Singapore’s 4Q19 results are in line.

For the full year, it recorded an adjusted EBITDA of SGD1.2bn and PATMI of SGD689m, which made up 102% of our FY19 estimates.

In view of the novel coronavirus outbreak, we expect the tourism sector to take a hit in
1H20.

We cut FY20F adjusted EBITDA by 11%, which in turn lowers our TP.

Source: RHB

https://research.rhbtradesmart.com/atta ... 54592d.pdf

[behappyalways]

Genting Singapore posts 4% increase in 4Q earnings to $156 mil, full-year earnings lifted to $689 mil
https://www.theedgesingapore.com/capita ... lifted-689

[winston]

not vested

Genting Singapore (GENS SP)
Surprising Disqualification For Osaka IR Bid

The Osaka prefectural government announced last Friday that among the three shortlisted candidates (Genting Singapore, MGM and Galaxy), to submit the request-forproposal (RFP) for the integrated resort concession bid, MGM and local partner Orix JV, was the sole applicant that submitted a qualified bid.

This surprising setback, which leaves GENS to focus on its bid for the Yokohama concession, does not change our investment thesis.

Maintain BUY. Target price: S$0.95.

Source: UOBKH

https://research.uobkayhian.com/content ... e04a4864fb

[winston]

vested

Genting Singapore (GENS SP, NEUTRAL, TP: SGD0.85)
No More Osaka; Praying For Yokohama

Stay NEUTRAL and SGD0.85 TP, 5% downside plus 4.5% dividend yield.

Genting Singapore has dropped out of the race for the Osaka Integrated Resort (IR) but is likely to continue participating in the bid for the Yokohama IR project.

Management previously said the winner of the latter would be announced in 4Q20.

Source: RHB

https://research.rhbtradesmart.com/atta ... c5ad49.pdf

[winston]

vested

Chipped by Covid-19

GENS issued a profit guidance for 1Q20 and 1H20 financial results to be adversely affected by Covid-19, but the extent was unquantifiable.

Cost control measures have kicked in, including a 9-18% base salary cut for managerial staff and executive directors, as well as unpaid leave.

FY20-21F EBITDA is lowered to S$652.2m and S$918m, respectively.

Our SOP-based TP is now S$0.76, now based on 7x CY21F EV/EBITDA.

Source: CIMB

https://rfs.cgs-cimb.com/api/download?f ... CD758F5037

[behappyalways]

Genting Singapore braces for significant adverse impact to earnings; managerial staff, directors to take up to 18% pay cut
https://www.theedgesingapore.com/news/c ... rial-staff

[winston]

vested

Genting Singapore (GENS SP)
Share Price: SGD0.62
Target Price: SGD0.84
Recommendation: Buy

This too shall pass

GENS announced an update on its 2020 outlook and warned that its 1Q20 and 6M20 earnings will be negatively impacted by the Covid-19 pandemic.

We cut our FY20 earnings estimate by 31% but left our long-term earnings estimates little changed and trimmed our EV/EBITDA-based TP to SGD0.84 from SGD0.99.

At 0.9x FY20E P/BV, GENS’ valuations are at new troughs (Fig. 4).

Investors who BUY now will be rewarded with high dividend yields of 6.5% pa while waiting for operations to recover.

Source: Kim Eng

https://factsetpdf.maybank-ke.com/PDF/1 ... e84e94.pdf