Showing posts with label GENTING. Show all posts
Showing posts with label GENTING. Show all posts
November 24, 2014
May 6, 2014
February 10, 2014
March 14, 2013
Affin upgrades Genting to 'buy'
Stock Name: GENTING
Company Name: GENTING BHD
Affin Investment Bank upgraded Genting Bhd to 'buy' from 'reduce', saying it sees an emerging catalyst following the power-to-gaming group's plan to expand into Las Vegas.
"The emerging earnings growth driver will now drive share price performance, we opine," Affin said in a research note on Thursday.
The research house raised its target price on Genting to RM11.60 per share from RM8.75. It also raised its fair value on Genting Singapore PLC's to S$1.50 per share from S$1.20.
"Consistent with our initial assessment, we are positive on Resorts World Las Vegas as regulatory risk is low; infrastructure is well placed to support tourism trajectory; and importantly, recovery in gross gaming revenue is accompanied by a higher VIP (Very Important Person) baccarat mix and foreign visitation to Las Vegas," Affin said.
Genting on March 5 said it would purchase an unfinished resort on the Las Vegas strip from Boyd Gaming Corp for US$350 million, marking its first push into the US gambling hub.
As of 9.17am, the stock was down 0.51 per cent at RM9.75 per share. Since March 5, when the announcement was made, Genting shares have dropped 1 per cent.
The benchmark stock index fell 0.49 per cent.-- Reuters
Company Name: GENTING BHD
| Research House: AFFIN | Price Call: BUY | Target Price: 11.60 |
Affin Investment Bank upgraded Genting Bhd to 'buy' from 'reduce', saying it sees an emerging catalyst following the power-to-gaming group's plan to expand into Las Vegas.
"The emerging earnings growth driver will now drive share price performance, we opine," Affin said in a research note on Thursday.
The research house raised its target price on Genting to RM11.60 per share from RM8.75. It also raised its fair value on Genting Singapore PLC's to S$1.50 per share from S$1.20.
"Consistent with our initial assessment, we are positive on Resorts World Las Vegas as regulatory risk is low; infrastructure is well placed to support tourism trajectory; and importantly, recovery in gross gaming revenue is accompanied by a higher VIP (Very Important Person) baccarat mix and foreign visitation to Las Vegas," Affin said.
Genting on March 5 said it would purchase an unfinished resort on the Las Vegas strip from Boyd Gaming Corp for US$350 million, marking its first push into the US gambling hub.
As of 9.17am, the stock was down 0.51 per cent at RM9.75 per share. Since March 5, when the announcement was made, Genting shares have dropped 1 per cent.
The benchmark stock index fell 0.49 per cent.-- Reuters
March 5, 2013
November 14, 2012
August 13, 2012
July 11, 2012
March 23, 2012
Genting Bhd (BUY) - Junket Programmes In RWS
Stock Name: GENTING
Company Name: GENTING BHD
Company Name: GENTING BHD
| Research House: HLG | Price Call: BUY | Target Price: 11.50 |
Genting Bhd (BUY)
Junket Programmes In RWS
- According to Business Times Singapore, Casino Regulatory Authority (CRA)has awarded junket licenses to two Malaysians operators to allow casinooperators to extend their international reach.
- The CRA is still evaluating other applications and isin the midst of conducting probity checks. It has rejected twelve applicationsso far.
- With this official permits, these two Malaysianoperators will now be allowed to bring in high rollers to the casinos in RWSfor a commission. However, they are only allowed to bring in foreigners and notallowed to target the local community.
- We expect GenS to be able to experience betterearnings growth going forward with the help of the recently-approved junketlicenses as it will bring in more customers into the casino, especially fromthe VIP segment, hence bring up its market share. MBS still does not haveaccess to licensed junkets.
- No changes made to our forecast. Maintain BUYwith TP of RM11.50.
Source: HLIB Research 23 March 2012
March 22, 2012
Genting Bhd (BUY) - GenS Introduces Its First Integrated LCP
Stock Name: GENTING
Company Name: GENTING BHD
Company Name: GENTING BHD
| Research House: HLG | Price Call: BUY | Target Price: 11.50 |
Genting Bhd (BUY)
GenS Introduces Its FirstIntegrated LCP
Resorts World Sentosa (RWS) will be launching a loyalty card programme(LCP) with a gamut of resort-wide privileges unparalleled within any singledestination in Singaporeon 1 April 2012.
With the introduction of RWS INVITES, we opined thatthis would attract more customers to the resort as they will be able to haveperks and benefits as they spend in the integrated resort (IR), especiallycustomers from the mass-market. This will hence bring more stability towardGenS's earnings when the proportion of mass-market vs. VIP customers balances.
Furthermore, we expect RWS to gain back its marketshare from Marina Bay Sands (MBS) from this programme as the increase invisitors to the IR indirectly increases the casino patronage.
No changes made to ourforecast. Maintain BUY on GenT with TP ofRM11.50.
Source: HLIB Research 22 March 2012
March 20, 2012
Gaming (OVERWEIGHT) - Defensive Stocks Staying Still
Stock Name: BJTOTO
Company Name: BERJAYA SPORTS TOTO BHD
Stock Name: GENM
Company Name: GENTING MALAYSIA BERHAD
Stock Name: GENTING
Company Name: GENTING BHD
Company Name: BERJAYA SPORTS TOTO BHD
| Research House: HLG | Price Call: BUY | Target Price: 4.92 |
Stock Name: GENM
Company Name: GENTING MALAYSIA BERHAD
| Research House: HLG | Price Call: BUY | Target Price: 4.17 |
Stock Name: GENTING
Company Name: GENTING BHD
| Research House: HLG | Price Call: BUY | Target Price: 11.50 |
Gaming(OVERWEIGHT)
DefensiveStocks Staying Still
- GenM's FY11 results came in linewhereas GenT's FY11 results were aboveexpectations. BToto on the other hand, will be releasing its 3QFY12 results on21 March.
- BToto's results is expected toreport strong yoy and qoq growth due to higher number of draw days, the CNYfestival which falls in Jan and the impact of 4D Jackpot.
- Our regression test also showed thatthe cannibalization by 4D Jackpot has narrowed down to RM213k from RM536k perdraw previously.
- BToto's 4D sales have been on adeclining trend since 2009, partly due to the matured game. Magnum's 4D salesexperienced the same trend as well.
- RWNY's net win begins to improve ascustomers get used to the cold weather in NY. State-wide's average net winbreaches its historical high with US$313/VLT/day.
- GenS launched its remaining 2 luxuryaccommodations last month. They now have a total of 1,538 rooms in the resort.
- Given that we had upgraded ourratings on GenM and GenT
(post FY11 results) to BUY, we upgrade the sector to OVERWEIGHT. Toppick according to preference are: (1) BToto (BUY, TP: 4.92), GenM (BUY, TP:4.17) and (3) GenT (BUY, TP: 11.50).
Source: HLIB Research 20 March 2012
February 29, 2012
Genting: Maintain Hold - Another humdrum 4Q11
Stock Name: GENTING
Company Name: GENTING BHD
Below expectations, but on taxes. All segments reported higher EBITDA YoY in 2011, except oil and gas. Higher than expected taxes brought 2011 core net profit growth to just 7%, below our expectations. Going forward, earnings growth will moderate on slowing VIP volume growth at Resorts World Genting (RWG) and Resorts World Sentosa (RWS). Maintain Hold, but raise TP to RM10.50 (+4%) as we roll forward our SOP-based valuation.
Maybank Research 29 Feb 2012
Click here for full report
Company Name: GENTING BHD
| Research House: MAYBANK | Price Call: HOLD | Target Price: 10.50 |
Below expectations, but on taxes. All segments reported higher EBITDA YoY in 2011, except oil and gas. Higher than expected taxes brought 2011 core net profit growth to just 7%, below our expectations. Going forward, earnings growth will moderate on slowing VIP volume growth at Resorts World Genting (RWG) and Resorts World Sentosa (RWS). Maintain Hold, but raise TP to RM10.50 (+4%) as we roll forward our SOP-based valuation.
Maybank Research 29 Feb 2012
Click here for full report
Genting Bhd - Overseas casino contribution overtake Malaysia's BUY
Stock Name: GENTING
Company Name: GENTING BHD
Company Name: GENTING BHD
| Research House: AMMB | Price Call: BUY | Target Price: 11.85 |
Affirm BUY on Genting Bhd with an unchanged RNAVbased fair valueof RM11.85/share. Genting's core net profit was within our expectations. Ifconsensus estimates had included exceptional items, then Genting Bhd's resultswould have also been in line with market expectations.
Genting Bhd's revenue expanded by 29% YoY to RM19.6bil inFY11 underpinned by strong contributions from the UK and Singapore.
The group's EBITDA climbed 14% YoY to RM8bil in FY11 asearnings from Genting Singapore PLC rose 19% and profits from the UK improvedby 74%.
These two casino divisions more than compensated for a lossof RM66.9mil in the oil and gas division in FY11.
Although there is no revenue from the oil and gas division, thedivision incurred a loss due to general and administrative expenses.
We understand that Genting Bhd would be implementing a developmentplan for the Kasuri Block. Capex for the oil and gas division is expected to beRM247mil in FY12F.
Recall that the Kasuri PSC (production sharing contract) is theonly oil and gas asset left in Genting Bhd after the group sold two PSCs inIndonesia to AWE Ltd for RM121mil early this year.
EBITDA of the power division rose 16% YoY to RM632mil, underpinnedby higher volume of production and tariff hike in China.
We understand that Genting Bhd is still negotiating with TenagaNasional Bhd for a power purchase agreement for its Genting Sanyen power plant,which is due to expire in FY15F.
Genting Bhd has only declared a final gross DPS of 4.5 sen less25% tax. This brings total gross DPS to 8 sen less 25% tax for FY11. The grossDPS of 8 sen for FY11 (FY10: 7.8 sen) translates into a yield of only 0.8%.
We gather that FY11 dividend payments were meagre as thegroup is conserving cash for its expansive capex plan. Genting Group's capex isestimated at RM4.5bil for FY12F.
Source: AmeSecurities
GENTING (FV RM12.30 - BUY) FY11 Results Review: Mild Headwinds
Stock Name: GENTING
Company Name: GENTING BHD
Company Name: GENTING BHD
| Research House: OSK | Price Call: BUY | Target Price: 12.30 |
The group's FY11 earnings were in line with bothconsensus and our full-year estimates,representing 98.9% and 99.9% of consensus and our full-year forecasts.Incorporating our recent fair value downgrade on Genting Singapore, we arerevising downwards our earnings and SOP fair value for Genting Bhd from RM13.36to RM12.30. Despite the recent earnings letdown from subsidiary Genting Singapore,we think that this has largely been priced into the group's relatively attractive13.1x FY12 PER vs its large-scale global casino peers' morethan 20x PER. Maintain BUY, at a SOP fair value of RM12.30.
In line. GentingBhd's FY11 core earnings were in line, representing 98.9% and 99.9% of consensusand our full-year forecasts respectively. Core earnings, EBITDA and revenue acceleratedby 12.4%, 13.5% and 28.9% y-o-y respectively in FY11, with Genting Singaporebeing the single largest contributor at 69.7% of absolute y-o-y EBITDA growth. Thegroup's q-o-q performance was more subdued, with EBITDA up 3.9% as the lower plantation earnings (-13%q-o-q) and construction cost overruns from Resorts World at New York partiallyoffset its gaming division's 4% sequential earnings growth, which was largelydriven by stronger luck factor at Genting Singapore.
Broad based y-o-ygrowth in most segments. The key drivers of FY11's y-o-y earnings growthwere: i) Genting Singapore: (+19% y-o-y and 4% q-o-q) on the back of a fullFY11 contribution vs 10.5 months' contribution in the previous correspondingperiod and a sequential recovery in win rates; ii) Genting Plantation: (+37%y-o-y but -20% q-o-q) in tandem withstrong FFB production growth and higher average y-o-y CPO prices but lowerq-o-q, iii) Malaysian gaming op (+7% y-o-y), boosted by improved win rates and doubledigit growth in both mass and VIP gaming volume; and iv) power division: (+16% y-o-y and +3%q-o-q), as more power was dispatched from its Chinapower plant, and tariff adjustments. The oil and gas division continued toreport a loss of RM66.9m.
Leisure, gamingcontribute 85% of group EBITDA. Leisure and gaming remained the largestcontributor of group earnings, with expectations of moregrowth following the completion of Genting Singapore's Resorts World atSentosa's Western Zone by mid-2012 and a full-year maiden contribution fromGenting Malaysia's Resorts World New York racino in 2012. Given the group'sgross cash pile of RM13.2bn (with net cash of RM930m), expanding globalfootprint and hence branding, it is well placed to capitalize on casinoacquisitions or liberalization opportunities globally.
Source: OSK188
Genting Berhad (BUY) - Better-Than-Expected FY11 Results
Stock Name: GENTING
Company Name: GENTING BHD
Company Name: GENTING BHD
| Research House: HLG | Price Call: BUY | Target Price: 11.50 |
Genting Berhad (BUY)
Better-Than-Expected FY11 Results
Repored FY11 net progfit of RM2,867.5m came in aboveexpectation, accounting for 108% of ours and also streets' estimates.
Declared final dividend of 4.5 sen, summing up tototal GDPS of 8.0 sen (0.8% GDY)
RWG showed revenue growth from its gaming segment withhigher volume in business, partially offset by the lower hold percentage in thepremium players segment. RWS's revenue growth is mainly from its non-gamingsegment (USS). RWS's gaming revenue was up mid-singledigit. Although it gained market share in 4Q, it is still below the 50% mark.
GenUK continued to show improvement, especially in its London casinos. RWNY's net win has started tonormalize within the range of US$310-370/VLT/day.
Its power division benefited again from higher energy charge and tariffrates.
Plantation and property division (GenP) showed revenue growth in FY11 from thehigher palm product prices, higher FFB production and greater demand from itsindustrial and commercial properties.
O&G division did not record any revenue in FY11 following thedisposal of Genting O&G (China).
FY12-13 PATAMI forecast raised by 1% to reflect better performance byGenP and GenUK coming forward.
TP raised by 2.7% to RM11.50 based on SOP valuation post-earningsrevision. Upgrade to BUY.
Source: HLIB Research 29 Feb 2012
Genting Bhd - Thrown off course by MI and tax
Stock Name: GENTING
Company Name: GENTING BHD
Company Name: GENTING BHD
| Research House: CIMB | Price Call: BUY | Target Price: 11.90 |
Target RM11.90
Thrown off-track by higher minority interests and taxes, Genting Bhd undershot expectations, with FY11 core net profit being only 88% of our forecast and 93% of consensus. Save for the O&G division, earnings growth was commendable across the board.
GENTING - Diversified growth
Stock Name: GENTING
Company Name: GENTING BHD
Genting; Buy; RM10.54
Price Target: RM13.70; GENT MK
Results within expectations, final DPS of 4.5sen declared. 2012F growth driven by RWS' Western Zone and RWNY. Tweak 2012-13F earnings by 5-6% respectively. Maintain Buy with RM13.70 TP.
Source: HwangDBS Research 29 Feb 2012
Company Name: GENTING BHD
| Research House: HWANGDBS | Price Call: BUY | Target Price: 13.70 |
Genting; Buy; RM10.54
Price Target: RM13.70; GENT MK
Results within expectations, final DPS of 4.5sen declared. 2012F growth driven by RWS' Western Zone and RWNY. Tweak 2012-13F earnings by 5-6% respectively. Maintain Buy with RM13.70 TP.
Source: HwangDBS Research 29 Feb 2012
January 25, 2012
OSK keeps "buy" call on Genting
Stock Name: GENTING
Company Name: GENTING BHD
OSK Research Sdn Bhd maintains a "buy" call for Genting Bhd stock at RM13.36 fair value following the selling of North West Natuna and Anambas oil blocks in Indonesia to Awe Ltd of Australia.
The research house said they were not surprised by the latest disposal as the group has been assessing opportunities to dispose its power and oil and gas businesses in Malaysia, China, Indonesia and India.
"The oil and gas business is expected to require heavy capital expenditure as and when some of its product-sharing contracts exploration blocks in Indonesia become commercially viable.
"We believe the group is unlikely to commit to the heavy funding needs of the oil and gas exploration business after all it is a non-core business.
"Given its growing global gaming presence, we believe the valuation disparity with its global peers should narrow over time," said OSK in a statement today. -- BERNAMA
Company Name: GENTING BHD
| Research House: OSK | Price Call: BUY | Target Price: 13.36 |
OSK Research Sdn Bhd maintains a "buy" call for Genting Bhd stock at RM13.36 fair value following the selling of North West Natuna and Anambas oil blocks in Indonesia to Awe Ltd of Australia.
The research house said they were not surprised by the latest disposal as the group has been assessing opportunities to dispose its power and oil and gas businesses in Malaysia, China, Indonesia and India.
"The oil and gas business is expected to require heavy capital expenditure as and when some of its product-sharing contracts exploration blocks in Indonesia become commercially viable.
"We believe the group is unlikely to commit to the heavy funding needs of the oil and gas exploration business after all it is a non-core business.
"Given its growing global gaming presence, we believe the valuation disparity with its global peers should narrow over time," said OSK in a statement today. -- BERNAMA
January 12, 2012
HLIB Research 12 January 2012 (Gaming; Economics; Traders Brief)
Stock Name: BJTOTO
Company Name: BERJAYA SPORTS TOTO BHD
Stock Name: GENM
Company Name: GENTING MALAYSIA BERHAD
Stock Name: GENTING
Company Name: GENTING BHD
Company Name: BERJAYA SPORTS TOTO BHD
| Research House: HLG | Price Call: BUY | Target Price: 4.92 |
Stock Name: GENM
Company Name: GENTING MALAYSIA BERHAD
| Research House: HLG | Price Call: HOLD | Target Price: 4.07 |
Stock Name: GENTING
Company Name: GENTING BHD
| Research House: HLG | Price Call: HOLD | Target Price: 11.19 |
Gaming (Neutral)
What's There in 2012?
'''' Gaming sector is expected to feel positive spillover from consumerism following the announced Malaysia Budget 2012 and potential job and income creation from the implementation of ETP projects.
'''' BToto will be experiencing the full impact from its new game segment, 4D Jackpot with 7.6% growth in FY04/12. For GenM, international operations are the focus now with its latest development in New York and the current passing of the State Senate on the destination resort bill.
'''' GenS will continue to be the main contributor for GenT and with the full expansion in RWS by 2012, better growth is expected to be seen.
'''' No changes made to our forecast as we have earlier imputed all potential earnings in 2012. We are NEUTRAL with the sector. Maintain BUY on BToto (unchanged TP of RM4.92) and HOLD on both GenM (unchanged TP of RM4.07) and GenT (unchanged TP of RM11.19).
''
Moderation in November Exports
'''' Export growth moderated to 8.0% yoy in Nov (Oct: +15.4% yoy), below the consensus estimate of 11.9% expansion. Import growth, however, picked up to 8.4% yoy (Oct: +4.0% yoy). Trade surplus narrowed to RM9.5bn in Nov (Oct: RM13.3bn).
'''' E&E export growth declined by 3.5% yoy (Oct: -9.0% yoy) which is in tandem with the development in E&E output.
'''' As expected, contribution of palm oil diminished drastically in November. Exports of palm oil slowed sharply to 4.2% yoy (Oct: +54.3% yoy), ending 14 consecutive months of double-digit growth.
'''' The rebound in import growth with intermediate imports rising by 4.6% yoy suggests that manufactured exports could remain stable in the coming months.
'''' We maintain our full year 2011 GDP estimate at 5.1%, factoring in 4Q estimate of 5.0% (unchanged). We also maintain 2012 GDP growth forecast at 4.5%.
'''' We expect BNM to hold the OPR at 3.00% until end-2012 given the resilient economic growth with sticky inflation.
''
KLCI: Interests in lower liners to sustain momentum
'''' Technically, trend and momentum indicators remain supportive for further upside as KLCI continues to leverage on its strong supports near 10-d SMA (now at 1513) and 200-day SMA (1502), in an attempt to slowly filling the huge gap within 1529-1546 levels dated 5 Aug 11.''
'''' Immediate supports are 10-d SMA and 200-d SMA, followed by the uptrend line near 1490 pts.
''
HSI: Short term positive after recent breakout
'''' In the short term, HSI is poised for greater heights following its recent positive breakout, supported by bullish trend and momentum indicators on its daily and weekly charts.
'''' Immediate supports are 18561 (mid Bollinger band), 18000 and 17951 (lower Bollinger band). Resistance levels are 20338 (weekly upper Bollinger band and downtrend channel), 21078 (50-w SMA) and 21416 (100-w SMA).
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