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*** Genting (Singapore/HK/Malaysia) News: May Consider Dividends - Citi ***

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发表于 6-8-2010 01:49 PM | 显示全部楼层 |阅读模式
本帖最后由 daniel888 于 10-12-2010 02:49 PM 编辑

DJ MARKET TALK: Genting Hong Kong +7.7%; Resistance At US$0.31

04/08/2010 16:31 - 0830 GMT [Dow Jones] Genting Hong Kong (S21.SG) +7.7% at new year-to-date high of US$0.28 on heavy volume, extending almost sustained rise since July 19, when it closed at US$0.19. Investors increasingly shifting attention to previously overlooked stock from highly popular sister firm Genting Singapore (G13.SG), on hopes company will also benefit from growing gaming interest in Asia. Formerly known as Star Cruises, company operates cruise ships, has 50% stake in casino-resort Resorts World Manila. Kim Eng Securities, which has no rating, says Genting HK stands to benefit from higher ticket prices given "record-breaking booking levels", recovery in U.S. cruise industry. Near-term resistance at 52-week high of US$0.31 set in September last year. (frankie.ho@dowjones.com)
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 楼主| 发表于 6-8-2010 01:51 PM | 显示全部楼层
=DJ UPDATE: NY Lottery Endorses Genting Malaysia For Aqueduct Slots Facility

(Adds analyst's comments)
By Benjamin Low Of DOW JONES NEWSWIRES

04/08/2010 10:23 - KUALA LUMPUR (Dow Jones)--Malaysian casino operator Genting Malaysia Bhd.'s(4715.KU) bid to operate a video gambling facility at New York's Aqueduct Racetrack got a major boost Tuesday thanks to New York Lottery support.
In a letter to New York Governor David A. Paterson, New York Lottery, which was responsible for vetting bids, said it is recommending that the state select Genting New York LLC, a unit of Genting Malaysia, to be the developer and operator of the facility, the only one of its size within New York city limits.

The Malaysian company was the sole remaining bidder after two rival bids were disqualified for failing to comply with paperwork requirements.


"Genting's proposal was far superior, in concept, scope, detail and execution, to any we have seen in previous rounds of evaluation," the New York Lottery said in the letter.

Genting Malaysia is offering to pay an upfront licensing fee of $380 million, New York Lottery said.
The operator of Malaysia's sole casino proposes a phased development of the facility, beginning with an initial 1,600 video lottery terminals within six months of approval. The second phase of the project will open six months later, featuring two floors equipped with 4,525 terminals, a 2,100-space parking garage and other amenities, New York Lottery said.
Genting Malaysia projected a capital expenditure of over $41 million for the first 10 years of operation and will reinvest a minimum of 0.5% of gross revenue from the terminals for maintenance expenses, it said.

The proposal from Genting Malaysia must be approved by the governor, the temporary president of the Senate and the speaker of the Assembly before it can proceed.


The New York project, which Genting Malaysia plans to name Resorts World New York, comes on the heels of a plan unveiled by the company last month to buy the U.K. casino operations of its affiliate Genting Singapore PLC (G13.SG) for GBP340 million.

Genting Malaysia and Genting Singapore, the operator of one of Singapore's two new casinos, are controlled by billionaire Lim Kok Thay, who also owns a majority stake in Empire Resorts, the operator of Monticello Casino and Raceway, also in New York.
Genting Malaysia has been seeking acquisitions abroad to reduce its dependence on its domestic operations in a predominantly Muslim country, where gambling is a culturally sensitive issue. However, its aggressive expansion has raised some concerns in the investment community as the ventures would significantly deplete the company's cash reserve, currently around $1.6 billion.

Still, analysts say the investment in Resorts World New York, although only likely to add about 5%-6% to the company's annual earnings, appears to be a better option than keeping cash.

Genting Malaysia posted a net profit of MYR1.3 billion (around $410 million) in 2009.

"Clinching this project, we estimate, is mildly positive for Genting Malaysia--with an estimated project earnings yield of 9% as oppose to cash-in-fixed deposit yielding 2%-3%," Affin Investment Bank analyst Chong Lee Len said.
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 楼主| 发表于 6-8-2010 01:52 PM | 显示全部楼层
DJ MARKET TALK: Genting Singapore Down 3.9%; S$1.20 Support

03/08/2010 12:09 - 0408 GMT [Dow Jones] Genting Singapore (G13.SG) down 3.9% at 4-session low of S$1.24 on heavy volume. Traders attribute selloff to market chatter of company planning share placement. Gaming group declined to comment when contacted. "I suspect it's just profit-taking," says analyst at Singapore brokerage. Stock hit 7-month high of S$1.31 in early trade, one of best performers among STI components in past weeks, +10.3% since beginning July vs STI +6.7% over same period. Shares may still head higher pending 2Q10 results due Aug. 12. "The numbers are not expected to disapoint unless they take another major write-down on their UK operations. But even so, it would just be an accounting treatment and won't affect cash flow." Company took S$478.1 million impairment charge in 1Q10 due to weak UK business, leading to S$396.3 million loss for March quarter. Group in midst of selling UK operations to Genting Malaysia (4715.KU). Support at last week's S$1.20 low. (frankie.ho@dowjones.com)
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 楼主| 发表于 6-8-2010 01:53 PM | 显示全部楼层
DJ MARKET TALK: UBS Ups Genting Singapore Target 23.6% To S$1.52

30/07/2010 11:17 - 0316 GMT [Dow Jones] STOCK CALL: UBS raises Genting Singapore (G13.SG) target price to S$1.52 from S$1.23 after increasing 2011 EBITDA estimate by 18% to S$1.2 billion to assume higher margins. Keeps Buy call. Says rival Las Vegas Sands' (LVS) 2Q10 EBITDA margin of 44% confirms "the exceptionally high level of profitability that can be achieved at the Singapore integrated resorts." Says even if Marina Bay Sands manages to increase market share, what matters is absolute growth in revenue, profit; "if the overall market is growing organically, and RWS maintains its revenues in absolute terms, the market share change in percentage terms would not be of concern, given the very high base of revenues that RWS was already achieving in 2Q." Shares off 0.8% at S$1.26. (frankie.ho@dowjones.com)
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 楼主| 发表于 6-8-2010 01:54 PM | 显示全部楼层
DJ MARKET TALK: Genting Singapore +1.6% As LVS Results Inspire

29/07/2010 10:11 - 0210 GMT [Dow Jones] Genting Singapore (G13.SG) +1.6% at S$1.28, most active stock in market, as improved 2Q10 performance by Las Vegas Sands (LVS), which owns Marina Bay Sands, raises hopes Resorts World Sentosa will deliver solid results for Genting. "Singapore's gaming revenue size has the potential to ramp up significantly over subsequent quarters," says JPMorgan, which has Overweight call with S$1.45 target; "(we) see MBS's strong results as well as its own anticipated earnings announcement as positive catalysts." Genting's 2Q10 results due next month. Having recently sold money-losing U.K. operations to sister company Genting Malaysia (4715.KU), Genting Singapore now better positioned to focus on RWS, with bottomline in coming quarters likely positive. Resistance at all-time high of S$1.32 set in January. (frankie.ho@dowjones.com)
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 楼主| 发表于 6-8-2010 01:54 PM | 显示全部楼层
DJ MARKET TALK: Genting Singapore May Rise On LVS 2Q Results

29/07/2010 08:40 - 0039 GMT [Dow Jones] Genting Singapore (G13.SG) may rise on hopes for stronger-than-expected performance by Resorts World Sentosa following rival Las Vegas Sands' (LVS) return to profitability in 2Q10 on contributions from Marina Bay Sands. LVS' earnings at US$41.8 million vs US$175.9 million loss year earlier. "This is a very strong start as the (MBS) property is not near full ramp-up," says CLSA; has Outperform call with S$1.30 target on Genting, which reports 2Q10 results next month. LVS' results follow recent data from Singapore Tourism Board showing tourist arrivals to city state +27% on year in June to 950,000, also CDL Hospitality Trusts' (J85.SG) improved 2Q10 performance, all of which point to upbeat prospects for Genting. Stock flat at S$1.26 yesterday. Resistance at all-time high of S$1.32 set in January. (frankie.ho@dowjones.com)
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 楼主| 发表于 6-8-2010 01:54 PM | 显示全部楼层
DJ MARKET TALK: Genting S'pore Off 0.8%; Eyes On 2Q10 Results

28/07/2010 11:17 - 0316 GMT [Dow Jones] Genting Singapore (G13.SG) off 0.8% at S$1.25, pausing for breather after run-up in early trade to 6-month high of S$1.27. Shares up for last 4 sessions, +7.7% since beginning July, on broad market gains, optimism over recent move to sell money-losing UK operations to focus on Resorts World Sentosa. Next catalyst could be 2Q10 results, due next month, as performance will reflect full quarter of contributions from RWS, which opened in February. Deutsche Bank, which has Buy call with S$1.45 target, tips EBITDA of S$314 million (+151% on quarter); "Genting Singapore's 2Q results should confirm our expectation of a significant 50%-60% quarter-on-quarter growth in Singapore's gaming market size." Current volume mere fraction of yesterday's 172.4 million shares, suggesting underlying demand intact. Support at 10-day moving average, last at S$1.21. (frankie.ho@dowjones.com)
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 楼主| 发表于 6-8-2010 01:55 PM | 显示全部楼层
DJ MARKET TALK: Genting Singapore +1.7%; Watch LVS Results - Macq

26/07/2010 15:54 - 0753 GMT [Dow Jones] Genting Singapore (G13.SG) +1.7% at S$1.23 on strong volume as interest underpinned by increasing optimism over earnings potential following recent sale of gaming group's money-losing UK operations in bid to focus on Resorts World Sentosa. 2Q10 results due next month. Macquarie, which has Outperform call with S$1.40 target, says Las Vegas Sands' 2Q10 results due July 28 could offer insight into Genting's performance in Singapore since U.S. company runs Marina Bay Sands casino-resort; "these data points will suggest a gaming market (in Singapore) that is much larger than expected, at about US$4.0 billion annualized." Genting's 2Q10 results will mark first full quarter of operations for Resorts World. Orderbook quotes suggest shares may test S$1.25. (frankie.ho@dowjones.com)
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 楼主| 发表于 6-8-2010 01:55 PM | 显示全部楼层
DJ MARKET TALK: GS Upgrades Genting To Buy; Ups Target To MYR9.20

26/07/2010 15:29 - 0728 GMT [Dow Jones] STOCK CALL: Goldman Sachs upgrades Genting Bhd. (3182.KU) to Buy from Neutral, raises target to MYR9.20 from MYR7.50 on more positive outlook on gaming sector; core units Genting Singapore (G13.SG), Genting Malaysia (4715.KU), both also upgraded to Neutral from Sell. Says revising up 2010-2012 earnings forecasts by 5-57%; Genting viewed "not only as an undervalued proxy for the Singapore Integrated Resort property, but also see the potential for a re-rating following its much stronger franchise platform post the successful debut of its Sentosa Integrated Resort and reduced reliance on its mature Malaysia casino asset," house says. Stock +0.5% at MYR7.69. (kwan-por.lee@dowjones.com)
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 楼主| 发表于 6-8-2010 01:55 PM | 显示全部楼层
DJ MARKET TALK: GS Ups Genting Singapore To Neutral From Sell

26/07/2010 08:57 - 0056 GMT [Dow Jones] STOCK CALL: Goldman Sachs upgrades Genting Singapore (G13.SG) to Neutral from Sell to reflect increased optimism over gaming sector. Says company proving to be stronger competition than Las Vegas Sands, with Resorts World Sentosa retaining 60% market share post-opening of latter's Marina Bay Sands; "the U.S. operator has so far proved an underwhelming competitor with Genting holding the edge, backed by strong product appeal, strong local infrastructure and a loyalty customer program. We have also been surprised by RWS' very strong casino profitability boosted by higher-margin slot revenues, and low VIP cash rebates." Raises target price to S$1.15 from S$0.79 after increasing FY10-12 core earnings estimates by 84%, 43%, 57% respectively. Despite upgrade, notes current share price already captures earnings potential. Shares closed +0.8% at S$1.21 Friday. (frankie.ho@dowjones.com)
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 楼主| 发表于 6-8-2010 01:55 PM | 显示全部楼层
DJ MARKET TALK: CLSA Downgrades Genting Singapore To Outperform

20/07/2010 10:16 - 0216 GMT [Dow Jones] STOCK CALL: CLSA lifts Genting Singapore (G13.SG) target price to S$1.30 from S$1.20, based on 13X EV/EBITDA. Expects FY11 EBITDA growth of 39%, underpinned by robust tourist arrivals to Singapore. Still, downgrades to Outperform from Buy on limited upside to new target from current levels; we see the stock as close to fully valued." Says 2Q10 results, due August 12, will offer reliable indication of Singapore's gaming potential, will also reinforce company's "excellent" management credentials; "they (management) have read the landscape much better than the market had expected." Shares last down 0.8% at S$1.18. (frankie.ho@dowjones.com)
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 楼主| 发表于 6-8-2010 01:56 PM | 显示全部楼层
DJ MARKET TALK: Citigroup Ups Genting Singapore Target To S$0.99

14/07/2010 12:10 - 0409 GMT [Dow Jones] STOCK CALL: Citigroup lifts Genting Singapore (G13.SG) target price to S$0.99 from S$0.65 after substantially increasing FY10-12 EBITDA estimates to assume higher market share in Singapore's gaming sector. Notes cannibalization has waned to 10%-12% from over 25% in first few weeks of Marina Bay Sands' opening; "Resorts World Sentosa is leading MBS by having achieved first-mover loyalty to the Malaysian mass market despite MBS' superior mass product." Tips 55%-60% market share for Genting. Still, keeps Sell call on valuation grounds, noting stock trades at 14.9X 2011 EV/EBITDA. Shares +0.9% at S$1.19. (frankie.ho@dowjones.com)
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 楼主| 发表于 6-8-2010 01:56 PM | 显示全部楼层
DJ MARKET TALK: Genting Singapore +0.9%; Higher RWS EBITDA - MS

14/07/2010 10:59 - 0258 GMT [Dow Jones] Genting Singapore (G13.SG) +0.9% at S$1.19, tracking broad market gains, but interest in gaming stock waning with volume continuing to dwindle after run-up earlier July to 6-month high of S$1.21 in active trade following decision to sell money-losing U.K. operations to sister company Genting Malaysia (4715.KU). Players likely taking breather while awaiting fresh leads, including upcoming 2Q10 results, before taking new positions. While analysts still lamenting stock's rich valuations, many remain hopeful of Resorts World Sentosa's prospects. "We expect Resorts World Sentosa to generate higher EBITDA in the near term owing to higher visitation to Singapore, less cannibalization and lower competition from Marina Bay Sands so far, and the company's ability to maintain high margin," says Morgan Stanley, which has Equalweight call with S$1.06 target. Orderbook quotes suggest price not expected to challenge July S$1.21 high. (frankie.ho@dowjones.com)
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 楼主| 发表于 6-8-2010 01:56 PM | 显示全部楼层
DJ MARKET TALK: UOB-KH Ups Genting Singapore Target To S$0.97

09/07/2010 16:18 - 0817 GMT [Dow Jones] STOCK CALL: UOB KayHian lifts Genting Singapore (G13.SG) target price to S$0.97 from S$0.88 after increasing earnings forecasts for FY10 to S$438 million from S$174 million, for FY11 to S$504 million from S$397 million to assume higher gaming income from Resorts World Sentosa. Still, keeps Sell call on view valuations pricey. Says non-gaming operations like Universal Studios Singapore theme park will continue to lose money in near term. Shares flat at S$1.19.(frankie.ho@dowjones.com)
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 楼主| 发表于 6-8-2010 01:56 PM | 显示全部楼层
DJ MARKET TALK: BoA-ML Lifts Genting Singapore Target To S$1.40

08/07/2010 15:26 - 0725 GMT [Dow Jones] STOCK CALL: Bank of America-Merrill Lynch raises Genting Singapore (G13.SG) target price to S$1.40 from S$1.22 after increasing EBITDA estimates for FY10 by 13%, for FY11 by 12% to account for sustainable strong performance of slot machines at Resorts World Sentosa. "We attribute this to the strong product offering - electronic table games, progressive jackpots and a higher payout ratio - which enables it to gain market share from slot clubs in Singapore." Keeps Buy call. Says recent decision to sell money-losing UK operations positive as it enables Genting to focus on Resorts World, boost balance sheet for next leg of growth, possibly venture into developed markets by 2012. Shares +3.5% at S$1.18. (frankie.ho@dowjones.com)
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 楼主| 发表于 6-8-2010 01:57 PM | 显示全部楼层
DJ MARKET TALK: Genting Malaysia Down 0.4%; New York Bid Ignored

07/07/2010 10:50 - 0249 GMT [Dow Jones] Genting Malaysia (4715.KU) down 0.4% at MYR2.61, ignoring news casino operator is only surviving bidder for licence to operate New York Aqueduct racetrack video lottery terminal facility. This after two rival bidders were disqualified for failing to comply with requirements of competition. "Even if Genting wins the bid, which is looking highly likely now, the impact on the company's bottomline from this venture is estimated to be minimal at around 5.0% contribution," dealer says. Adds, sentiment on stock still weak due company's recent unpopular proposal to buy unprofitable U.K. casinos from affiliate Genting Singapore (G13.SG). (benjamin.low@dowjones.com)
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 楼主| 发表于 6-8-2010 01:57 PM | 显示全部楼层
DJ MARKET TALK: Genting Malaysia May Rise On NY Bid Hopes

07/07/2010 07:53 - 2352 GMT [Dow Jones] Genting Malaysia (4715.KU) may rise test to MYR2.70 psychological resistance on news casino operator is only bidder remaining for licence to Aqueduct video lottery facility in New York City; regulator New York Lottery says two rival bids from U.S.-based groups were disqualified for failing to comply with requirements. New York Lottery says will continue to evaluate Genting's proposal, with outcome of bid to be determined by Aug. 3. "With there now being no competition, Genting's chances of clinching a licence are significantly brighter. This should help lift the stock a little, though sentiment is still poor after last week's related party transaction announcement," dealer says. Genting Malaysia fell to lowest since May 2009 last week after company unveiled plans to buy affiliate Genting Singapore's (G13.SG) unprofitable U.K. operations for MYR1.7 billion. Stock ended +0.4% at MYR2.62 yesterday. (benjamin.low@dowjones.com)
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 楼主| 发表于 6-8-2010 01:58 PM | 显示全部楼层
DJ MARKET TALK:Genting S'pore Well Placed For Overseas Market-JPM

06/07/2010 12:05 - 0404 GMT [Dow Jones] Genting Singapore (G13.SG) well placed to expand beyond Singapore, bid for new greenfield opportunities in Asia, says JPMorgan, which has Overweight call. Notes, gaming group has S$4.2 billion in debt, S$3.3 billion in cash, will be able to generate average of S$1 billion in EBITDA over next few years, with remaining capex for phase 2 of Resorts World Sentosa only about S$800 million. Raises target price to S$1.45 from S$1.35 after increasing gaming EBITDA estimates for FY11 by 4.0%, for FY12 by 5.0% to assume higher revenue from slot machines. Shares +0.9% at S$1.16, just off 6-month high of S$1.21 set last week which likely to offer resistance. Buying not widespread as volume under 65 million shares vs more than 111 million for each of last 5 sessions. (frankie.ho@dowjones.com)
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 楼主| 发表于 6-8-2010 01:58 PM | 显示全部楼层
DJ MARKET TALK: Genting Singapore Off 0.9%; S$1.12 Support Eyed

05/07/2010 12:08 - 0407 GMT [Dow Jones] Genting Singapore (G13.SG) off 0.9% at S$1.15 as current soft market conditions prompt investors to lighten positions after run-up late last week to 6-month high of S$1.21 on gaming group's move to sell its money-losing U.K. operations to sister company Genting Malaysia (4715.KU). Current selling not widespread as volume around 50 million shares vs more than 150 million in each of last 2 sessions. Immediate support at last week's low of S$1.12. "We agree with management's intention to focus its energy on Resorts World Sentosa and also opportunities in the region, as gaming here is still likely to experience good growth prospects," says OCBC Investment Research, which has Buy call, S$1.34 target. (frankie.ho@dowjones.com)
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 楼主| 发表于 6-8-2010 01:58 PM | 显示全部楼层
DJ MARKET TALK: ECM Libra Downgrades Genting To Sell;Cuts Target

02/07/2010 15:04 - 0703 GMT [Dow Jones] STOCK CALL: ECM Libra downgrades Genting (3182.KU) to Sell From Hold, cuts target to MYR5.90 from MYR6.58 after Genting group involved in another related party transaction (RPT). Late Thursday, 49%-owned unit Genting Malaysia (4715.KU) says buying U.K. casino operations of 52%-owned Genting Singapore (G13.SG) for GBP340 million. Broker says deal value-destroying for Genting Malaysia (house also downgrades stock to Sell), neutral for Genting Singapore. "The fact that more than a quarter of Genting Malaysia's net cash will be spent on one of the group's largest related party transactions which is barely earnings accretive does not sit easy with us...with Britain introducing onerous austerity measures, it is hard to be optimistic of Genting U.K.'s outlook," says broker. Genting traded at a third discount to RNAV/share following last 2 related party transactions in 2000, 2008; new target based on 33% discount to RNAV of MYR8.81. Stock +0.3% at MYR7.18. (kwan-por.lee@dowjones.com)
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