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  #111  
Old 14-Aug-2010, 04:23 PM
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Default 受次季转亏为赢刺激 云顶新加坡股价飚升14% 创挂牌以来最高

受次季转亏为赢刺激 云顶新加坡股价飚升14% 创挂牌以来最高

(2010-08-14)
● 陈爱薇

  云顶新加坡(Genting Singapore)第二季业绩远超市场人士预测,投资者也大受提振,股价飚升18分或14%,收市报1. 46元,创下挂牌以来最高价,交易量高达6亿8284万股,是平时的7倍。

  分析师纷纷调高评价,但也有人认为出色业绩是否能持续,仍需拭目以待。

  集团前天公布的第二季业绩,从上年同期亏损5100万元,转为赚取高达3亿9652万元的 净利。

  该集团得以转亏为盈,主要是它在本地经营的综合度假胜地(IR)圣淘沙名胜世界(RWS),包括赌场和 环球影城开业后取得亮丽的业绩,第二季营业额高达8亿6080万元,税前盈利为5亿零350万元。这也意味 着,名胜世界每天开门营业就有960万元入袋,税前盈利达560万元。

  对于名胜世界取得如此亮眼的业绩,华侨银行投资研究助理黄志富说:“虽然我们已预料到它有出色表现,但 这个成绩出乎意料之外,本地的博彩市场比预料中大。如此出色的业绩,也令分析师们重新评估,并给予更高的评 价,因此股价跃升两位数。”

  黄志富将该集团全年营收和净利的预测,分别调高59.8%和417.6%,并建议“买入”目标价从1. 34元提高到1.66元。

  花旗银行看好集团在短期内将继续占据新加坡市场,因此建议买入,目标价从99分提高到1. 55元。

  德意志摩根建富证券则认为,新加坡的条例更透明,以及名胜世界赌场的大众市场利润有望进一步提高,因此 维持“中性”评级,目标价订在2.02元。

  马来西亚兴业银行研究(RHB)认为,云顶新加坡接下来可能面对的挑战,包括亚洲其他地区如澳门在博彩 事业上的竞争、经济的稳定和复苏步伐、接触性传染病的爆发、运作成本高于预期等。

兴业银行研究将目标价订在2.40元,维持“表现优于大市”的评级。

  新加坡证券投资者协会(SIAS)分析师黄建得也提醒,滨海湾金沙于6月23日才正式开幕(赌场及部分 设施于4月27日开始营业),圣淘沙名胜世界在第二季面对的竞争其实并不大。

  反观圣淘沙名胜世界于2月14日开幕,第二季净利已充分反映赌场带来的盈利。因此,黄建得认为,投资者 不应该期望第三和第四季也有同样优异的表现。

  拉斯维加斯金沙上月底公布,滨海湾金沙自4月底开业以来,65天内收入约1亿2800万元,相当于每天 近200万元进账。换言之,名胜世界目前的每日收入比滨海湾金沙高出近四倍。

  名胜世界第二季的访客人数超过300万人,超过60%来自海外,如中国、印度和泰国,集团将全年目标从 1200万人提高25%至1500万人。访客当中贵宾级和大众级在第一季各占一半,第二季为60%对40% 。

  赌场平均每天有380台赌桌和1200台老虎机在运作,今年底将增加到1400台。德意志摩根建富证券 预测,老虎机的收入从每天200元增加到300元,大众级赌桌每天的收入料可从1万2000元增加到1万3 500元。

  环球影城第二季平均每天售出7000张门票,每人平均花费为84元,目前平均每天售出门票已增至800 0张,集团希望2011年1月可达到每天售出1万至1万2000张门票。

  第二季客房的平均房价为每晚265元(第一季为250元),入住率为70%,房间已超过1 000间。

  亚洲博彩市场目前是澳门居首,新加坡居次。

  德意志摩根建富证券预测,新加坡有望在未来两三年内超越拉斯维加斯,成为世界第二,排在澳 门之后。
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  #112  
Old 14-Aug-2010, 08:23 PM
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THE EDGE

ACCOLADES FOR GENTING Singapore’s maiden profit from Resorts World Sentosa came in thick and fast. Of the 13 analysts that reported on Genting’s 2Q10 results, 12 had Buy recommendations, with the most notable upgrade coming from Citi Research which switched from a Sell to a Buy and transferred coverage. The only Hold recommendation was from local house UOB KayHian which had upgraded the stock from a Sell to a Hold. It also mentioned the performance of Genting Singapore’s UK arm. “The UK’s underlying operations have slightly improved by 6% y-o-y from higher business volume, but this was dragged by the depreciation of Sterling pound against the Singapore dollar,” the report stated.

When Genting Singapore was formed in 1984, it was investing all sorts of businesses in Malaysia as well as overseas, while Genting Malaysia operated the casino in Genting Highlands. In 2006, Genting Singapore acquired its casino operations in the UK for 626.91 million pounds which was equivalent to $1.86 billion. On July 1, Genting Singapore announced it planned to sell what is now Genting UK to Genting Malaysia for 340 million pounds, equivalent to about $688.8 million.

On Aug 18, shareholders of Genting Singapore will vote on the proposed sale of Genting UK to Genting Malaysia in an EGM. UOB KayHian says: “This sale is positive for Genting Singapore as it will be able to lighten its balance share and fully concentrate on Resorts World Sentosa. Should this deal materialise, Genting Singapore will enjoy a marginal net cash enhancement of 7 cents per share based on an enterprise value of $900 million and will incur foreign translation loss of $338.8 million, which will leave a net loss of $235.2 million after deducting the gain on disposal of $103.6 million.” Genting Singapore had been writing down its investments for the past four years.

Genting Malaysia’s shareholders get to vote on their purchase of Genting UK on Aug 24 at its EGM. While Genting Singapore’s shareholders may be pleased to sell an underperforming asset, would Genting Malaysia’s shareholder be happy to buy it?

Luke Bridgeman, fund manager at Marathon Asset Management which holds Genting Malaysia shares on behalf of its funds, is clearly not happy. “We will be voting against the acquisition,” he says, adding “as what most of the other minority shareholders of Genting Malaysia will be doing from our last feedback we had from people”. According to Bridgeman, Genting Malaysia’s management went on a UK roadshow to promote the merits of the purchase to investors. “They are trying to justify the price of 11 times EBITDA. The most appropriate comparison is with Rank Group plc which is trading at 6.5 times EBITDA,” Bridgeman explains. There is no reason why Genting Malaysia’s shareholders should be made to pay for Genting Singapore’s expensive and loss-making asset, he adds.

In the meantime, analysts have been pleasantly surprised by the performance of Resorts World Sentosa. “We view 2Q10 results at RWS as a blow-out: EBITDA came in at $504 million, more than double our estimate of $250 million, on net revenues of $861 million, implying a net EBITDA margin of 58%,” states a JP Morgan report, dated Aug 13. However, JP Morgan also warns against over-exuberance. “We note three factors that suggest a lower (although still outstanding versus consensus) EBITDA run rate into 2H10,” it states, adding that gaming revenue declined as Marina Bay Sands opened. Also the rival casino has been ramping up fast since June in both the VIP and mass segments.

But punters and investors are already popping the champagne. Genting Singapore’s share price shot up 18 cents on Aug 13 to close at a new high of $1.46. Whether Genting Malaysia’s shareholders succeed in bursting Genting Singapore’s bubble remains to be seen.

CHART VIEW
The STI’s support at 2,900 held on Friday probably also underpinned by the golden cross between the 50-day and 100-day moving averages. Additionally, the market’s long term indicators are strengthening and this too could have supported the index. Resistance remains at 3,000.

Index components, particularly banks and SingTel, are meeting resistance and may hold the STI back. However, lower down, there is action. Kencana Agri rose 12% after confirming that Wilmar International was in talks to acquire a stake. Other agri-plantation stocks are also attracting attention, dealers say.
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  #113  
Old 16-Aug-2010, 09:21 AM
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DJ MARKET TALK: BNPP Ups Genting Singapore Target To S$1.99;
Buy<GENS.SI><GIGNY.PK>

0118 GMT (Dow Jones) STOCK CALL: BNP Paribas raises Genting Singapore (G13.SG)
target price to S$1.99 from S$1.35, keeps Buy rating after casino operator
reports strong 2Q earnings, erases doubts about profitability in first year of
operations. "Management highlighted that in the next two quarters, they will be
increasing the number of tickets sold for the (Universal Studios) theme park (at
Resorts World Sentosa), and expect arrivals to rise too. In 2H10, Singapore will
not only see the main year-end holidays, but will also host the Formula 1 and the
Youth Olympic Games, which imply a sharp rise in tourists to Singapore," BNP
Paribas says; adds, Genting Singapore "will set new record EBITDA performances in
the subsequent quarters." Stock +3.4% at S$1.51, STI down 0.7%.
(gaurav.raghuvanshi@dowjones.com)
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  #114  
Old 16-Aug-2010, 12:11 PM
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Genting up on strong earnings, tourism glow

Written by Thomson Reuters
Monday, 16 August 2010 11:26

Shares of casino operator Genting Singapore rose as much as 6.2% in early trade on Monday on the firm's strong quarterly earnings and investor bullishness about the tourism sector.

Nearly 109 million shares had changed hands and the stock was trading at $1.55 by 10:20 a.m.

“It follows through from the result. The Singapore casino market may be larger than expected, and it might actually catch up with Las Vegas in a few years,” said a trader at a local brokerage.

However, there are concerns that Genting shares may have become too expensive.

“The shares seem overbought at this level and I will be a seller above $1.55,” another trader said. “It may be time to get out and wait for any opportunity when the share price comes back down.”

The firm reported a net profit of $396.5 million for the April-June period on Thursday, reversing a loss of $50.7 million a year ago.

Its Singapore casino, Resorts World at Sentosa, recorded revenue of $860.8 million and earnings before interest, tax, depreciation and amortisation (Ebitda) of $503.5 million for the second quarter.

Visitor arrivals in Singapore have hit successive monthly record highs since the start of the year, breaching the one million a month mark for the first time in history in July.

Shares of Genting have risen 19% since the start of the year.
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  #115  
Old 17-Aug-2010, 12:49 PM
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GENTING SP, am fraser upgraded to BUY from Hold with target price $2.13
GENTING SP, cl maintain BUY with target price $2
GENTING SP, csfb upgrade to OUTPERFORM from UNDERPERFORM with target price
$1.68(0.90)
GENTING SP, db maintain BUY with target price $1.93
GENTING SP, dbs maintain BUY with target price $2($1.60)
GENTING SP, jpm maintain OVERWEIGHT with target price $1.55($1.50)
GENTING SP, mac maintain OUTPERFORM with target price $1.60
GENTING SP, ms upgrade to OVERWEIGHT from EQUAL WEIGHT with target price
$1.60
GENTING SP, ocbc maintain BUY with target price $1.66
GENTING SP, ssb upgrade to BUY from SELL with target price $1.55($0.99)
GENTING SP, ubs maintain BUY with target price $1.52
GENTING SP, uob upgrade to HOLD with target price $1.40
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  #116  
Old 17-Aug-2010, 02:08 PM
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Will history repeats itself? CK pushed up prices in the afternoon and catch short sellers near market close.
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  #117  
Old 18-Aug-2010, 10:28 AM
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DJ MARKET TALK:Genting Singapore +1.3%; Expectations Overdone-UBS



0223 GMT [Dow Jones] Interest in Genting Singapore (G13.SG) notably lower following gains of up to 31.3% over last 3 sessions stoked by gaming group's return to profitability in 2Q10. Shares last +1.3% at S$1.54, not expected to challenge yesterday's S$1.68 high. Current volume mere fraction of 430.7 million shares daily average from August 13, day after 2Q10 results released. UBS, which has Buy call, says short-term expectations post-2Q10 results may be rising too aggressively; "we believe the upside due to the market underestimating the earnings power is now largely captured in the recent share price rise. In fact the near-term risk on the stock is over-inflation of expectations." Still, lifts FY11 EBITDA estimate for Resorts World Sentosa by 30%, resulting in S$2.02 target price vs S$1.52 previously. (frankie.ho@dowjones.com)
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  #118  
Old 18-Aug-2010, 09:31 PM
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Local businessman loses $26m at RWS casino over 3 days
Aug 18, 2010



by Conrad Raj

Today Exclusive
SINGAPORE - In what is said to be one of the biggest losses yet at a Singapore casino, a local businessman lost $26.3 million over three days of gambling in June. This included a staggering $18 million that he burned in one day alone, playing baccarat - a card game - at $400,000 a hand.
According to documents that Today has obtained, the businessman's tale of woe began in March, just weeks after Resorts World Sentosa (RWS) opened, when he was granted a credit line of $500,000 by the casino.
The Singaporean, who is consulting a top local law firm about possible legal action against the casino, claimed that the casino at no time performed any background checks on his credit-worthiness or his financial capacity. He had simply filled in an application form, deposited $100,000 and handed over a signed blank cheque, he claimed.
Subsequently, in April, the casino increased his credit line to $2 million, he told his lawyers. In his 50s, the businessman is a managing director of a multi-million-dollar company.
Over the weeks, he reportedly won or lost several hundred thousand dollars each time he visited the casino, with his losses running as high as $6 million in the course of a single session. To draw on his credit line, he said, he signed a form and was given the requisite amount of chips.
In early June, he made his biggest loss of $18 million yet in one session. Two days later, he went back to the casino and recouped some $3.7 million - but then two days after, he lost a further $11 million.
At one point during this third session when his losses crossed the $4-million mark, so the businessman claimed, his girlfriend started crying and pleaded with one of RWS' senior officers to stop providing him with more chips on credit.
The same officer, he claimed, had repeatedly assured him over the course of the gambling sessions that the casino was prepared to extend him further credit, even though his limit had long since been exceeded.
Of his $26.3 million loss, the businessman repaid $10 million almost immediately.
The businessman claims to have then met with RWS chief executive Tan Yee Teck, who offered him a "rolling figure" - which amounts to a discount - of $3.3 million.
According to the legal documents, dated July 22, the gambler owed RWS some $13 million at that point in time. It is unknown if the debt has since been settled.
When contacted, an RWS spokesperson said the group does not comment on its customers.
The businessman's lawyers have advised him to explore if an amicable resolution can be reached with the casino. But they also think he may have a case of negligence, breach of contract or breach of statutory duty against the casino.
Under the Casino Control (Credit) Regulations, an operator who enters into a credit agreement with a patron should, apart from specifying a credit limit, develop and implement criteria to assess the patron's creditworthiness. The operator must also have approval procedures for any increase in the credit limit.
In the lawyers' view, by substantially exceeding their client's earlier limits - by more than 60 times the original limit of $500,000, and 15 times the April limit of $2 million within a few hours to enable him to continue gambling "RWS had encouraged irresponsible gambling and had breached the duty of care owed to" the businessman.
RWS' conduct of continuing to pile on credit effectively rendered the concept of a credit limit meaningless, the lawyers argued. This was more so as the person in question was not in the proper frame of mind to decide on the increases, they said.
In other countries, there have been several instances of patrons suing casinos for their losses, cases which the courts have dismissed. Courts in other jurisdictions have noted among other things, that the casino was not bound to protect a gambler from his desire to wager his wealth.
Despite this, the Senior Counsel from the local law firm recommended writing to RWS. "In the letter, the issues concerning RWS' failure to promote responsible gambling ... can be raised. Hopefully, this may encourage RWS to offer a haircut that would be acceptable to you ..." he wrote.
Genting Singapore's turned in a sterling net profit of $397 million for the quarter ended June 30, compared to a loss of $50.7 million a year ago. Revenues rose to $979 million from $120 million a year ago.
According to DMG Research, at the current rate, Singapore is already the second largest casino market in Asia after Macau, and could overtake the Las Vegas strip as the second largest casino market in the world after Macau in the next two to three years. The firm estimates that the two casinos here rake in over $16 million a day
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  #119  
Old 18-Aug-2010, 09:32 PM
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Singapore gaming may rival Las Vegas by 2012

Written by The Edge
Wednesday, 18 August 2010 16:24


Singapore’s very young gaming sector revenues could rival those from Las Vegas strip in next two years, according to some estimates, according to Dow Jones.

CLSA expects sector to generate US$5.1 billion ($19 billion) in 2011, which compares with Galaviz & Co.’s 2011 estimate of US$5.8 billion for Las Vegas strip for 2011.

Reflects weakness in gaming revenues in traditional US gambling Mecca of Las Vegas, especially as Asian players look closer to home at venues in Macau and now increasingly Singapore following opening of Las Vegas Sands’ (LVS) Marina Bay Sands and Genting Singapore’s (G13.SG) Resorts World Sentosa earlier this year.

“The appetite for gambling in Asia is significantly higher than it is outside of Asia,” CLSA analyst Aaron Fischer says.
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Old 19-Aug-2010, 09:58 AM
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Genting Singapore may fall on candlestick: Technical analysis

Written by Bloomberg
Thursday, 19 August 2010 09:11

Genting Singapore Plc, operator of one of two casino resorts in the city-state, may fall as a bearish candlestick pattern emerged after the stock surged to a record, according to OCBC Investment Research.

“Judging from the candlestick that emerged, the rally could have peaked,” Philip Teo, a technical analyst at OCBC Investment, said in an interview. “A strong correction could kick in over the next couple of days.”

Genting soared to a record close on Aug 13, a day after the company reported it returned to profitability in the second quarter on positive contributions from its casino resort in Singapore and as analysts upgraded their stocks ratings.

The stock climbed as much as 31% from the Aug 12 close through a record intra-day high of $1.68 on Aug 17 before it started falling, according to Bloomberg data. That decline helped create a long black candlestick with long upper shadow, indicating a potential reversal of the recent rally, Teo said.

“This will likely lead to a sharp correction,” Teo said. “The stock could retrace back to $1.30.” That was the previous record high set in December.

Genting Singapore rose 2% to $1.55 yesterday. That helped form a so-called harami reversal pattern, Teo said.

Candlestick charts show information on opening and closing prices and the trend within each trading period. If the closing price is above the open, the candlestick is clear, or white, indicating a bullish trend. If the stock closes lower than it opened, the candlestick is black, or bearish, according to StockCharts.com.

Harami Origins
A harami pattern is formed if the range between a security’s opening and closing prices falls within the equivalent range from the preceding day. The name, which is derived from the Japanese word for pregnancy, comes about because the body of the second day’s candle would fit within that created the day before.

Technical analysts observe price charts to forecast resistance levels, or ceilings restricting further price increases, and support levels, or floors limiting declines. They use trading patterns and prices to predict changes in a security, commodity, currency or index.
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