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  #91  
Old 02-Jul-2010, 06:24 AM
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Genting Singapore to divest UK operations
By Jonathan Peeris | Posted: 01 July 2010 2010 hrs


SINGAPORE : Mainboard-listed Genting Singapore said it will divest its casino businesses in the United Kingdom to Genting Malaysia for 340 million pounds (S$688.8 million).

Genting said the divestment of the UK operations will allow it to focus on strengthening the large scale integrated resort experience it gained in developing Resorts World Sentosa (RWS).

The sale of the operations will also add resources to enable RWS to conduct customer acquisition, marketing and brand development.

Genting added that the net proceeds of the proposed divestment may also be deployed for strategic growth opportunities in the leisure, hospitality and gaming sectors, when such opportunities arise.

The proposed divestment requires the approval of non-interested shareholders at an extraordinary general meeting that will be convened. - CNA /ls
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  #92  
Old 02-Jul-2010, 08:42 AM
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Thanks R10! Where have you been hiding these days?

This divestment of the UK Ops from Genting SP is great news for the counter here. No wonder it has been trying to breach the 120 mark. Maybe today will see it cross 120.
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  #93  
Old 02-Jul-2010, 08:48 AM
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Quote:
Originally Posted by Hakensong View Post
Thanks R10! Where have you been hiding these days?

This divestment of the UK Ops from Genting SP is great news for the counter here. No wonder it has been trying to breach the 120 mark. Maybe today will see it cross 120.
Just a lizard....
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  #94  
Old 02-Jul-2010, 10:27 AM
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Genting Singapore climbs to 5-month high on sale of U.K. assets

Written by Bloomberg
Friday, 02 July 2010 10:14

Genting Singapore Plc climbed to its highest level in five months after the company agreed to sell its U.K. casino businesses to Genting Malaysia Bhd for 340 million pounds ($717 million).

The sale is positive because “it is hard to see how the U.K. operations can significantly grow profitability,” Edward Ong, a Kuala Lumpur-based analyst at Macquarie Group, wrote in a note to clients yesterday. Macquarie maintained its “outperform” rating on the stock and raised its share-price forecast to $1.30 from $1.19. Genting rose 1.7% to $1.20 as of 9:58 a.m. in Singapore, set for its highest close since Jan. 25.
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  #95  
Old 05-Jul-2010, 01:24 PM
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Genting Singapore off 1.7%; $1.12 support eyed

Written by The Edge
Monday, 05 July 2010 12:48

Genting Singapore (G13.SG) off 1.7% at $1.14 as current soft market conditions prompt investors to lighten positions after run-up late last week to six-month high of $1.21 on gaming group’s move to sell its money-losing UK operations to sister company Genting Malaysia (4715.KU), says Dow Jones.

Current selling not widespread as volume around 50 million shares vs more than 150 million in each of last two sessions. Immediate support at last week’s low of $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, $1.34 target.
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  #96  
Old 06-Jul-2010, 01:22 PM
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Genting Singapore well placed for overseas market, says JPMorgan

Written by The Edge
Tuesday, 06 July 2010 12:38

Genting Singapore (G13.SG) well placed to expand beyond Singapore, bid for new greenfield opportunities in Asia, says JPMorgan, which has Overweight call, according to Dow Jones.

JPMorgan notes gaming group has $4.2 billion in debt, $3.3 billion in cash, will be able to generate average of $1 billion in EBITDA over next few years, with remaining capex for phase 2 of Resorts World Sentosa only about $800 million.

Raises target price to $1.45 from $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 $1.16, just off six-month high of $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.
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  #97  
Old 08-Jul-2010, 05:25 PM
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Genting Singapore gains as Merrill Lynch raises price estimate

Written by Bloomberg
Thursday, 08 July 2010 15:06

Shares of Genting Singapore Plc climbed to its highest level in five months after Bank of America’s Merrill Lynch unit raised its share-price forecast by 15% to $1.40.

The company’s casino operations in the city-state “has not seen much dilution” since competitor Las Vegas Sands Corp. opened its casino-resoort in April, the brokerage, which maintained its “buy” rating on Genting, said in a note to clients. The stock rose 4.4% to $1.19 as of 2:45 p.m. local time, heading for its the highest since Jan. 25.
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  #98  
Old 20-Jul-2010, 11:36 AM
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Genting Singapore downgraded to Outperform by CLSA

Tags: Genting Singapore | Genting Singapore Plc
Written by The Edge
Tuesday, 20 July 2010 10:39


CLSA lifts Genting Singapore (G13.SG) target price to $1.30 from $1.20, based on 13x EV/EBITDA, according to Dow Jones.

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 $1.18.
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  #99  
Old 21-Jul-2010, 10:09 PM
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SINGAPORE: Resorts World Sentosa is providing five free shuttle bus services to and from the heartlands and the integrated resort.


The RWS buses will serve Bishan, Tiong Bahru, Ang Mo Kio, Jurong East and Tampines.

The bus will arrive every hour, between 10am and 10pm.

The service will be extended to midnight on Fridays and Saturdays.

Each trip takes about 40 minutes.

But counsellors have expressed concern - that easier access to the integrated resort could put more heartlanders at risk of gambling addiction .

They stressed that the choice lies with the individual.

Lee Kim Siang, chairman of Thye Hua Moral Society said: "We are the decision makers for ourselves. Our lives should be controlled by ourselves
and not by the casino, by the bus they send to us. They send it with a purpose - yes, to attract us there. But you must make up your mind.

"It's a resort, and not just a casino den...(you can) enjoy without gambling. So why not?" - CNA
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  #100  
Old 29-Jul-2010, 12:06 PM
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Genting Singapore (GENS SP) SELL
Price/Tgt: S$1.26/S$0.97 Mkt Cap: US$11.2b Daily Vol: US$77.9m 1-Yr Hi/Lo:
S$1.30/S$0.78
Revelations from Marina Bay Sand’s results
Analyst: Singapore Research Team Email: research@uobkayhian.com
LVS's 2Q results shows that Marina Bay Sands (MBS) delivered in its maiden 65-day period net revenues and
adjusted property EBITDA of US$216.4m and $94.5m, with adjusted property EBITDA margin reaching 43.7%
(refer to table below). The daily win is in line with our estimate, although margins have been stronger than
expected.
Key findings:
‐ The daily gross win works out to be US$3.6 (equivalent to S$5.1m), but would be higher at US$4.0
(S$5.6m) if we normalise MBS’ luck factor in the VIP segment to 2.80% (vs actual of 2.18%)
‐ VIP revenues were disappointing, accounting for only 42% of table game gross revenue, 36% of overall
gross gaming revenue (GGR) and 20% of net gaming revenue; the contribution rises to only 41% of GGR
even assuming a normalised luck factor
‐ However, Ebitda margins of 43.7% were much higher than expected, and we understand that casino
Ebitda margins are consistently over 50%
‐ VIP commission rate was 1.18%, above the company's original plan, but was overall slightly (c.20bp)
below Resort World Sentosa’s (RWS)
‐ The mass market win rate was 21.5% which is consistent with our view of fairly high intensity among
the players (compared to the 12-month trailing win rate at the Venetian Las Vegas of c.18%, and 20-
25% at Sand Macau’s three properties)
‐ Singaporeans and PRs make up about 1/3 of traffic
Management notes that the GGR has been growing mom, and is confident of better achievements in the coming
months, which partly reflects the targeted rollout of multi-player electronic slots (roulette and Sicbo) by Sept.
It hopes to raise its market share to at least 50% by the 4Q10.
Stock Impact
Good and bad implications to Genting Singapore’s 2Q10 results – stronger margins but declining GGR. MBS’
results confirmed our view that MBS’s market share ranged between 35-40% in 2Q10 since its opening
(assuming that RWS generates a net daily win of between S$6.0-6.5m), and theoretically, it would have a
market share of 43% assuming a normalised luck factor at the VIP segment. Assuming a sustainable annual GGR
of S$4.6b (US$3.3b) and RWS’ market share slips to 50%, RWS’ daily net win would ease to below S$5m (1Q10:
S$6.5m). Nevertheless, RWS’ casino operations could deliver Ebitda margins of close to 47% (vs our assumed
43%).
Near term upside to our quarterly estimates, but post 3Q10, falling GGR could offset strong margin.
Genting Singapore (GENS) attain Ebitda of S$264m in 2Q10 vs our original estimate of S$236m assuming a
higher Ebitda margin of 47% for its casino operation vs our original estimate of 42% (and an earlier indication
of mid-40%). However, 4Q10 Ebitda could fall to S$204m (our original estimate) as market share could fall to
50% (vs our estimate of 55%) which offsets a higher margin assumption. And, we are inclined to keep our 2011
forecast, as a potential downside to our daily net win of S$5.4m could offset better than expected margins.
Valuation / Recommendation
Present lofty valuations have already reflected strong 2Q results, and we maintain our view that investors will
be disappointed by lower bottom line growth (due to full depreciation and interest costs recognition at
Universal Studios Singapore), and easing quarterly trends, and gaming revenues could fall well short of 2011’s
market expectations. GENS trades at 15x 2011 and 14x 2012 EV/Ebitda multiples, well above the Macau peers’
2011 EV/Ebitda of below 11x.
Marina Bay Sands Operations (US$m)
Period Ended
30 Jun 10
Revenues
Casino 190.8
Rooms 9.7
Food and Beverage 13.4
Retail and Other 12.5
Less – Promotional Allowances (10.0)
Net Revenues 216.4
Rental expenses (2.5)
Stock-based compensation (1.3)
Pre-opening expenses (13.4)
Depreciation and amortization (25.3)
Operating income 52.0
Adjusted Property EBITDA 94.5
EBIDTA Margin % 43.7%
Operating Income 52.0
Gaming Statistics
Rolling Chip Volume (US$m) 3,884.0
Rolling Chip Win % 2.18%
Non-Rolling Chip Drop (US$m) 538.3
Non-Rolling Chip Win % 21.5%
Slot Handle (US$m) 482.3
Slot Hold % 7.5%
Hotel Statistics
Occupancy % 54.9%
Average Daily Rate (ADR) (US$) 226
Revenue Available Room (RevPAR) (US$) 124
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  #101  
Old 30-Jul-2010, 01:35 PM
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Genting Singapore target raised by 23.6% to $1.52 by UBS

Written by The Edge
Friday, 30 July 2010 12:43

UBS raises Genting Singapore (G13.SG) target price to $1.52 from $1.23 after increasing 2011 EBITDA estimate by 18% to S$1.2 billion to assume higher margins. Keeps Buy call, says Dow Jones.

UBS days 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”.

UBS 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 flat at $1.27.
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  #102  
Old 05-Aug-2010, 08:55 PM
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Have not even taken this ride and now it is groundeduntil year end.

Battlestar Galactica grounded due to "flaw in design" of a car
By Teo Xuanwei | Posted: 05 August 2010 1928 hrs


SINGAPORE: Genting Group chairman and chief executive Lim Kok Thay said a "flaw in the design" of a car of the Battlestar Galactica is what's keeping the star attraction in Resorts World at Sentosa (RWS) grounded.

He said he hoped the attraction at the Universal Studios Singapore theme park will start rumbling again by December.

It's closure has not affected visitorship to RWS with crowds thronging the theme park.

He said RWS is doing extremely well.

So well, that he is "quietly confident that RWS may have to revise its target of 13 million visitors a year upwards". - CNA/vm
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  #103  
Old 07-Aug-2010, 05:50 PM
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Genting....

Looks like going not where until the high volume is cleared

TA wise

MACD just cut and short term indicators turned down

Resistance at 127/128

Strong support at 123/124

Attachment 4106
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  #104  
Old 12-Aug-2010, 09:57 PM
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Genting Singapore reports profit on casino operations: Update

Written by Bloomberg
Thursday, 12 August 2010 19:53

Genting Singapore Plc reported second-quarter profit of $396.5 million compared with a loss a year earlier as its new casino resort in Singapore “made an impact” in its first full quarter of operations.

Revenue surged to $979.3 million in the three months to June 30 compared with $120.1 million a year ago, according to a filing to the Singapore stock exchange today. Earnings before interest, tax, depreciation and amortization, or Ebitda, were US$513.9 million ($700.1 million), with margins of 52%, the statement said.

Singapore overturned a 40-year ban on casinos in 2005 to spur economic growth. Genting’s US$4.7 billion Resorts World Sentosa opened on Feb. 14 and features Southeast Asia’s only Universal Studios theme park. Billionaire Sheldon Adelson’s Las Vegas Sands Corp. opened its rival US$5.5 billion Marina Bay Sands casino resort in the financial district in April.

The group’s Ebitda figure was “way above our $244m and consensus forecasts, which we think was $220m,” Aaron Fischer, a casinos analyst at CLSA Ltd. in Hong Kong, wrote in an e-mail. “With such strong set of results, our fair value for the stock will likely be revised to at least $1.50.

Genting Singapore, controlled by Malaysia’s Genting Bhd., is the second-best performer on the Straits Times Index over the past 12 months, surging about 50% compared with the benchmark’s 14% gain.

The shares ended at $1.28 today before the results announcement, compared to their record close of $1.30 in December. Fischer’s target price for the stock is $1.30, according to Bloomberg data.

‘SHOWED RESILENCE’
“The gaming operator’s new flagship integrated resort Resorts World Sentosa made an impact, raising the group’s Ebitda,” Genting Singapore said in a media release. “With the opening of Marina Bay Sands, our business showed resilience,” the results filing said.

Monthly tourist arrivals in Singapore exceeded the 1 million mark for the first time in July, aided by the opening of two casino resorts, according to data from the tourism board. Two-thirds of the visitors to Genting Singapore’s casino in the city-state came from overseas, President Tan Hee Teck said in the media release.

Parent Genting Bhd., which holds 52% of Genting Singapore, said in July that it would buy the Singapore affiliate’s U.K. casino businesses for 340 million pounds ($722.3 million). Genting Singapore owns and operates 46 casinos in the United Kingdom, according to the media release.

Genting Singapore will hold an extraordinary shareholders’ meeting on Aug. 18 to approve the sale, the media release said. The company “plans to focus on its large-scale, integrated resort operations in Singapore and similar-natured opportunities in the region,” it said.
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  #105  
Old 13-Aug-2010, 10:07 PM
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DMG

Genting Singapore

Following our EBITDA upgrade, we are raising our TP for Genting Singapore
from SGD1.26 to SGD2.02 while maintaining our BUY recommendation. Our
valuation is based on SOP, to which we assign a 16x multiple on RWS’ FY11
EBITDA. This reflects a 20% premium on the valuation multiples of Macau
casinos, which we think is justified given: i) the more transparent regulatory
framework in Singapore, ii) strong EBITDA run rates from the stable and higher
margin mass market segment, and iii) favorable supply dynamics ensuring
robust initial organic growth as its catchment market expands. The stock is
trading at an undemanding 8.2x FY11 EV/EBITDA and at a discount to Macau
casinos’ 13x-14x. Maintain BUY.
Surging ahead. The group’s headline numbers (SGD0.2m net profit) was largely
dragged down by SGD478.1m in impairment from its UK casinos that was charged
out in 1QFY10 Excluding the impairment and SGD28.5m in fair value gains, the
group recorded an impressive 1HFY10 core net profit of SGD450.4m, representing
160.7% and 122.9% of consensus and our full-year earnings. Even after taking into
account our above theoretical win rate estimate of 2.85%, top line growth was way
ahead of expectations, with net win per day coming in at SGD9.5m/day for 2QFY10
vs Marina Bay’s SGD6.8m/day and the market’s run rate expectation of SGD5.5m to
SGD7.0m/day. Assuming a 2.5% win rate and a more sustainable and normalized
win per day of SGD7m, the size of Singapore’s casino market could well exceed
USD3.8bn in 2010 itself vs our already optimistic SGD2.8bn estimate.
Second largest gaming market in Asia. To put things in perspective, at the current
rate Singapore is already the second largest casino market in Asia after Macau, and
could potentially overtake Las Vegas strip as the second largest casino market in the
world after Macau in the next two to three years.

Key drivers. The stronger than expected core earnings were largely attributed to: i)
surprisingly strong slots wins, which management indicated were well in excess of
SGD300/slot/day vs our assumption of SGD200, ii) stronger than expected ramping
up in slots in operations, and iii) strong luck factor in its VIP segment. We note that
the win rates for its slot machines and mass gaming tables already match the
average win rates in Macau. As such, EBITDA margins for RWS in 2QFY10 came in
at a significantly higher than expected 58%, where casino margins would have been
even higher. This is well ahead of Genting Highlands’ already profitable casino
margins of 48% to 50%.

Operating cash flow surprises on upside. The group reported SGD730.8m in operating cash flow for
1HFY10 (1QFY10: SGD214m), largely contributed by RWS. Judging from such impressive maiden cash
flow generation, we estimate that the group’s FY10 and FY11 net debt/EBITDA could decline to a very
comfortable 1.2x and 0.6x respectively vs the regional peer average of 4x on the back of an estimated free
cash flow of SGD360m p.a by FY11. Net gearing could decline to a manageable 8.6% by FY11,
representing an estimated net debt of just SGD460m. Note that the group has yet to utilize SGD1.4bn in
cash proceeds from its recent Rights Issue. This, coupled with its surprisingly strong operating cash flow,
gives the group great flexibility in considering other gaming acquisition opportunities.
Upgrading earnings. We have raised our FY10 and FY11 core net profit and EBITDA by 83.9%, 65.6% and
57.5%, 60.7% respectively. Our upgrades are largely based on:-
1. Higher slot win/day assumption of SGD300/day vs SGD200 originally
2. Increase in slots in operation assumption to 1,400 by end-2010 and 1,600 by mid-2011
3. Raising mass market win/day/table to SGD13,500 from SGD12,000
4. Increasing average number of tables in operation for FY10 and FY11 to 450 and 520 vs the
originaly assumed 380 and 450
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  #106  
Old 13-Aug-2010, 10:08 PM
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RHB

Genting

♦ Shooting through the roof. Genting Singapore’s (GS) 1HFY10 core net
profit of an estimated S$502.1m was way above expectations, as 1H
earnings alone exceeded both our and consensus FY10 expectations. In
2QFY10, GS’ EI loss of S$23.8m was due to an impairment loss on
receivables relating to doubtful debts for its VIP patrons, which brought
total EI loss in 1H10 to S$476.4m. Although topline numbers made up
56.5% of our revenue assumptions, we note that EBITDA margins of
40.4% in 1H10 were much higher than our projected 28.5% for FY10. This,
together with the positive effective tax rates in the 2Q10 (due to an
S$86.8m deferred tax writeback) caused the outperformance in the
bottomline.
♦ “Syok”king Singapore. Revenue from RWS in Singapore more than
doubled qoq in 2Q10, despite being open only 91% more days and despite
having competition from Marina Bay Sands (MBS) since late April. Besides
a higher number of tables and slots being available (estimated at 20-30%
higher qoq), RWS’ luck factor improved, particularly from the VIP market,
which made up 60% of revenue in 2Q10 (from 50% in 1Q10). GS’ UK also
recorded a 6.9% yoy rise in revenue in 1H10. Breaking up the EBITDA
numbers, RWS recorded core EBITDA margins of 61.2% in 2Q10 (up from
47.6% (ex-pre-operating expenses of S$50m) in 1Q10), bringing core
margins to 57.4% in 1H10, while GS’ UK operations recorded stronger
margins of 11.8% (from 10% in 1H09).
♦ Conference call highlights: Three key highlights: 1) Visitor arrivals
beating RWS’ management expectations, upped visitor target; 2) Update
on casino operations; and 3) Update on USS and hotel operations.
♦ Risks include: 1) regulatory risk – with regards to casino licence and
junket operators licences and commission structure; 2) competition risk –
in view of the liberalisation of the Asian casino industry and revitalisation
of previously halted construction plans in Macau; 3) operational risk –
relating to RWS, which could end up with higher-than-expected operating
costs; and 4) external risk – relating to economic stability and recovery as
well as the risk of a serious contagious disease outbreak.
♦ Forecasts. We have more than doubled our earnings forecasts, as a result
of all the changes above, and are now expecting GS to record a net profit
of S$1bn in FY10, rising to S$1.2bn in FY11 and S$1.4bn in FY12.
♦ Investment case. Post-earnings revision, we raise our fair value to
S$2.40 (from S$1.65), based on blended average of EV/EBITDA (in line
with 12x FY11 regional average) and DCF. We reiterate our Outperform
recommendation.
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Old 14-Aug-2010, 12:43 AM
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DBSV

Genting Singapore reported a stellar set of 2Q10 results,
beating our already above-consensus forecast by 33%. 2H10
could match 1H10, as operations ramp up. Potential wildcard
could come from entry of junkets. Our analyst has raised
FY10-12F earnings further by 30-71%. Valuation is
undemanding at 11x 2011, and its EV/EBITDA is similar to
peers. Maintain BUY, TP raised to S$2.00 (from S$1.60).
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  #108  
Old 14-Aug-2010, 01:00 AM
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UOBKH

Genting

Results
• 2Q10: Genting Singapore (GENS) registered a strong core net profit of
S$396.6m (+633.1% qoq) on the back of strong daily net win estimated
at about S$8.5m (1Q10: S$6.5m) and stronger margins of 58.5%
(1Q10: 48% excluding pre-operating expenses) due to luck factor. This
resulted 2Q10’s EBITDA of S$513.9m (+311.3% qoq) beating
consensus’ estimate of S$260m-270m.
• The favourable luck factor was a major contributor to the strong
earnings in 2Q10, but we understand that 2Q10’s win rate was within
the theoretical win rate of 2.85% (much luckier vs its competitor’s
2.18%). Market share for Resorts World Sentosa (RWS) is estimated at
about 70%.
• The UK’s underlying operations have slightly improved by 6% yoy from
higher business volume, but this was dragged by the depreciation of
Sterling pound against the Singapore dollar.

Stock Impact
• Casino revenue should dwindle beyond 2Q10 due to: a) loss of market
share (2Q10 estimate: >70%) as Marina Bay Sands (MBS) slowly
addresses operational hiccups and gains market share in July from more
aggressive promotional activities (apart from free room nights, MBS
introduced more multi terminal machines in August which further sparked
competition), and b) waning in betting intensity by the local gamers.
• Continue ramping up of operations. Moving on, GENS will
progressively increase the number of tables to 450 from current 380 (split
between 100 VIP: 280 Mass). The targeted number of visitors has also
been increased to 15m (from previous 13m) and this would be supported
by its bus and loyalty programmes. Currently, GENS receives about 100
buses/day on average, and it has the capacity to increase to 3x. This
could potentially rise further as GENS continue to gain traction with
tourists from China and India.
• Genting UK’s sale is beneficial. The shareholders of GENS will be
meeting on 18 August to vote on the proposed sale of Genting UK to
GENM. This sale is positive for GENS as it will be able to lighten its
balance share and fully concentrate on RWS. Should this deal materialise,
GENS will enjoy a marginal net cash enhancement of S$0.07/share
(based on EV of about S$900m) and will incur foreign translation loss of
S$338.8m, which will leave a net loss of S$235.2m after deducting the
gain on disposal of S$103.6m.
Earnings Revision/Risk
• We have adjusted our 2010-12 earnings forecasts by 40-50% due to the
stronger than anticipated 2Q10 results and upward revision to our 53%
(from previously 41%). We are now assuming a sustainable gross
gaming revenue of US$3.6b and GENS having a 55% market share.
There could be further upside to our fair value subsequent to a company
visit.
Valuation/Recommendation
• Upgrade to HOLD with a revised fair price of S$1.40 implying a 10.4x
FY11 EV/Ebitda. Our revised target price assumes that GENS’ valuation
will sustain at around its global peers’ valuations, breaking away from the
typically low valuations that investors ascribe to the Genting Group. In the
short term, share price is expected to react positively given its strong
2Q10 results.
• However, should the sale of Genting UK not take place, we think share
price would likely ease. Entry price is at S$1.10. Refer to RHS for our
stretched valuation analysis and assumptions.
Share Price Catalyst
• Robust tourist arrival and strong domestic consumption to sustain the
strong gaming momentum.
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  #109  
Old 14-Aug-2010, 01:11 AM
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Target price for Genting Singapore to S$2.00 from S$1.30 By CLSA
Target price for Genting Singapore to S$1.93 from S$1.45 By Deutsche
Target price for Genting Singapore to S$1.60 from S$1.06 By MS
Target price for Genting Singapore to S$1.55 from S$0.99 By Citi
Target price for Genting Singapore to S$1.68 from S$0.90 By CS
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  #110  
Old 14-Aug-2010, 02:08 AM
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Default 新加坡‧聖淘沙名勝日入2000萬‧比金沙娛樂城高出近4倍

新加坡‧聖淘沙名勝日入2000萬‧比金沙娛樂城高出近4倍
國際 2010-08-13 18:55
(新加坡)聖淘沙名勝世界每天進賬近千萬元(馬幣約2000萬令吉),比濱海灣金沙綜合娛樂城日收200萬 元,高出近4倍!

雲頂新加坡週四(8月12日)公佈業績,聖淘沙名勝世界(rws)第二季營業額達到8億6000零8萬元( 馬幣約20億令吉),稅前盈利報5億零350萬元。


也就是說,rws每天入袋960萬元,稅前盈利達到560萬元。

這個業績遠遠高過市場早前預測,也推動雲頂國際的業績轉虧為盈。

首季度即達到一年表現預估

不少分析師認為,rws一個季度內就達到了一年的表現預估,甚至有人說是“難以置信”。

拉斯維加斯金沙7月底公佈,濱海灣金沙(mbs)自4月底開幕以來,65天內賺約1億2800萬新元,相當 於每天有近200萬元進賬。

換言之,rws目前的每天收入要比mbs高出近4倍。

作為新加坡第一個開業的綜合度假勝地,rws的市場佔有率高達55%到60%。

名勝世界吸金能力超強

分析師表示,雖然金沙因其品牌和市區地理位置迎頭追趕,但名勝世界的吸金能力還是超強。

每天高達8000人訪問環球影城,人均消費84元;rws的酒店的平均房價263元,入住率為 70%。

rws賭場吸引到中國、馬來西亞和韓國的豪客,每天賭客中三分之二是外國賭客。

3年內取代拉斯維加斯
緊挨澳門居老二位置

獅城賭場將在兩三年內取代賭城拉斯維加斯,在全球賭業市場的佔有率緊挨澳門之後,將居老二位置 。

osk/dmg研究報告稱,目前新加坡是繼澳門之後,亞洲第二大賭業市場;未來兩三年有望超越賭城拉斯維加斯,成為 繼澳門之後,全球第二大賭博業市場。

有分析師認為,雲頂新加坡出乎意料的季度業績表明,新加坡的賭業市場比想像當中更龐大。

osk研究今日(週五,8月13日)早上調高雲頂新加坡的目標價,由原來的每股$1.26調高至$2.02 。

截至中午12時45分,雲頂新加坡股價起1角4分,報$1.42,漲幅達10.9%,超過49 萬股轉手。

一台老虎機
每日進賬700令吉

一台老虎機一天“搖米”300元(約馬幣700令吉),rws賭場單靠老虎機,每天進賬近40 萬元。

osk研究週五早上發表的報告指出,老虎機吸金力強,勢頭可趕上澳門的老虎機。

此報告說,rws賭場一台老虎機每天“搖米”300元,比預估的200元多出50%。

根據rws賭場有1300台老虎機數量來算,賭場單靠老虎機,每天就可坐收39萬元。
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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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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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