Genting International 雲頂國際

臥龍先生

Genting International (S$0.58) - A tale of two cities
Post-results conference call
More details on 1Q08 results. GIL’s 14% yoy revenue contraction in 1Q08 was largely the result of lower business volume at its UK gaming operations, which bore witness to a 9% decline in provincial casinos and a double-digit fall in London casinos. This was attributed to a combination of the smoking ban, which came into effect in Jul 07, as well as the credit crunch, which resulted in more pronounced weakness in London. In addition, GIL’s topline suffered from a weaker pound against the S$, and this exchangerate effect contributed about 6% pts to the 14% yoy decline.


Bottom-line impact. The core net loss of S$11.5m incurred in 1Q was blamed on several things, apart from lower revenue and the exchange rate.

• GIL made a S$9.7m bad-debt provision in 1Q08 alone, compared with a S$3.4m baddebt recovery in 1Q07 – a material S$13.1m negative yoy swing. This was mainly due to a timing difference within its cheque-cashing facility between the amount spent and settled as at the end of the period. GIL is confident that this amount is recoverable as the customers are regulars and financially sound. As a comparison, GIL incurred a baddebt provision of S$3.9m in FY07 and S$10.1m in FY06;
• A higher gaming tax of around S$4m in the quarter, as a result of a higher gaming tax structure effective 1 Apr 07; These were partially offset by lower administrative expenses (compared to the previous period which included redundancy costs) and lower finance expenses as GIL pared down its short-term bridging loan with a lower-cost term loan.


Outlook
UK casino operations
Things to stay tough. Concerns over the UK economy remain real and should continue to suppress gaming operations, at least for the foreseeable future. This is more evident in London as the high-roller business tends to be more volatile and sensitive to economic and financial uncertainties. The effects of the smoking ban appear to be petering off and business is beginning to pick up, particularly in provincial casinos. GIL does not expect bad debts to be a problem as these historically make up 2-3% of the cheques accepted. The bad debt provided for in 1Q is expected to be substantially recovered in coming quarters.


Preventive cost measures. Given the more challenging operating conditions, GIL will be making further changes to its UK cost structure, by streamlining provincial operations to improve efficiency and minimise double costs. It could make some announcements in the near future on strategies and exercises to trim its operating costs further. We conjecture that the measures may involve combining operations in cities where Genting Stanley has more than one casino as well as staff realignment.


Online gaming and Rank investment. GIL expects to roll out its online gaming operations by end-Jun 08 and intends to leverage its 0.5m active land-based customer database. First-year operations will likely be in the red, while management has
conservatively estimated small profits for the initial years. Its investment in Rank Group in the UK will remain opportunistic in nature and GIL has no intention to make an offer for the group.


Sentosa integrated resort
Everything is on track. GIL is confident that the Sentosa integrated resort will open on time and on budget in 1Q2010. With a total financing commitment of S$4.3bn (inclusive of S$300m on standby), the debt portion for the project is secure and GIL has itself raised sufficient cash for its equity commitment. Given that the Sentosa IR will be more sprawling than high-rise (max height of eight stories), construction progress should be relatively fast.


Costs are largely locked in. Management was quick to address concerns over potential cost overruns. GIL has locked in most raw materials as far back as a year ago –particularly concrete and structural steel. The only real item that is not within control is
labour costs, which may result in some cost overruns, although the bulk had been imputed in its revised project cost estimates.


Optimistic prospects. 1Q2010 should see the concurrent opening of the casino, four hotels, the Universal Studios theme park and several entertainment venues. These are all attractions within the central zone of the resort and all contracts for these attractions have been awarded. The rest of the less “EBITDA-material” components of the resort such as the oceanarium, spa and Equarius water park will open progressively from 2Q2010 onwards. Management is confident that the Sentosa IR will be EBITDA-positive from day one, a view we concur with. Nevertheless, we estimate that GIL’s bottom line will be negative in FY2010 due to large depreciation and interest expenses.


Valuation and recommendation
Downgrading forecasts by 32-95%. We are lowering our FY08 core estimate to a loss from a small profit previously, and have assumed wider losses for FY09-10. Our downgrades reflect the more difficult operating conditions in the UK from this year
onwards. As a result, our sum-of-the-parts/RNAV target price has been reduced to S$0.65 from S$0.73 (Figure 1), with the main changes made to valuations for the UK operations.


Maintain Neutral. Despite our downgrade and the lacklustre outlook for the UK in the foreseeable future, we are keeping our NEUTRAL rating. We believe GIL is wellpositioned to become a major operator in the UK gaming industry in the long term and
can comfortably ride out near-term volatilities. Furthermore, its principal attraction is its project at Sentosa and we remain confident that it can deliver a profitable world-class resort and casino. The stock continues to provide solid exposure to Singapore’s gaming and tourism potential.

臥龍先生

Genting International does not expect further cost overruns for a casino it is building in Singapore, said its chairman and CEO Lim Kok Thay. “At this point, we are staying at S$6bn. Concerns about cost overruns for the project are unsubstantiated. Costs are
under control despite high oil prices," he said. “The recent financing we announced has catered for the increase in construction costs. All the financing are in place, there is no need for further financing." (Reuters)

hc.goh

不懂谁慢火炸下来

liew3289

sgd 0.57 can buy some ?

美丽新世界

很难说，看你自己心目中的价钱吧

liew3289

你自己心目中的价钱是什么?

美丽新世界

原帖由 liew3289 于 27-5-2008 01:13 发表
你自己心目中的价钱是什么?

呵呵，原来你还在啊，
呵呵，我自己心目中的价钱是是合理的价钱和合时的买入

liew3289

合理的价钱和合时的买入,how much ? & when ? 2009 01 01

美丽新世界

原帖由 liew3289 于 27-5-2008 01:23 发表
合理的价钱和合时的买入,how much ? & when ? 2009 01 01

呵呵，要做功课喔，
合理的价钱和合时的买入是要看自己的要求，
我的要求是长期投资，我认为genting int在10-15可以达到我的要求，
以现在的价钱对我来说是合理和合时，
但提前的条件是10-15年我的资金不能动用，
你可以吗？如果你是要投机我不鼓励，
但如果你还是要投机的话个人觉得还不是时候。
呵呵，是个人意见喔，买卖自负喔。

liew3289

我是要求长期投资,我现在是10 lot sgd 0.66 buy  + 10 lot sgd 0.57 buy= 20 lot = 0.66 + 0.57 / 20 = 0.615 per/lot ,是个人买投资长期,我现在要买入sgd 0.58  ,10 lot  = tatol 30 lot  长期投资100 lot about sgd 66k

美丽新世界

原帖由 liew3289 于 27-5-2008 01:48 发表
我是要求长期投资,我现在是10 lot sgd 0.66 buy  + 10 lot sgd 0.57 buy= 20 lot = 0.66 + 0.57 / 20 = 0.615 per/lot ,是个人买投资长期,我现在要买入sgd 0.58  ,10 lot  = tatol 30 lot  长期投资100 lot about sg ...

呵呵，你好有钱，加油吧

liew3289

3m buy 1 time , u can 1 m buy 1 lot , 1 year u have 12 lot already, like 1 m save sgd 600.00

liew3289

加油 , u must 加油

yyhhcc

..可否破 0。635，看今天了。。。

Gen Int   0.635 +0.025

PBBANK-O1

Gen Int   0.675 +0.065 +10.7 78,170 54 0.700 0.600 1 0.675 0.605 SERV

0.675了!

有什么好消息吗? 为什么起那么多?

超级赛亚人2

听说他和外国公司合作开发program。。所以股票起咯。。。

sunflower888

是咯，为什么起那么多?

tonytan8888

云顶国际将竞标 英国附设赌场娱乐城

云顶国际(Genting International)成为英国The NEC Group的合作伙伴，将携手在英国发展一个消闲娱乐城，发展成本达9000万英镑(2亿4000万新元)。

该消闲娱乐城就坐落在英国伯明翰国家展览中心(The National Exhibition Centre，简称The NEC)内。云顶国际是通过英国子公司Genting Stanley (Solihull)Limited，进行这个合作项目。虽然具体详情未确定，但云顶国际发布消息时透露，该消闲娱乐城将有个“大型赌场”、水疗美容养生设施(spa)、酒店、优质酒吧及参观以及其他消闲项目。

The NEC是英国最成功的展览会场，每年吸引超过300万访客，建议中的消闲娱乐城，将为该中心增添吸引力。这个项目还需取得英国当地政府(Solihull Metropolitan Borough Council)批给执照，以经营该大型赌场。合作团队将参与竞标活动，以取得赌场经营执照。

jay87

请问下云顶国际最新负债数多少?
刚刚下载了年报但不会看.

wei1306

发现一个关于养燕知识的部落搁

www.swiftletfarmingcentre.blogspot.com