Genting International 雲頂國際

臥龍先生

原帖由 ipoh 于 3-7-2007 12:46 AM 发表
臥龍先生

我对这个5送3附加股真的觉得有点模糊，她说这3股附加股是以特别的价格出售，那么当这个附加股一给出的时候，你说GENTING INTERNATION的股价会不会掉？

还有臥龍先生这个5送3附加股，我要如何购 ...

如果我沒弄錯的話, 附加股和紅股是一樣的(不同點是紅股是免費的, 附加股是要花錢買的), 它會影响到股價的, 所以我想股價應該會有所調整.

我想如果你現在手上的 GENTING INT 的股票, 你應該會收到一份申請書的.

以下是一些有關附加股的說明 :

Cash-strapped companies can turn to rights issuesto raise money when they really need it. In these rights offerings,companies grant shareholders a chance to buy new shares at a discountto the current trading price. Let's look at how rights issue work, andwhat they mean for all shareholders.

But until the date at which the new shares canbe purchased, shareholders may trade the rights on the market the sameway they would trade ordinary shares. The rights issued to ashareholder have a value, thus compensating current shareholders forthe future dilution of their existing shares' value.

Troubledcompanies typically use rights issues to pay down debt, especially whenthey are unable to borrow more money. But not all companies that pursuerights offerings are shaky. Some with clean balance sheets use them tofund acquisitions and growth strategies. For reassurance that it willraise the finances, a company will usually, but not always, have itsrights issue underwritten by an investment bank.

How Rights Issues Work
So, how do rights issues work? The best way to explain is through an example.

Let'ssay you own 1,000 shares in Wobble Telecom, each of which is worth$5.50. The company is in a bit of financial trouble and sorely needs toraise cash to cover its debt obligations. Wobble therefore announces arights offering, in which it plans to raise $30 million by issuing 10million shares to existing investors at a price of $3 each. But thisissue is a three-for-10 rights issue. In other words, for every 10shares you hold, Wobble is offering you another three at a deeplydiscounted price of $3. This price is 45% less than the $5.50 price atwhich Wobble stock trades. (For further reading, see Understanding Stock Splits.)

Asa shareholder, you essentially have three options when considering whatto do in response to the rights issue. You can (1) subscribe to therights issue in full, (2) ignore your rights or (3) sell the rights tosomeone else. Here we look how to pursue each option, and the possibleoutcomes.

1. Take up the rights to purchase in full
Totake advantage of the rights issue in full, you would need to spend $3for every Wobble share that you are entitled to under the issue. As youhold 1,000 shares, you can buy up to 300 new shares (three shares forevery 10 you already own) at this discounted price of $3, giving atotal price of $900.

However, while the discount on the newlyissued shares is 45%, it will not stay there. The market price ofWobble shares will not be able to stay at $5.50 after the rights issueis complete. The value of each share will be diluted as a result of theincreased number of shares issued. To see if the rights issue does infact give a material discount, you need to estimate how much Wobble'sshare price will be diluted.

In estimating this dilution,remember that you can never know for certain the future value of yourexpanded holding of the shares, since it can be affected by any numberof business and market factors. But the theoretical share price thatwill result after the rights issue is complete - which is the ex-rightsshare price - is possible to calculate. This price is found by dividingthe total price you will have paid for all your Wobble shares by thetotal number of shares you will own. This is calculated as follows:

1,000 existing shares at $5.50	$5,500
300 news shares for cash at $3	$900
Value of 1,300 shares	$6,400
Ex-rights value per share	$4.92 ($6,400.00/1,300 shares)

So, in theory, as a result of the introduction of new shares at thedeeply discounted price, the value of each of your existing shares willdecline from $5.50 to $4.92. But remember, the loss on your existingshareholding is offset exactly by the gain in share value on the newrights: the new shares cost you $3, but they have a market value of$4.92. These new shares are taxed in the same year as you purchased theoriginal shares, and carried forward to count as investment income, butthere is no interest or other tax penalties charged on thiscarried-forward, taxable investment income.

2. Ignore the rights issue

You may not have the $900 topurchase the additional 300 shares at $3 each, so you can always letyour rights expire. But this is not normally recommended. If you chooseto do nothing, your shareholding will be diluted thanks to the extrashares issued.

3 Sell your rights to other investors

In some cases, rights are not transferable. These are known as "non-renounceable rights".But in most cases, your rights allow you to decide whether you want totake up the option to buy the shares or sell your rights to otherinvestors or to the underwriter. Rights that can be traded are called "renounceable rights", and after they have been traded, the rights are known as "nil-paid rights".

Todetermine how much you may gain by selling the rights, you need toestimate a value on the nil-paid rights ahead of time. Again, a precisenumber is difficult, but you can get a rough value by taking the valueof ex-rights price and subtracting the rights issue price. So, at theadjusted ex-rights price of $4.92 less $3, your nil-paid rights areworth $1.92 per share. Selling these rights will create a capital gain for you.

Be Warned

Itis awfully easy for investors to get tempted by the prospect of buyingdiscounted shares with a rights issue. But it is not always a certaintythat you are getting a bargain. But besides knowing the ex-rights shareprice, you need to know the purpose of the additional funding beforeaccepting or rejecting a rights issue. Be sure to look for a compellingexplanation of why the rights issue and share dilution are needed aspart of the recovery plan. Sure, a rights issue can offer a quick fixfor a troubled balance sheet, but that doesn't necessarily meanmanagement will address the underlying problems that weakened thebalance sheet in the first place. Shareholders should be cautious.

[ 本帖最后由 臥龍先生 于 4-7-2007 08:28 AM 编辑 ]

eric220

proposed 而已。应该没正式宣布。

神_123

原帖由 臥龍先生 于 3-7-2007 12:29 AM 发表


是說我嗎 ? 我本身並沒有買, 因為它沒有逹到我要買入的價錢. 而且現階段我覺得它不值這個價錢囉.

臥龍版主，

请问您认为其合理股价是多少呢？我在去年一直等待合理的价格可是越等价格就越高。虽然长期投资是可行的但我个人认为负债太多最少也要5年才有回筹，如果这样不如投资在Genting Bhd 或Resort Bhd。版主认为在5年后Gen int'l价格会去到哪里呢？

谢谢解答

ZheHui

也請問下，如股東不能認購完那附加股，那是否可以在市場上轉讓這附加股的權力呢。

臥龍先生

原帖由 神_123 于 3-7-2007 10:48 PM 发表


臥龍版主，

请问您认为其合理股价是多少呢？我在去年一直等待合理的价格可是越等价格就越高。虽然长期投资是可行的但我个人认为负债太多最少也要5年才有回筹，如果这样不如投资在Genting Bhd 或Resort B ...

我只是大概猜測罷了, 我心目中的價格是 SGD 0.70 以下. 我想除非打算一直買到 IR 開始營業, 不然應該可以等日子進了再看看, 現在它的負債很吓人,   我覺得風險很大囉.   所以我選擇投資在 GENTING BERHAD.

五年后啊, 不知道咧, 我想 SGD 3 以上都不是問題吧,

神_123

Sg0.70 是不可能的事了 现在已稳定了风险应该不大
在開始營業应前该会再起，投机投机一点应该没问题
Genting Bhd 今天就起了0。25sen

臥龍先生

原帖由 神_123 于 3-7-2007 11:41 PM 发表
Sg0.70 是不可能的事了 现在已稳定了风险应该不大
在開始營業应前该会再起，投机投机一点应该没问题
Genting Bhd 今天就起了0。25sen

我想如果真的要買進, 可能等附加股發出后, 再看看股價有些什麼調整再說吧.

臥龍先生

原帖由 ZheHui 于 3-7-2007 10:50 PM 发表
也請問下，如股東不能認購完那附加股，那是否可以在市場上轉讓這附加股的權力呢。

抱歉哦, 這個我不太清楚...

ZheHui

原帖由 臥龍先生 于 4-7-2007 08:25 AM 发表


抱歉哦, 這個我不太清楚...

醬，我都是多謝。
謝謝。

nic_liew

请问另一家赌场有SGX上市吗？

大师

还有一家澳洲赌场有在SGX上市，要吗？

wingcom

请问哪公司是什么名字？

臥龍先生

Genting International Public Ltd: UK super casino “Dead in the water”
New UK PM orders reviews of super casino. The new UK Prime Minister, Gordon Brown, has ordered a review of super casino concept to determine whether it is the best way to regenerate towns and city. A source close to the government was further quoted to say that "the regional casino is pretty much dead in the water". This is bad news for Genting International Public Ltd (GIL). Through its subsidiary Stanley Leisure, GIL is one of the largest gaming players in UK and is the leading contender for the super casino license which was expected to be located in Manchester.


Different priorities. The review is over and above the surprise gaming tax that was incidentally imposed by Mr Brown when he was the previous Chancellor of the Exchequer (Minister of Finance) in his last Budget
Statement. Collectively Mr Brown's 2 decisions on the casino can be read to mean that he is possibly not in favour of American style Integrated Resort. Furthermore, his priorities could be different from that of the previous PM Tony Blair.


Future funding likely debt or project financing. Recently GIL announced that it intends to raise S$2.0-S$2.3bn via a rights issue on the basis of 3 new shares for every 5 existing shares held. The pricing of the rights will be determined after an EGM to be held at a later date. GIL revealed that it intends to use the funds for the development of Sentosa Integrated Resort (IR), repayment of debt as well as for working capital. This cash call will be the third since GIL won the Sentosa IR and if the current rights issue is successful, GIL would have raised a total of S$3.18bn since January 2007. This means GIL would still need to raise a further S$2.0bn to finance its S$5.2b Sentosa project, but we expect the balance to be most likely to be debt financed.


Maintain HOLD. The key investment case for GIL remains its ability to win more concessions for integrated resorts. In light of the recent development, the UK super casino license appears to have been put on hold indefinitely. As for valuation, we have ascribed about 75% option value for the UK win, and that translates to a fair value estimate of S$0.86. We see limited upside from current trading range and we thus maintain our HOLD recommendation.


(Winston Liew)

CHLaw

今天闭市0.90，希望 GI 快快达到我的目标价。

大师

原帖由 wingcom 于 17-7-2007 10:38 AM 发表
请问哪公司是什么名字？

Lasseters

mm_lee

我是个新手。我想知到GENT INTL的ＣＲ指的是舍东东？ＴＨＡＮＫＳ。。。

smart_603

原帖由 mm_lee 于 27-7-2007 08:15 PM 发表
我是个新手。我想知到GENT INTL的ＣＲ指的是舍东东？ＴＨＡＮＫＳ。。。

propose right issue.

arnofren

RIGHTS : OFFER OF 3 FOR 5  - 每个right 多少钱?

大师

原帖由 arnofren 于 30-7-2007 12:55 AM 发表
RIGHTS : OFFER OF 3 FOR 5  - 每个right 多少钱?

还没决定，5天的平均价。

eric220

想问各位，如果我没有多余的钱买3000 unit Right share, 我可以卖掉吗？ 时间的问题有县制吗？