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Genting SP Next Move
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Joelton
Supreme |
16-Aug-2021 09:52
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Genting Singapore' s swing into the black gives it strong ' buy' calls from analysts
Analysts have been taking a second look at Genting Singapore following its swing into the black with earnings of $77.2 million in 1HFY21 ended June.
The group which owns and operates Resorts World Sentosa (RWS) had been in the red with losses of $116.7 million in 1HFY20 due to the circuit breaker measures imposed to curb the spread of Covid-19 infections.
The latest &ldquo 1HFY21 results exceeded our expectations but largely due to items which we opine are non-recurring in nature,&rdquo Maybank Kim Eng (MKE) analyst Yin Shao Yang writes in an Aug 13 note.
He adds that the group&rsquo s core net profit of $111.5 million makes up 65% of his FY21 estimate.
Agreeing, DBS Group Research analyst Jason Sum says the group&rsquo s 1HFY21 EBITDA (earnings before interest, taxes, depreciation and ammortisation) of $276.1 million forms 43% of his full-year projection.
However, Yin says that Genting Singapore&rsquo s 1HFY21 revenue of $555.8 million &ldquo was well within expectations&rdquo and forms 49% of his full-year estimate.
He notes that the group&rsquo s outperformance in its core net profit is thanks to: the Jobs Support Scheme grant of $34.8 million and bad debts of $24.7 million being written back.
Going forward, Yin says the focus is on the Genting Singapore&rsquo s bid for an Integrated Resort license in Yokohama.
As one of the two remaining candidates for the project, the management is confident of winning the bid, which will be announced in October.
However, analysts from RHB&rsquo s Singapore Research reckons that this dependent on the outcome of the Yokohama mayoral election which is slated to take place on Aug 22.
The group &ldquo stands a good chance of being selected as the private-sector partner to apply for the IR rights from central authorities (from Oct 2021 to Apr 2022)&rdquo should a pro-IR mayor be elected, the analysts write in an Aug 13 note.
Meanwhile, DBS&rsquo Sum reckon that that group will benefit from the pent-up demand from locals as well as revenge spending when tourists return.
MKE&rsquo s Yin estimates that RWS&rsquo 1HFY21 VIP volume and mass gross gaming revenue were flat h-o-h at $4.2 billion and $485 million respectively. This was despite a reduction in its operating capacity from 65% to 50% on May 4 and then to 25% on May 16.
Even so, revenue from the gaming segment in 1HFY21, was down 49% compared to that recorded in 1HFY19 when the local crowd constituted 20% of overall attendance.
&ldquo After an extended period of travel deprivation, we believe that tourists will unleash their pent-up demand when they finally start travelling again,&rdquo DBS&rsquo Sum adds.
Meanwhile the analysts from DBS, RHB and MKE are expecting inbound tourism to resume towards the end of the year, in line with the rising vaccination rates. This would translate to higher participation at the group&rsquo s Integrated Resorts.
In line with this, the group will have a rise in its operating capacity limit to 50% on Aug 19.
To this end, Sum expects the mass gaming segment to normalise at a faster pace than the VIP division due to the protracted absence of Chinese VIP punters, whom they estimate accounted for around 50% of rolling chip volumes prior to the pandemic.
This prediction comes as the segment&rsquo s volume was down 7.6% in 1HFY21, compared to 1HFY19.
&ldquo Assuming that the Covid-19 pandemic does not deteriorate in Singapore, we expect Genting Singapore&rsquo s earnings outlook for 2HFY21 to be stable h-o-h,&rdquo says MKE&rsquo s Yin.
&ldquo There may even be upside to 4Q21 earnings as Singapore is scheduled to gradually reopen its borders by then after reaching herd immunity,&rdquo he adds.
Aside from welcoming more guests, the group is hopeful of commencing the construction of its RWS2.0 sometime in 2022.
While payment for the acquired land was made in 1HFY21, the completion of the project will likely extend to at least 2026.
DBS&rsquo Sum, MKE&rsquo s Yin and RHB&rsquo s analysts all have &lsquo buy&rsquo calls on Genting Singapore.
Sum&rsquo s $1 target price is expected to give the group a 25% upside while Yin&rsquo s $1.16 call is slated to give a 47% upside.
Meanwhile, RHB analysts&rsquo &ndash who just upgraded their call from &lsquo hold&rsquo to &lsquo buy&rsquo have a 92-cent target price. This is expected to give the counter a 15% upside.
&ldquo The share price weakness in the past two months has prompted us to upgrade our recommendation to buy,&rdquo the analysts explain.
&ldquo We believe the earnings have found a new base, and the current valuation of 6.7x FY22F EV/EBITDA (-0.5SD) vs the regional peer average of 11x is an attractive proposition for investors to position for a strong FY22 earnings recovery, as more countries reach higher vaccination rates,&rdquo they add.
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PhillipTan
Supreme |
16-Aug-2021 09:47
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Genting Singapore' s swing into the black gives it strong ' buy' calls from analystsAnalysts have been taking a second look at Genting Singapore following its swing into the black with earnings of $77.2 million in 1HFY21 ended June.The group which owns and operates Resorts World Sentosa (RWS) had been in the red with losses of $116.7 million in 1HFY20 due to the circuit breaker measures imposed to curb the spread of Covid-19 infections. The latest " 1HFY21 results exceeded our expectations but largely due to items which we opine are non-recurring in nature," Maybank Kim Eng (MKE) analyst Yin Shao Yang writes in an Aug 13 note. He adds that the group' s core net profit of $111.5 million makes up 65% of his FY21 estimate. Agreeing, DBS Group Research analyst Jason Sum says the group' s 1HFY21 EBITDA (earnings before interest, taxes, depreciation and ammortisation) of $276.1 million forms 43% of his full-year projection. However, Yin says that Genting Singapore' s 1HFY21 revenue of $555.8 million " was well within expectations" and forms 49% of his full-year estimate. He notes that the group' s outperformance in its core net profit is thanks to: the Jobs Support Scheme grant of $34.8 million and bad debts of $24.7 million being written back. Going forward, Yin says the focus is on the Genting Singapore' s bid for an Integrated Resort license in Yokohama. As one of the two remaining candidates for the project, the management is confident of winning the bid, which will be announced in October. However, analysts from RHB' s Singapore Research reckons that this dependent on the outcome of the Yokohama mayoral election which is slated to take place on Aug 22. The group " stands a good chance of being selected as the private-sector partner to apply for the IR rights from central authorities (from Oct 2021 to Apr 2022)" should a pro-IR mayor be elected, the analysts write in an Aug 13 note. Meanwhile, DBS' Sum reckon that that group will benefit from the pent-up demand from locals as well as revenge spending when tourists return. MKE' s Yin estimates that RWS' 1HFY21 VIP volume and mass gross gaming revenue were flat h-o-h at $4.2 billion and $485 million respectively. This was despite a reduction in its operating capacity from 65% to 50% on May 4 and then to 25% on May 16. Even so, revenue from the gaming segment in 1HFY21, was down 49% compared to that recorded in 1HFY19 when the local crowd constituted 20% of overall attendance. " After an extended period of travel deprivation, we believe that tourists will unleash their pent-up demand when they finally start travelling again," DBS' Sum adds. Meanwhile the analysts from DBS, RHB and MKE are expecting inbound tourism to resume towards the end of the year, in line with the rising vaccination rates. This would translate to higher participation at the group' s Integrated Resorts. In line with this, the group will have a rise in its operating capacity limit to 50% on Aug 19. To this end, Sum expects the mass gaming segment to normalise at a faster pace than the VIP division due to the protracted absence of Chinese VIP punters, whom they estimate accounted for around 50% of rolling chip volumes prior to the pandemic. This prediction comes as the segment' s volume was down 7.6% in 1HFY21, compared to 1HFY19. " Assuming that the Covid-19 pandemic does not deteriorate in Singapore, we expect Genting Singapore' s earnings outlook for 2HFY21 to be stable h-o-h," says MKE' s Yin. " There may even be upside to 4Q21 earnings as Singapore is scheduled to gradually reopen its borders by then after reaching herd immunity," he adds. Aside from welcoming more guests, the group is hopeful of commencing the construction of its RWS2.0 sometime in 2022. While payment for the acquired land was made in 1HFY21, the completion of the project will likely extend to at least 2026. DBS' Sum, MKE' s Yin and RHB' s analysts all have ' buy' calls on Genting Singapore. Sum' s $1 target price is expected to give the group a 25% upside while Yin' s $1.16 call is slated to give a 47% upside. Meanwhile, RHB analysts' &ndash who just upgraded their call from ' hold' to ' buy' have a 92-cent target price. This is expected to give the counter a 15% upside. " The share price weakness in the past two months has prompted us to upgrade our recommendation to buy," the analysts explain. " We believe the earnings have found a new base, and the current valuation of 6.7x FY22F EV/EBITDA (-0.5SD) vs the regional peer average of 11x is an attractive proposition for investors to position for a strong FY22 earnings recovery, as more countries reach higher vaccination rates," they add. Shares in Genting Singapore closed flat at 80 cents on Aug 13. |
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Goldfinger
Supreme |
14-Aug-2021 20:00
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If they do not win - think of the juicy sgd3billion in cash reserves that can be paid out as dividends or stock buyback. Win or lose Yokohama - investors may still win big. | ||||
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Eddyson
Senior |
14-Aug-2021 19:54
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Yokohama Casino Effort Will Move Ahead with Genting Likely Winner, Says BankPosted on: August 13, 2021, 12:52h. Last updated on: August 13, 2021, 02:17h. Todd Shriber-Expertise: Financial, Gaming Business, Mergers and Acquisitions. Amid swirling controversy over the fate of a gaming venue in Yokohama, at least one investment bank believes an integrated resort will come to life in Japan&rsquo s second-largest city. It sees Genting Singapore as the likely winner of the two bidders. In a recent note to clients, Maybank said the city is likely to forge ahead with plans for a gaming venue following its mayoral elections on Aug. 22. There are eight candidates in the race, only one of which &mdash incumbent Mayor Fumiko Hayashi &mdash favors bringing a casino-resort to the city. Hayashi is seeking a fourth term. Opposition to an integrated resort in Yokohama is so intense that 90-year old businessman Yukio Fujiki, known as the &ldquo Don of Hama,&rdquo recently threatened seppuku &mdash a form of Japanese ritual suicide common in samurai times &ndash if a gaming venue comes to the city. Often referred to as harakiri in the West, seppuku is suicide by disembowelment. In Japanese history, it&rsquo s viewed as a way of restoring honor to one&rsquo s name or family. In perhaps another blow to the Yokohama integrated resort effort, Japan Prime Minister Yoshihide Suga last week endorsed National Public Safety Commission Chairman Hachiro Okonogi in the mayoral race. While the incumbent Hayashi and Okonogi are both members of Suga&rsquo s Liberal Democratic Party (LDP), Okonogi opposes the casino plan. Yokohama not Make or Break for Genting InvestorsGenting Singapore and local partner Sega Sammy are competing against Hong Kong-based Melco Resorts & Entertainment (NASDAQ:MLCO) for the rights to build a new gaming venue in Yokohama. As it&rsquo s become clear that those are the two gaming companies pursuing a license in the city, analysts are saying it&rsquo s Genting&rsquo s race to lose. However, Maybank adds that even if the mayoral election doesn&rsquo t break in favor of the operators, that news isn&rsquo t likely to impact Genting&rsquo s share price. That&rsquo s because investors haven&rsquo t factored Japan into the stock. Genting is viewed as the Yokohama leader because of its presence in Singapore, where it owns Resorts World Sentosa &ndash one of the city-state&rsquo s two integrated resorts. Japanese officials are hoping casino-resorts in their country will emulate the Singapore model. Melco doesn&rsquo t operate a gaming venue there. What&rsquo s Next in JapanThe upcoming Yokohama mayoral election could go a long way toward determining the city&rsquo s fate in Japan&rsquo s casino gaming landscape. It&rsquo s possible the city ultimately bows out of the fray. Elsewhere in the country, MGM Resorts International and its local partner, Orix, remain committed to Osaka, recently unveiling a $9.1 billion proposal for a gaming venue there. That group is the only contender for a license in Japan&rsquo s third-largest city. Last week, a consortium of Mohegan Gaming & Entertainment and Japan&rsquo s Oshidori International Development pulled out of the bidding for a Nagasaki license. The US tribe said it was the Japanese firm&rsquo s decision to make that move. |
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Eddyson
Senior |
14-Aug-2021 19:15
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August 9, 2021 -Gaming Singapore' THIS REPORT HAS BEEN PREPARED BY MAYBANK KIM ENG RESEARCH SEE PAGE 8 FOR IMPORTANT DISCLOSURES AND ANALYST CERTIFICATIONS Links to previous reports:- Konichiwa Yokohama? (link) Ganbatte GENS (link) Tear Sheet Insert Yin Shao Yang [email protected] (603) 2297 8916 Genting Singapore (GENS SP) Political risk in Yokohama coming down to the wire Maintain BUY call with DCF-based TP of SGD1.16 Campaigning for the Yokohama mayoral election started yesterday. The election itself will be held on 22 Aug 2021. Public sentiment does not favour an integrated resort (IR) but with the anti-IR forces split, we opine that the pro-IR incumbent may just win. If this were to happen, we maintain our view that GENS-Sega Sammy will prevail in the Yokohama IR RFP process. In our view, there is little downside risk as we gather that the market has not imputed any upside potential from a Yokohama IR. Anti-IR Yokohama mayoral candidates aplenty but&hellip 8 individuals are running as candidates in the Yokohama mayoral election. 6 are anti-IRs and 2 are pro-IRs. That said, pundits reckon that there are only 5 candidates that carry real heft. They are Fumiko Hayashi, Hachiro Okonogi, Takeharu Yamanaka, Yasuo Tanaka and Shigefumi Matsuzawa (Fig 1.). Ms. Hayashi is the incumbent and pro-IR while the latter 4 are anti-IR. The winning candidate has to secure at least 25% of votes. &hellip if you can&rsquo t beat them, then divide them While 71% of Yokohama residents in a Jul 2020 Kanagawa Shimbun survey are against IRs, the anti-IR votes will likely be split multiple ways while the pro-IR votes will likely be concentrated on Ms. Hayashi. Ms. Hayashi will run as an independent candidate. Though not backed by the ruling Liberal Democratic Party like she was in the 2017 mayoral elections, we opine that she still carries heft as she won the 2009/2013/2017 Yokohama mayoral elections with 45%/81%/53% of votes. Pro-IR incumbent mayor may just prevail Thus, we gather that Ms. Hayashi may just win the Yokohama mayoral elections with < 50% of votes. We continue to assume that the status quo will prevail (i.e. pro-IR Ms. Hayashi remains as mayor) and GENS-Sega Sammy will win the Yokohama IR RFP process. Channel checks reveal that if Ms. Hayashi prevails, the winner of the Yokohama IR RFP process will be announced soon after. Our SGD1.16 DCF-based TP imputes a SGD0.30 contribution from a Yokohama IR (assumes 50% shareholding). |
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Goldfinger
Supreme |
14-Aug-2021 16:50
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Given them credit for turning in reasonably healthy profits despite being in the storm of the hardest hit sector of the pandemic. There will be revenge travel spending once we lift our borders and allow tourists in. I am positive that safe and COVID-vigilant travel destinations will be preferred over those which are not once people start travelling again.
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Lobster
Elite |
14-Aug-2021 13:38
Yells: "Even Adam Khoo believes in the Black Market!" |
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Old is how old? This news is part of a long series of various prefectures getting ready for the final touches for the results due next month, news just four days ago... I only posted the Yokohama part in relation to Genting participation and the impact impending Mayor elections results due next week, which I was about to post more news... but since you are so smart, you post lor. I' m out of here..
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RyanAB
Member |
14-Aug-2021 11:51
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Old info....no longer news😄 😭 .....
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Lobster
Elite |
14-Aug-2021 09:29
Yells: "Even Adam Khoo believes in the Black Market!" |
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Applicants from casinos in Japan put final touches on offers At the end of last month, Yokohama City Hall opened an exhibition showcasing the design concepts of the two operators bidding for IR. Yokohama did not disclose which concepts were on display at the exhibition. But Genting Singapore and Melco Resorts & Entertainment of Macau have publicly expressed an interest in bidding on a casino project in the city. The exhibit at the city&rsquo s Yamashita Pier included images and architectural models and ran through Saturday. Genting Singapore, whose gaming industry publications have claimed to have the edge in the race, included Sega Sammy Holdings, Kajima Corp., Takenaka Corp. and Obayashi Corp. as partners, as well as Alsok, a security services company. Melco, which also pursued an Osaka IR project, to drop out and cede the race to a consortium led by MGM Resorts and Orix Corp., has teamed up with Taisei Corp., a construction and engineering company. Details of the companies&rsquo proposals have not yet been made public, but the winner is expected to be decided this summer. |
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Joelton
Supreme |
13-Aug-2021 09:32
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Genting Singapore posts S$88.2m H1 profit, expects travel recovery to be drawn out, uncertain
GENTING Singapore posted S$88.2 million in earnings for the six months ended June 2021, reversing a year-ago loss, as operations at Resorts World Sentosa are open again, although with fewer visitors than in pre-pandemic days.
In the second quarter FY2020, the hospitality and integrated resorts group logged S$163.3 million, marking its worst quarterly showing since the opening of its Singapore integrated resort over a decade ago.
Despite improvements this year, the group sounded a sombre note on the back of new Covid-19 variants and strict re-opening measures.
It said in a bourse filing after trading hours on Thursday: " In the short term, we do not anticipate any measurable increase in business sentiment until we have greater visibility of the border re-openings."
Group revenue rose 24 per cent year on year to S$554.8 million for H1 FY2021 earnings per share for the period stood at 0.73 Singapore cents.
No interim dividend was declared for the period due to the " ongoing severity and uncertainty of the impact of the Covid-19 pandemic" on the group' s financial performance as well as the broader economy. The board noted its intention to declare a final dividend for the financial year at year' s end.
The group acquired leasehold land for the expansion of its Singapore integrated resorts during the financial period, resulting in some S$879.7 million outflow in purchases of plant, property and equipment.
It is also leading a consortium to build a gambling resort in the Japanese port city of Yokohoma, and is still awaiting the outcome of the bid.
Genting Singapore said the Singapore government' s support measures, including the S$100 SingaporeRediscovers vouchers scheme, have helped mitigate the challenging environment it has been confronted with.
Still, ongoing travel restrictions between Singapore and its traditional Asian markets continue to " significantly impact" its performance, it said, and expressed hopes that Singapore' s " aggressive inoculation programme" will lead to synchronised re-opening and a more relaxed quarantine regime.
" With the Covid-19 pandemic still raging in our regional markets, we believe a sustained and broad-based recovery in travel and tourism will be protracted and subject to a high degree of uncertainty."
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PhillipTan
Supreme |
13-Aug-2021 08:56
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Genting Singapore posts S$88.2m H1 profit, expects travel recovery to be drawn out, uncertainGenting Singapore posted S$88.2 million in earnings for the six months ended June 2021, reversing a year-ago loss, as operations at Resorts World Sentosa are open again, although with fewer visitors than in pre-pandemic days.In the second quarter FY2020, the hospitality and integrated resorts group logged S$163.3 million, marking its worst quarterly showing since the opening of its Singapore integrated resort over a decade ago. Despite improvements this year, the group sounded a sombre note on the back of new Covid-19 variants and strict re-opening measures. It said in a bourse filing after trading hours on Thursday: " In the short term, we do not anticipate any measurable increase in business sentiment until we have greater visibility of the border re-openings." Group revenue rose 24 per cent year on year to S$554.8 million for H1 FY2021 earnings per share for the period stood at 0.73 Singapore cents. No interim dividend was declared for the period due to the " ongoing severity and uncertainty of the impact of the Covid-19 pandemic" on the group' s financial performance as well as the broader economy. The board noted its intention to declare a final dividend for the financial year at year' s end. The group acquired leasehold land for the expansion of its Singapore integrated resorts during the financial period, resulting in some S$879.7 million outflow in purchases of plant, property and equipment. It is also leading a consortium to build a gambling resort in the Japanese port city of Yokohoma, and is still awaiting the outcome of the bid. Genting Singapore said the Singapore government' s support measures, including the S$100 SingaporeRediscovers vouchers scheme, have helped mitigate the challenging environment it has been confronted with. Still, ongoing travel restrictions between Singapore and its traditional Asian markets continue to " significantly impact" its performance, it said, and expressed hopes that Singapore' s " aggressive inoculation programme" will lead to synchronised re-opening and a more relaxed quarantine regime. " With the Covid-19 pandemic still raging in our regional markets, we believe a sustained and broad-based recovery in travel and tourism will be protracted and subject to a high degree of uncertainty." Shares of Genting Singapore closed flat at S$0.80 on Thursday. |
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Eddyson
Senior |
12-Aug-2021 21:10
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My observation is that many old folks, some with wheel chair going into casino, guess they realise they will not bring their cash to after life, so might as well have some thrill, anyway cannot travel & cannot eat much.😅 | ||||
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Goldfinger
Supreme |
12-Aug-2021 21:01
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Thanks. With so many trapped Sinkies in SG, and many going coconuts with cabin fever - not many other options to spend your money....
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Eddyson
Senior |
12-Aug-2021 20:55
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Yup, they pay for the land leasing for RWS 2. Business in RWS today not bad, basement car park half full & every minute got patron go into casino.🙂 | ||||
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Goldfinger
Supreme |
12-Aug-2021 20:40
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RWS 2.0
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pkli899
Supreme |
12-Aug-2021 20:18
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Net cash dropped from $3.99 Bn to $3.2 Bn because they spent 800 over million on acquisition of assets. But never specify what did they acquired. Or I missed reading? Anybody can enlighten? TIA. |
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Goldfinger
Supreme |
12-Aug-2021 18:07
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I was secretly worried that there will be a big fat loss. A profit is much better and positive going forward. 2H2021 should be better given the closure at MBS casino and that the borders are reopening soon.
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fuzzyshares
Veteran |
12-Aug-2021 18:04
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"baring unforseen circumstances, the Board has intention to declare a final dividend for the financial year ending 31 December 2021"
buy now and collect the rain cheque
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Lobster
Elite |
12-Aug-2021 17:43
Yells: "Even Adam Khoo believes in the Black Market!" |
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By the way, no interim dividends.. But very good already, if you compared with last year' s loss of $116 millions. Some more, very little tourists. Mostly our own people playing.
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Lobster
Elite |
12-Aug-2021 17:34
Yells: "Even Adam Khoo believes in the Black Market!" |
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As I promised, After Friday the 13 I will resume my coverage on Genting. If I do that means good things will happen lar... Meanwhilr enjoy the half yearly profits... just tampok, $88 millions only....
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