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Genting Sing
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Acromec after it IPO @$0.22 cents
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FrancisLim
Elite |
16-Sep-2022 09:39
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Genting benefitting from the coming F1 in Singapore. And the continous lockdowns and Zero covids in China - and the Macau casino. |
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Segarvale
Senior |
16-Sep-2022 09:35
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Industry will be profitable in the long run as everyone loves to gamble. Zero covid stance doesnt deter the existing casinos in macau to bid for the renewal licence even revenue plunge more than 90%. Unikely genting singapore will bid for it or people are betting for one, hence the surge today.
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SmallSmall
Supreme |
16-Sep-2022 09:27
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A COMPANY controlled by Malaysian tycoon and Genting chairman Lim Kok Thay has put in a bid for a casino licence in Macau, a surprise challenge to the decades-long oligopoly of the 6 incumbent operators. The former Portuguese colony is the only territory in China where casinos are allowed, and issues just 6 operating concessions for a multibillion-dollar industry that, until the pandemic, was bigger than Las Vegas. Licences for the current operators &ndash including MGM China, Sands China and Galaxy Entertainment Group &ndash will expire at the end of the year, and they face plummeting revenues and heightened regulatory scrutiny from Beijing. |
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Observers
Elite |
16-Sep-2022 09:26
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I think too early to conclude since the border measures only just recently opened up. Maybe the quarter involving the Singapore F1 will show a clearer picture if genting is able to ramp up their service offerings amid extremely tight labour market against the hotels nearer the race track.
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wehuattogether88
Supreme |
16-Sep-2022 09:22
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Takeover rumors again? | ||||
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yau123
Senior |
16-Sep-2022 09:14
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Why suddenly shoot up? | ||||
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honesty
Master |
16-Sep-2022 09:12
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perennial lock down in china will kill off the stock value, DYODD
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Segarvale
Senior |
16-Sep-2022 09:04
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Up today because GMM bid a casino licencw in macau?? | ||||
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Singpost
Master |
18-Aug-2022 14:44
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this about to move up ... after washed last week
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Boatman
Master |
18-Aug-2022 09:52
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goggoogogg | ||||
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Joelton
Supreme |
16-Aug-2022 08:57
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Analysts mixed on Genting Singapore following underperformance versus rival Marina Bay Sands
Analysts from UOB Kay Hian, RHB Group Research, Maybank Securities and CGS-CIMB Research are mixed on Genting Singapore as its 2QFY2022 performance paled in comparison to Marina Bay Sands&rsquo (MBS) performance for the same period.
RHB analysts, who have downgraded their &ldquo buy&rdquo call to &ldquo neutral&rdquo point out that Genting Singapore&rsquo s 1HFY2022 core profit made up 36% of its FY2022 estimates while revenue and adjusted EBITDA came in at 44% and 42% of its forecasts respectively.
&ldquo The q-o-q gross gaming revenue (GGR) growth of 2.7% was disappointing compared to MBS&rsquo s q-o-q GGR growth of 84%,&rdquo the analysts add.
Maybank analyst Yin Shao Yang, who also downgrades his &ldquo buy&rdquo call to &ldquo hold&rdquo explains that the shortfall was largely due to an unusually low 2QFY2022 VIP win rate of 1.5%. Adjusted for normal VIP win rate, 2QFY2022 EBITDA would have been 27% higher at $182.2 million or more than 70% higher q-o-q.
In the long term, VIP win rate will average at the theoretical average, says Yin. &ldquo More importantly, the stable and higher margin 1HFY2022 industry mass market GGR recovered to 75% of 1HFY2019 levels. In fact, we gather that 2QFY2022 industry mass market GGR recovered to about 90% of 2QFY2019 levels.
&ldquo Singapore reopened borders on April 1 and axed Covid-19 testing requirements on April 26. 1HFY2022 Resorts World Sentosa (RWS) share of mass market GGR eased 8 percentage points h-o-h to 37% but we expected this,&rdquo he says, tweaking his discounted cash flow-based target price to 86 cents from the previous 85 cents.
Further adding to the comparison of the two rivals, RHB analysts saw disappointing footfall at RWS&rsquo s premise and casino, versus the large crowds at MBS and its casino. The analysts said half of the tables in the RWS casino were empty on a Sunday afternoon when they visited the premises.
&ldquo From our conversations with RWS staff, we gathered that there has been a return of Asean tourists, but a noticeable lack of northern Asian (China) tourists. We observed that most of the patrons in RWS were locals, while those at MBS were more diverse, including crowds from southern Asian countries,&rdquo the RHB analysts add, lowering their target price to 90 cents from the previous 95 cents.
To this end, UOB analysts Vincent Khoo and Jack Goh retain their view that China&rsquo s eventual border reopening remains as a strong rerating catalyst on Genting Singapore to restore its pre-pandemic earnings dynamic. China visitors historically make up about 19%-20% of Singapore&rsquo s pre-pandemic tourist arrival in 2018-2019.
&ldquo We think that Chinese footfall made up about 20% of RWS&rsquo footfall and 20%-25% of Genting Singapore&rsquo s top-line revenue. Moving forward, we expect China to ease travel restrictions from 4QFY2022-1QFY2023 onwards. China&rsquo s pent-up demand may allow Genting Singapore to potentially deliver above pre-pandemic earnings that could trounce our earnings estimates,&rdquo they add.
Khoo and Goh maintain &ldquo buy&rdquo on Genting Singapore with an unchanged target price of $1.08, implying 8x 2023 EV/EBITDA.
Meanwhile, CGS-CIMB analyst Tay Wee Kuang, who has an &ldquo add&rdquo call on Genting Singapore with a higher target price of $1.04 from 92 cents previously highlights that the management is confident of a gradual demand recovery over the next 12-18 months.
In the near term, Genting Singapore has 50 Meetings, Incentives, Conferences and Exhibitions (MICE) events planned for 2HFY22 &mdash about one-third of which are large-scale events, he adds. &ldquo Further out, the tourism and hospitality industry is set to see further recovery as airlines step up efforts to reinstate capacity, which could lower airfares and further drive demand for travel.&rdquo
Genting Singapore is also in the midst of ramping up its hiring efforts to cater to the robust recovery in demand. It is looking to add about 1,500 additional staff to the current headcount of about 5,000 by the end of the year, but will be closely monitoring cost pressures to strike a balance between revenue growth and profitability, says Tay.
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Boatman
Master |
15-Aug-2022 09:53
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gogogog | ||||
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joe1991
Veteran |
15-Aug-2022 09:04
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Cut le... same pattern as last result... kena sell down result.... nobody interested in dividend. | ||||
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Everyday
Elite |
13-Aug-2022 19:18
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Genting Singapore posts 4.3% drop in H1 profits to S$84.4m despite rise in revenueFRI, AUG 12, 2022 - 6:13 PM
 Visitors to the casino at Genting' s Resorts World Sentosa. Net profit for the 6 months ended Jun 30, 2022 stood at S$84.4 million, compared with a net profit of S$88.2 million posted the same period a year ago.
PHOTO: BT FILE
INTEGRATED resort operator Genting Singapore reported a 4.3-per-cent fall in net profit for the first half of the financial year from the year-ago period, the company said in a Friday (Aug 12) bourse filing. (*see amendment note) Net profit for the 6 months ended Jun 30, 2022 stood at S$84.4 million, compared with a net profit of S$88.2 million posted the same period a year ago. The results translate to earnings per share of 0.7 Singapore cents, against earnings per share of 0.73 Singapore cents in the previous financial year. These figures came even as revenue was up 19.5 per cent to S$663.1 million from S$554.8 million previously, as Genting Singapore benefited from the lifting of Covid-19 restrictions and pent-up tourism demand. On Apr 1 this year, the Vaccinated Travel Framework came into effect to loosen entry requirements into Singapore. However, Genting&rsquo s cost of sales stood at S$463.0 million, up from S$346.9 million in the first half of FY2021.Stay updated withBT newslette The leisure giant and casino operator grew its revenue in both its gaming and non-gaming sectors, although international tourism remained below pre-pandemic levels. &ldquo We are embarking on a make-over of our tourism offerings to enhance the integrated resort&rsquo s appeal as a destination, to capitalise on the post-pandemic pent-up demand, in particular from the affluent regional market, said Genting Singapore. &ldquo With refreshed product offerings targeted at the premium market, we are confident that return on invested capital will deliver significant future growth.&rdquo The company noted that the casino licence for its Resorts World Sentosa casino was renewed for another 3 years from Feb 6, 2022, which led to an increase in intangible assets. The board has proposed an interim dividend of 1 Singapore cent per share, to be paid on Sep 20, 2022. No interim dividend was declared for the corresponding period in the previous financial year. Shares of Genting Singapore closed at S$0.825, down S$0.01 or 1.2 per cent on Friday, before the results were announced. *Amendment note: An earlier version of this article incorrectly stated that the net profit recorded was for the first quarter of the 2022 financial year. It was in fact for the first half of the year. |
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Goldfinger
Supreme |
13-Aug-2022 18:07
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Hope this is a good sign that full year div may regain to 4 cents. | ||||
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joe1991
Veteran |
13-Aug-2022 17:32
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I cant see SGX genting result now.. maintenance?? but last night i had a glance... the revenue was better than last year in most area?? but due to taxation their profit was lesser?? just hope takeover is still there... | ||||
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bamboo300306
Veteran |
13-Aug-2022 15:25
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Suprise that despite the opening of border, revenue is less than last year. Maybe due to the absence of Job Support Scheme. This further confirm that without Chinese Tourist, Tourism in Asia will be subdue. | ||||
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beetlejuice
Master |
13-Aug-2022 13:31
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Big things got small beginnings.
Hope for more good stuffs to come.
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Luckygal
Member |
13-Aug-2022 12:53
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Surprise that they are paying div. Hope price go up on Mon. | ||||
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ysh2006
Supreme |
12-Aug-2022 17:52
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Ya this Yr it give 1c div ,xd 26 Aug so fast but pay one month later.. result 4% less than last year not bad already ,hope full year earn' mark mark " give two cents div lah..
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