【Genting SP 雲頂新加坡 2】

napster

haha ya...overall genting sp result still vr good ,lastest 2011 2Q Net profit compare to 2010 although drop -37%, this is because Marina bay open on 23 June 2010 and last year Genting sp monopoly for few mths. This year Genting sp 2011 2Q EBITDA is S$352.5M (Marina bay is S$405.4M), this year no more monopoly.Anyway if u check the Genting sp annual report 2010 ,and the net profit is S$657M and latest 2011 half year net profit is S$548M. Genting sp still have 2Q to go (Nov-Dec is holiday peak season and the Universal studio will open end of this year) ....I think this year total net profit will increase atleast 10-20% .I hope Genting sp management will change the strategy, focus on mass market not the uncle ,aunty that come fr malaysia just because of free food and drinks. Overall singapore gaming business is still in positive growth! The sad case is I don't have extra money to buy more genting sp!!luckyi02 发表于 13-8-2011 12:24 PM

是吗？你看看Q1 2011 和Q2 2011, 跌了很多。还有金沙的405m是USD， 不是SGD啦!!
问题是Q2 2011 的RWS的营业额跌了22%，税前盈利跌了34%，相比Q1 2011。
即时universal studio生意再好，未来的marine life park 开幕也帮不上忙，因为亚洲赌场里有90%的营业额还是来自赌场。酒店和乐园的贡献太单薄了。


SINGAPORE, Aug 12 (Reuters) - Genting Singapore
said on Friday that gross earnings from its casino-resort
in the second quarter fell 34 percent from the
previous three months, lagging behind rival Marina Bay
Sands, as it was hit by lower win percentages in its premium
players segment.          Resorts World at Sentosa made S$352.5 million ($290.9million) in earnings before interest, tax, depreciation andamortisation (EBITDA) in April-June, down 33 percent fromthe S$524.6 million reported for the year ago period.          This was also 34 percent lower than the S$537.9 millionit earned in the first quarter of this year.          Its EBITDA was lower than the $405.4 millionreported by Marina Bay Sands, Singapore's only other casinoowned by Las Vegas Sands , for the same period.         Resorts World's net revenue for the second quarter was S$716 million, 22 percent lower than the precedingquarter due to unfavourable win percentages for its premiumplayers segment, Genting said.          Singapore legalised casino gaming and allowed the buildingof two massive casino-resorts in 2005 as part of a plan to boosttourism. Genting's $4.8 billion Resorts World on Sentosa islandopened its doors in February last year, while the $5.5 billionMarina Bay Sands started two months later.           The Singapore casinos are the world's second and third mostexpensive casino complexes after MGM's CityCentre in Las Vegas,and their profits and profit margins are among the highestglobally.         Las Vegas Sands Corp swung to a net profit of $367.6 millionin the second quarter, bolstered by improved business in Macauand Singapore, the world's two most lucrative gambling markets.                  Q2 results for Singapore's two casino-resorts                         Resorts World Sentosa       Marina Bay Sands Market share   44 percent                  56 percent Net revenue    S$716 mln ($590.8 mln)      $737.6 mln EBITDA         S$352.5 mln ($290.9 mln)    $405.4 mln EBITDA margin  49 percent                  55 percentResorts World had a 55.8 percent market share by revenue in thefirst quarter of 2011, compared with 44.2 percent for Marina BaySands.

mcwong

云顶是可以改善赔率和金沙一样。
不过我不认为他们会这样做，这样会拉低他们自己的house edge。即使改善 ...
napster 发表于 13-8-2011 04:06 PM

你说的也对。那就要看看云顶还有其他方法应对吗? 那你本身觉得这股还值不值得投资?

napster

你说的也对。那就要看看云顶还有其他方法应对吗? 那你本身觉得这股还值不值得投资?
mcwong 发表于 13-8-2011 09:10 PM

短期炒作还可以。
长期的话还有一大堆好选择。
2017年过后新加坡还会有第三间赌场等待投标，到时候市场蛋糕又小了。
目前rws , mbs依然是世界盈利第2，1高的赌场，主要是靠duopoly。
澳门那些赌场的季度税前盈利介于usd100-250m 之间。新加坡这两间大概usd300m以上。

av777

短期炒作还可以。
长期的话还有一大堆好选择。
2017年过后新加坡还会有第三间赌场等待投标，到时候市场 ...
napster 发表于 13-8-2011 09:44 PM

有第三间这个可能性不大。。。。

coolsniper

哪位前辈可以帮忙解释一下什么是junket 活动呢？为何是犯法的？它是怎样进行的呢？为何云顶新加坡要冒险做那 ...
coolsniper 发表于 13-8-2011 02:32 PM

   没有人愿意帮忙替小的解惑吗？？

jl9981

junket就是赌场中介人，替赌场寻找潜在的顶级豪客，现时政府还没推行与通过中介人法令，所以是犯法的。如果没有更坏的情况出现，我相信市场已经见底了，是分批入货的好时机。

jl9981

在市场上，以最低点买入，再从最高点买出，几率等于零。如果已经超卖，为何不分批进场？

skyship

Genting Singapore: Maintain BUY with lower S$2.42 fair value

By Carey Wong
Mon, 15 Aug 2011, 09:55:46 SGT

Genting Singapore’s (GS) 2Q11 results came in slightly softer than expected. Revenue fell 17% YoY and 21% QoQ to S$728.7m, or around 2.8% shy of our forecast, mainly due to “unfavourable win percentage” in the premium player business. Reported net profit was down 39% YoY and 20% QoQ to S$243.2m; but excluding discontinued operations in 2Q10 and fair value adjustments, core net profit came in at S$243.3m, down 22% YoY and 21% QoQ, but about 3.0% above our forecast. In line with the slightly mixed 2Q11 numbers, we pare our FY11 revenue estimate by 4.6% and earnings by 2.9%; but we continue to believe that GS should enjoy a seasonally strong 2H11, driven by the year-end holidays. And with GS planning to repay S$400m of debt in 2012, it will have an impact of reducing our DCF-based fair value from S$2.53 to S$2.42. But given that there is still 40% upside, we maintain our BUY rating.

Slightly softer 2Q11 showing. Genting Singapore (GS) reported its 2Q11 results last Friday, which came in slightly softer than expected. Revenue fell 17% YoY and 21% QoQ to S$728.7m, or around 2.8% shy of our forecast, mainly due to “unfavourable win percentage” in the premium player business; but this was balanced by strong growth in the non-gaming segment. We understand that its hold rate slipped to just 2.66%, down from the theoretical 2.8-3.0% range. As a result, EBITDA eased 32% YoY and 32% QoQ to S$338.6m, yielding a margin of 46.5%; but management notes that on an adjusted EBITDA of S$352.5m, margin would have been around 51%. Reported net profit was down 39% YoY and 20% QoQ to S$243.2m; but excluding discontinued operations in 2Q10 and fair value adjustments, core net profit came in at S$243.3m, down 22% YoY and 21% QoQ, but about 3.0% above our forecast. For 1H11, revenue rose 35% to S$1,651.3m, meeting 35% of our FY11 forecast, while net profit came in at S$548.6m, or 40.4% of our full-year estimate.

Still has majority share of local gaming market. Despite the blip in 2Q11, management believes that RWS (Resorts World Sentosa) continues to command a slight majority of 55% of the local gaming market in 1H11. It also believes that it has about 52% share of the rolling chip volume (premium market) in 2Q11. Non-gaming business has improved significantly, with revenue up 40% YoY and 21% QoQ, aided by steady growth in Universal Studio Singapore (USS) and the hotels. Management revealed that daily average visitation to SS hit 10.3k with an average S$83 spend each. It believes that this number will continue to grow when it opens the Transformers ride by end 2011. Hotel occupancy rates also improved to 88% in 2Q11 from 79% in 1Q11, while average room rate rose to S$317 from S$280 the previous quarter. Management remains confident that the opening of the West Zone by end 2011 to early 2012, it will be able to add more high-end rooms to the mix and establish itself as the premier resort destination for the affluent in Asia.

Marginal changes to our estimates. In line with the slightly mixed 2Q11 numbers, we pare our FY11 revenue estimate by 4.6% and earnings by 2.9%; but we continue to believe that GS should enjoy a seasonally strong 2H11, driven by the year-end holidays. And with GS planning to repay S$400m of debt in 2012, it will have an impact of reducing our DCF-based fair value from S$2.53 to S$2.42. But given that there is still 40% upside, we maintain our BUY rating.

http://www.ocbcresearch.com/Arti ... 0110815095544_55318

skyship

DJ MARKET TALK: Singapore Shares Tipped To Rise; Genting In Focus

http://www.morningstar.co.uk/uk/ ... ?id=155144956414848

贺龙元帅

星期一应该可以以更低价钱进了
mcwong 发表于 12-8-2011 11:26 PM

    不可能低过1.60吧？

3326

两个季度的EPS才4.5 cents，加上传出滨海湾金沙的市场占有率超越云顶新加坡~
这股又没有给与股息支撑，加上外围不稳定~
这股还有很多下跌的可能~
博彩股在行情好的时候，可以到PE 20-25左右~
下半年如果EPS可以到达5.5 cents的话，全年EPS也才10 cents~
股市行情好可以上到PE 20的话，也顶多也只能上到$2.00~
现在这么多外围不利股市的消息，短期很难上到$1.90的价位~
以上乃小弟愚见~

贺龙元帅

两个季度的EPS才4.5 cents，加上传出滨海湾金沙的市场占有率超越云顶新加坡~
这股又没有给与股息支撑，加上 ...
3326 发表于 15-8-2011 12:09 PM

    确实！确实！不过我要平衡价， 这个时候无论如何要入场了。
希望1.65进

3326

确实！确实！不过我要平衡价， 这个时候无论如何要入场了。
希望1.65进
贺龙元帅 发表于 15-8-2011 02:11 PM

    如果最近要进场的话，不如分批进吧~
不要一次过的把子弹用完，先进一部分，留一部分子弹~
如果进一步下跌再进~
小弟愚见，买卖自负

limyc

他们何时才可以发放股息啊？
我觉得还会再跌

very_lucky

Ivan2k ivan2k ivan2k.......

very_lucky

Ivan2k ivan2k ivan2k.......

cksin

Bear bear coming吊你

mcwong

他们何时才可以发放股息啊？
我觉得还会再跌
limyc 发表于 15-8-2011 05:18 PM

预测2012才会放股息，因为它们需要钱还借贷。

风起云涌

两个季度的EPS才4.5 cents，加上传出滨海湾金沙的市场占有率超越云顶新加坡~
这股又没有给与股息支撑，加上 ...
3326 发表于 15-8-2011 12:09 PM

确实蛮精辟的客观分析--感谢中的说--好样的

ho32{O.o}

云顶新加坡的2Q11盈利下滑39%至2亿4,320万元
云顶新加坡(Genting Singapore PLC)下跌39%至2亿4,320万元，主要因其贵宾部门的赌客获胜率颇低。总收入下跌16.7%至7亿2,870万元，由于赌场的赌博收入下滑24%至5亿8,390万元。公司的主席兼总裁Tan Hee Teck说：“公司的次季业绩受到首季的影响，首季适逢华人农历新年。我们在农历新年期间的业绩非常出色。当时一些客户输了不少钱，所以需要在次季休息一阵。”另一方面，公司的2Q11非赌博收入上扬40%至1亿3,210万元。值得注意的是，就在几周之前，到访公司环球影城(Universal Studios)的人数创下单日纪录，达到2万330名。每日到访环球影城的平均人数于次季上升至1万300名，访客平均花费83元，比上一季高40%。

启示：尽管新加坡赌博业的竞争激烈，但公司对其非赌博业务的业务量及盈利增加感到鼓舞，并预期到访环球影城的人数和酒店入住率将在未来的季度提高。公司也将持续增设新景点，包括将于10月开幕的海事博物馆(Maritime Experiential Museum)和在12月推出的全球首个变形金刚(Transformers)景点。