【RESORTS 交流专区】RESORTS 会不会被私有化？

K男

原帖由 傻人最有傻福 于 2-7-2008 01:27 PM 发表
只是个预测嘛.....自己制定的目标价位.....今天这里有谁进到RM2.50？

如果是发生在早上肯定我做到－－我８点半就喊了－－可惜下午排在人家１２千张后面

catzilla

谢谢分享，马国的政局一天还没稳定下来，股市还是会有继续下跌的风险村存在。外资都跑光了，Resort还会在跌。

cocoloco

小林出手了开始买回公司股票了

cocoloco

名勝世界（RESORTS，4715；主板貿服組）近期遭受多項利空衝擊而走低；惟分析員認為市場反應已經過敏，而且分析員也相信政府料不會在新預算案中調高博彩稅。

kray_keigo

如果我是老林~
我现在不会出手~~
如果出手~就等于帮了庄稼一把~
被套的庄不可能亏太多来卖的~
还会继续跌的~就算反弹~也是小反弹~
现在买的人~到底是为了什么？2。50很便宜？还是你对resort的前景非常有信心？

蚂蚁小弟

http://fusioninvestor.blogspot.c ... ial-statements.html
RESORTS Q1/08 Financial Statements
As a few of the fellow chatters are interested in RESORTS, it might be useful to show here some snapshots of the latest Quarterly Financial Statements. Full report (PDF file) can be downloaded from Bursa website here - http://announcements.bursamalays ... D07482574570038D61E


INCOME STATEMENT



Quick comments:

Nothing major sticks out like a sore thumb here when comparing Q1/08 to Q1/07.

Revenue grew slightly.

Cost of sales marginal growth.

Gross Profits okay.

Other Income and expenses steady.

Profit from Operations Good.

Finance cost small and improved.

No more big loss from Star Cruises.

Taxes okay.

In short, diluted earnings of 5 sen for Q1/08 looks okay.


BALANCE SHEET





Quick Comments:

There's no question Resorts Balance Sheet is very strong.

Total cash recorded under Current Assets is $3.2 Bn.

Under Fixed Assets, there is another $1.4 Bn of what comprises mainly quoted securities. The "other long term investments" recorded at $0.5 Bn does not reflect unrealized gains (per 2007 Annual Report, although I'm not sure what the value is today).

However, the sharp eyes amongst you will have noticed that the sum of these 4 items have actually decreased from Q1/07. The question is where did that money go?

A quick look at the current liabilities showed 2 improvements.
1. Trade payables dropped from $0.49 Bn to $0.405 Bn.
2. Short Term borrowings also dropped from $0.18 Bn to $0.08 Bn.

Overall, Net Assets dropped slightly from $1.43 to $1.37, or from $8.2Bn to $7.9Bn, or $0.3 Bn drop.

It is clear this is more than explained by the bigger drop in Fixed Assets from $6Bn to $5.4Bn, or $0.6 Bn drop.

I view the drop in Fixed Assets favorably since Fixed Assets is normally a playground for valuation "games" amongst experienced accountants. Personally, I like to see RESORTS trimming its fixed assets.

However, I note there is capital commitment to the tune of $0.66 Bn ($0.21 Bn contracted, $0.45 Bn Not yet contracted).

RESORTS has 5.9 Billion shares. Net Cash ($B) = 0.90 + 0.51 +1.11 + 2.13 - 0.08 = $4.57 Bn, or 77 sen per share.

Overall, nothing too worrying sticking out like a sore thumb.


CASHFLOW STATEMENT




Quick comments:

Operating Profit Before Working Capital Changes increased, which is good.

They've used the cashflow to reduce their current liabilities (payables and loans) which is good.

RESORTS continue to invest $0.09 Bn in Q1/08 into Plant, Property Equipement like prior year.

They also bought back shares this year.

My quick glance at the price charts show that Q1/08 prices are higher than Q1/07 prices, although one needs to closely examine at what prices they've bought back. Somehow, I don't think they are doing a good job here, since prices now (July 2) is at this year's low. Whilst buybacks are generally seen as positive because they reduce the number of shares outstanding and increase earnings per share, the price they pay to buy back is also very important. Still $0.03 Bn hardly dents the Net Cash, but something to watch out for.


VALUATION

Valuation is actually complex, but a very quick and dirty one is to look at current price of $2.50, less net cash of $0.77 = $1.73. If we assume yearly earnings is $0.05 x 4 = $0.20, then, this implies a business P/E of 1.73 / 0.02 = 8.6, which is getting in the region of a "value" buy. If exclude the net cash, the quick and dirty P/E is $2.50 / 0.2 = 12.5, which is also getting "interesting".


FUTURE PROSPECTS

Short term challenging but within the general view of "steady". Nothing terribly exciting, but not bad. Very solid business. Genting Highlands business is secularly cyclical, but when the good times comes back, business will be bomming bigger than ever before, although exactly when is unclear.


Disclaimer: As usual, buy/hold/sell at your own risk.

傻人最有傻福

原帖由 K男 于 2-7-2008 03:01 PM 发表

如果是发生在早上肯定我做到－－我８点半就喊了－－可惜下午排在人家１２千张后面

哈哈哈.....昨天都说了啊.....底价是RM2.50.....今天谁进到RM2.50 闭市RM2.54......水钱都赚到了

[ 本帖最后由 傻人最有傻福 于 2-7-2008 05:11 PM 编辑 ]

publicpang

原帖由 傻人最有傻福 于 2-7-2008 11:51 AM 发表


哈哈....我看到RM2.49的买家了.....不多（算是少...)我觉得应该只会跌到RM2.50或者卖到几张RM2.49而已.... 你的看法呢？？？

老大...强.........2.50竟然稳稳守着.......不懂哪条水丢2.50...

titep_shin

原帖由 蚂蚁小弟 于 2-7-2008 04:25 PM 发表
http://fusioninvestor.blogspot.com/2008/07/resorts-q108-financial-statements.html
RESORTS Q1/08 Financial Statements
As a few of the fellow chatters are interested in RESORTS, it might be useful to  ...

请问：在balance sheet 里有一句话
[fly]RESORTS has 5.9 Billion shares. Net Cash ($B) = 0.90 + 0.51 +1.11 + 2.13 - 0.08 = $4.57 Bn, or 77 sen per share.[/fly]

Net Cash ($B) = 0.90 + 0.51 +1.11 + 2.13 - 0.08 = $4.57 Bn, or 77 sen per share
怎样算出来？
0.90,0.51,1.11,2.13,0.08的value 怎样得到呢？
是什么value?

我试着用Total cash recorded under Current Assets is $3.2 Bn.
RESORTS has 5.9 Billion shares
拿3.2 除5.9不行吗？

对不起，好像问了很笨的问题。。。
可以教教我吗？

cocoloco

RESORTS WORLD BHD (“RESORTS WORLD”)

- PROPOSED RENEWAL OF THE AUTHORITY FOR RESORTS WORLD TO PURCHASE ITS OWN SHARES (“PROPOSED SHARE BUY-BACK RENEWAL”)
- PROPOSED EXEMPTION UNDER PRACTICE NOTE 2.9.10 OF THE MALAYSIAN CODE ON TAKE-OVERS AND MERGERS, 1998 (“PROPOSED EXEMPTION”)


Contents       
:
       
We refer to the announcement made by CIMB Investment Bank Berhad, on behalf of the Board of Directors of Resorts World, dated 2 May 2008 and the announcement made by Resorts World dated 23 June 2008 in relation to the approval from the shareholders of Resorts World for, amongst others, the Proposed Share Buy-Back Renewal and Proposed Exemption at the 28th Annual General Meeting of Resorts World.

On behalf of the Board of Directors of Resorts World, we are pleased to announce that Genting Berhad (“Genting”) has informed Resorts World that the Securities Commission (“SC”) has, on 1 July 2008, approved the Proposed Exemption, subject to the requirement that Genting and persons acting in concert with it must at all times disclose to the SC all acquisitions or purchases of the voting shares in Resorts World made by them in a 12-month period from the date of the granting of the Proposed Exemption, as required under Paragraph 10 of Practice Note 2.9.10 of the Malaysian Code on Take-Overs and Mergers, 1998.

Accordingly, the Proposed Share Buy-Back Renewal and Proposed Exemption have become unconditional.

This announcement is dated 2 July 2008.

蚂蚁小弟

没看清楚吗？我只负责转帖

K男

原帖由 傻人最有傻福 于 2-7-2008 05:04 PM 发表


哈哈哈.....昨天都说了啊.....底价是RM2.50.....今天谁进到RM2.50 闭市RM2.54......水钱都赚到了

我上个月就唱２。５００了－－大家目标一致

傻人最有傻福

哦哦哦......GIVE ME 5.....哈哈哈哈

PBBANK-O1

原帖由 kray_keigo 于 2-7-2008 04:24 PM 发表
如果我是老林~
我现在不会出手~~
如果出手~就等于帮了庄稼一把~
被套的庄不可能亏太多来卖的~
还会继续跌的~就算反弹~也是小反弹~
现在买的人~到底是为了什么？2。50很便宜？还是你对resort的前景非常有信心？

蜜瓜西瓜木瓜

有点想买的感觉。。。

ah-b

原帖由 K男 于 2-7-2008 07:56 PM 发表

我上个月就唱２。５００了－－大家目标一致

那你这个月的目标是多少?

choo_chooo

2.00 的说~
小弟买入价是3.50

傻人最有傻福

那么你肯定需要再买入，然后拿平均价咯......短期不会上回RM3.50 吧....

活在当下1982

奉劝大家一句，股市才刚开始转入熊市。。。。
还是尽早离场吧！
区域面临的是比起97年更严重的情况。加上我国政局欠稳，很可能会重演上一次金融风暴的情况。
加上这一次还没有金融追击手入场，这一次不是想上一回那么简单（区域性）而是全球性的金融危机。一旦有任何一个国家出问题而解决不了的话，那时的情况将不堪设想。。。就好像在一个火药库里，只要有一丝丝的火花，都会引爆。
我们散户千万不要在个时候进场接大户的货。。因为可以明显看道他们都已经渐渐的散货。。。制造利好因素吸引散户。因为他们已经看道大市已经不行了。要不然市场不会一直有人丢货出来。

ah-b

原帖由 活在当下1982 于 3-7-2008 09:59 AM 发表
奉劝大家一句，股市才刚开始转入熊市。。。。
还是尽早离场吧！
区域面临的是比起97年更严重的情况。加上我国政局欠稳，很可能会重演上一次金融风暴的情况。
加上这一次还没有金融追击手入场，这一次不是想上一回 ...

有那么严重?
只要局势稳定就好一点了~

[ 本帖最后由 ah-b 于 3-7-2008 12:01 PM 编辑 ]