https://www.yogonet.com/international/noticias/2019/08/06/50568-ny-resorts-world-catskills-unveils-enhanced-poker-room
Resorts World Catskills Casino Resort announced Monday that its new 7,000-square-foot poker room, located on the main casino floor, is now open.

Thank for sharing

https://klse.i3investor.com/blogs/boostmy/218521.jsp
Genting Malaysia: A Case of Buying at The Bottom

1. Background. The media, analysts and shareholders are up in arms over Genting Malaysia’s 49%-stake purchase of Empire Resorts Inc for USD180m, which chiefly owns and operates the Resorts World Catskills integrated casino. This has caused the share price to take a 10% hit.

2. RPT the major concern. Despite being a related party transaction (RPT), the deal can proceed without minority shareholders’ approval. While technically allowed, as conditions for an EGM are skirted, the move leaves a bad taste to minorities who have no voice in deciding on a “material” acquisition. By and large, the counterparty for the stake is none other than the controlling shareholders, whom investors fear are bailing out a loss-making company, whilst cashing out through reducing their direct stake. This, I believe could be seen 2-ways, depending on the future performance of Empire Resorts – if it turns out to be profitable with decent ROE’s, then the controlling shareholders should be commended for sharing some of this upside with minorities. However, if it turns out to be a bust, then, by all means, investors should grab their pitchforks and storm the next AGM.

3. Still in gestation. Aside from that major concern, the company looks to me as a potential turnaround story or an early-stage growth company. The main asset, Resorts World Catskills was only completed in February 2018, and is only in its second year of operations. New attractions such as an indoor water park was recently opened and a golf course will be added in 2019/2020. A new poker room was only launched days ago, and sports betting only commenced in July 2019. This indicates that there could be upside to the business.

4. GGR on an uptrend. While the property is loss-making, GGR trends are encouraging. Total monthly GGR hit USD20m for the first time in June 2019, representing a 54% growth versus June 2018 (graphs 1 and 2). For the second quarter of 2019 (graph 3), total GGR breached the USD50m for the first time, an increase of 45% yoy and 14% qoq. Meanwhile, this does not take into account revenues from other sources such as racing, F&B and hotel rooms which formed 22.6% of revenue according to its latest 10-Q filing. The link to the data is provided below.

5. Fears of Empire Resorts dragging down earnings could be overstated. It would, in my view, be lazy to assume a similar loss reported in FY18, and apply it to FY20 forecasts. First, the casino only opened in February 2018, hence it is not a full year contribution. Second, GGR for 1H19 already forms 81.6% of FY18’s total GGR. If annualised assuming no sequential growth in 3Q and 4Q19, FY19’s GGR is set to increase 63% yoy. This does not take into account the company’s growth potential in FY20, which will be a full year contributor to GENM. Third, sports betting which commenced in July 2019 has yet to be reflected in numbers -- and sports betting is a significant business. Fourth, lower costs from synergies have not been factored in.

6. Getting in on the ground floor. Seen positively, the acquisition could allow investors an early ride on a fairly new asset with growth/upside potential. While some might balk at the USD180m price tag (for 49%), which may look steep at 1.89x book value, they forget that Empire Resorts Inc is a listed company. And privatisation exercises of listed companies, especially in the US, are typically transacted at a premium to its last-closing share price. In this case, however, the premium was only negligible. In fact, the deal can be considered attractive as most negatives are reflected in its share price. In effect, investors could be buying at the low (would you rather pay high premiums for mature assets, or pay a reasonable price for a growth asset?). In addition, the cost of investment for Resorts World Catskills was quoted at USD1.2bn. Valuing 100% of Empire Resorts Inc at USD360m could be a steal.

7. Closing remarks. While the deal might not appear positive, especially in the near-term, I don’t believe it is that destructive to Genting Malaysia’s value to the tune of 10% or RM3.15bn. Most of the risks associated with starting a new casino such as obtaining approvals/licensing, delays in construction, cost-overrunes and even first year which bears higher start-up cost have already been lifted (yes, the major shareholders have already borne those risks). If any, investors gain entry to a vehicle with mostly upside potential.

Source:
https://www.gaming.ny.gov/pdf/finance/Resorts%20World%20Catskills%20Casino%20Monthly%20Commercial%20Gaming%20Report.pdf
https://empireresorts.gcs-web.com/static-files/6451a1a6-497c-44ad-a1c2-2036933ce4e2

Thank for sharing

On good side it is a way to regulate related party transactions which anyway will still be rendered by GENM. No way it is done separately.
On risk side, the management has not provided clarity to earnings potential of the Empire business.

25% drop in profit is very alarming. Worsened by drop in sale.

Expect dismal performance in 2019.

USD borrowing cost will also increase now with higher dollar.
Hate situation to be in. Top line is restrained by the hedging while borrowing costs is exposed to higher dollar.

Not the time to buy.
Hedging entered will be a drag to future profit. The amount is quite huge.

Funds are collecting the shares

Another mass game Myeg is in - Automotive
Car registration also higher this year.

FDI into Malaysia is encouraging.

Stay focus!
Myeg is potentially a beneficiary of trade war.
Why? More foreign workers needed.

Everyone queuing to buy esos shares

If you have time, visit the Myeg Tower Powerhouse that houses many disruptive companies.

The more disruptive the better.

Disruptive investments by Myeg. Potentially windfall.
- Studios Agmo
- Fashionvalet
- Hurr TV
- Ximmerse
- Stampede Solution
- PT Cartenz
- Jingle Magic
- EForce

Strong dollar is good when overseas sales are increasing.

Happy to hold more
Defensive and resilient business model.

Good return on dividend.
Better than FD.

Export sales saving domestic sales.
Q2 results resilient considering tough environment.
Decent operating cashflow.

New Chairman soon

Sad to see the ESOS!

Who bought? What price? Still has stake 31%.

Another volume game is the automotive industry that Myeg is benefiting.
We have 50k to 60k new car added every month notwithstanding the existing number of car already on the road. Just go taman-taman to see yourself the number.
You need road tax and insurance right?

And it is trade war very potential beneficiary!
Many producers move to Malaysia. ECRL and MRT3 projects kick start going to require services from Myeg.

If needed, the company can settle all borrowings with 6 months cash flow. That is how strong the cash flow generation it has been.
Note the company has spent RM121 million for its treasury shares in less than a year.

http://cartenzgroup.com/
Make sense.

The more disruptive the better!
Investment exposure by Myeg:
1. Investment in an entity engaged in online fashion boutique business
2. Investment in an entity engaged in providing computer, mobile software and information technology services.
3. Investment in an entity engaged in providing debt collection system, telecommunication services, computer
software, hardware and related accessories.
4. Investment in Ximmerse.

At least 80 mil gain hidden in treasury shares and still counting.

与迪士尼合作的Ximmerse又来了！推出全新AR交互系统Rhino
http://www.kaixian.tv/gd/2019/0628/484227.html

Jokowi 2rd term will prosper Indonesia to next level. The market there is huge and very potential. Real move by myeg started.

2018年，Ximmerse完成了由广发信德领投，联想创投、马来西亚MYEG、和石投资、长策投资跟投的A2轮融资，金额8000万元人民币。

Ximmerse推出全新AR系统Rhino X
https://m.weizenet.com/n/2605

Plantation Sector - News flow for week 3 – 7 June
Author: AmInvest | Publish date: Mon, 10 Jun 2019, 11:32 AM
Bloomberg reported that futures prices for soybean and canola meal in China have been surging as the Chinese eat more chicken and duck, driving demand for poultry feed. Consumers in China are looking for alternative sources of meat protein as the African swine fever affects hogs. Bloomberg quoted an industry expert as saying that China’s demand for poultry feed is expected to increase by 20% this year. This coupled with the growth in fish farming are envisaged to compensate for the fall in demand for meal from the hog industry.
Bloomberg also reported that planting progress of corn and soybean in the USA continues to disappoint as a result of the heavy rains in the Midwest. According to the USDA, corn planting in the US was 67% completed as at two Sundays ago compared with 96% at the same time last year. Soybean plantings were only 39% completed vs. market expectations of 42%. Currently, the USDA forecasts planted areas of 92.8mil acres for corn and 84.6mil acres for soybean in the US in 2019F/2020F.
Reuters reported that China has agreed to take palm oil worth nearly US$150mil from Malaysia in a barter deal. Malaysia will export US$144.9mil worth of palm oil, representing about 200,000 tonnes to China. In return, Malaysia will receive construction services, natural resources products and civil and defence equipment from China.
Reuters also reported that Total, the French oil and gas company, is set to commission a biodiesel refinery using palm oil. The refinery in southern France will start production in two weeks. The commissioning of the biodiesel plant has been delayed a few times due to opposition from the farmers. The biodiesel plant has a production capacity of 500,000 tonnes per year. Total has committed to using less than 300,000 tonnes of CPO per year at the biodiesel plant. The rest of the feedstock will consist of oils coming from other plants and recycled fats.
Bloomberg said that China plans to store cargoes of American soybeans bought earlier this year that have yet to be delivered. The soybeans will be sent to boost state stockpiles instead of being processed. According to the USDA, China has yet to receive 6.9mil tonnes of US soybeans. China purchased the soybeans from December 2018 to March 2019 during a temporary truce on the trade war with the US. After trade war talks soured, China has turned to supplies from South America.
Xinhua reported that China’s soybean and pork imports from the USA have declined sharply due to the trade war while those from other countries have been growing. The Ministry of Commerce said that pork imports from the US fell by 53.6% YoY in 4M2019 while pork imports from Spain, Canada and the United Kingdom rose by more than 10%. China’s soybean imports from the US declined by 70% YoY in 4M2019 while those from Brazil jumped by 46.8%.

Already dived 70% but will yield says 3% to 4%. Got any?

https://gapki.id/wp-content/uploads/2019/05/PALM-OIL-STATISTIK-DATA-2019-MARET.jpg

https://www.thestar.com.my/business/business-news/2019/05/08/we-are-not-palm-oil-enemy-says-french-envoy/

Good to see export sales pick up.

Very resilient business model. Sales can up while overheads should remain largely unchanged.

Very resilient business model. Sales can up while overheads should remain largely unchanged.

HLI when listed 4b?
QL now more than 11b?

Yes Jokowi Yes IDR

https://www.malaysiakini.com/news/472370

The abandoned Putrajaya-Kajang link may be revived with an LRT line, according to a report in The Star Online.Works had begun on a monorail line connecting Putrajaya to Kajang, but construction was abandoned in 2004 due to cost constraints.However, the report said it may now be revived as an LRT line at the cost of around RM2 billion. If it proceeds, the line would be the fourth such line in the greater Klang Valley.In contrast, the LRT3 line from Bandar Utama to Klang will cost RM15.02 billion.According to The Star, the lower price tag is due to civil infrastructure works having been completed with the abandoned monorail project.“While it may take about six months to a year before project development begins, I can confirm that the government wants to proceed with the project,” a source was quoted as saying.At present, the MRT1 line terminates in Kajang, while the under-construction MRT2 line will terminate in Putrajaya. Both originate from Sungai Buloh.A Putrajaya-Kajang connection would complete the loop.'MRT2, HSR, ECRL and LRT4 in Putrajaya'There have been a number of proposals to revive the abandoned link over the years.The previous BN government had also considered linking Putrajaya and Kajang through a tram system.The Star report said that if the LRT4 plan proceeds, it will be under the oversight of local authority Putrajaya Corporation and the Federal Territories Ministry.Though initially deemed a white elephant project, Putrajaya's population has since grown substantially.Apart from the MRT2 line and the possible LRT4 line, the East Coast Rail Link will also have a station in Putrajaya, as will the Kuala Lumpur-Singapore High-Speed Rail, the construction of which is postponed until 2020.

Business flow gonna to increase tremendously.

sowsc1987 kajang 2 的位置正正在bangi 的旁边，now kajang 2 station 就是未来的Bangi/kajang station ??
15/04/2019 3:53 PM

Very likely as it has space.

IDR resilient .. good to MKH repaying its debts. Soon it will be liquidated.

https://theguardiantribune.com/palm-oil-market-in-depth-analysis-to-understand-the-competitive-outlook-of-the-global-industry-with-future-estimations/

https://www.thesundaily.my/opinion/palm-oil-needs-a-makeover-EY753767

Stock is not enough to cover a month export.
https://gapki.id/wp-content/uploads/2019/04/SIARAN-PERS-GAPKI-2-APRIL-2019.jpg

https://www.bloomberg.com/news/articles/2019-04-03/india-2019-monsoon-seen-below-normal-on-el-nino-threat-skymet
India’s June-September monsoon, which delivers more than 70 percent of the country’s annual rainfall, is likely to be below normal this year as the El Nino weather pattern may impact rain, Skymet Weather Services Pvt. said on Wednesday.

Precipitation during the rainy season is forecast to be 93 percent of the long-term average of about 89 centimeters (35 inches), said Jatin Singh, managing director of the New Delhi-based private forecaster. That compares with a preliminary prediction for normal showers. El Nino is likely to be the reason for below-normal showers, Skymet said.
Key Insights
The annual four-month rainy season is critical to the country’s agricultural sector as it affects summer and winter crop sowing and waters more than half of all farmland.
In the event of too little rain, farming suffers, families go hungry and power plants go dark.
India is the world’s second-biggest producer of rice and wheat, the top grower of cotton and the biggest importer of palm oils.
Get More
The forecast has a 5 percent margin of error, Skymet said.
India has a 55 percent chance of a below-normal monsoon, 30 percent probability of normal showers and a 15 percent chance of a drought.
The Pacific Ocean has become strongly warmer than average. The model projections call for an 80 percent chance of El Nino during March-May, dropping to 60 percent for June to August, the forecaster said.
“The savior factor could be Indian Ocean Dipole, which is likely to be in the neutral or positive phase during the Monsoon. Thus, it may be able to absorb some of the El Nino blues and possibly would support rainfall during the second half of monsoon."
June is likely to have a “very sluggish start” and deficit rains are likely to spill into July, Skymet said, adding that the second half of the season would see better rainfall.
East India is likely to be at a higher risk of getting deficient rain, especially during the first half of the monsoon season.
Showers are expected to be 77 percent of the long-term average in June, 91 percent in July, 102 percent in August and 99 percent in September.
(Updates to add details in ‘Get More’ section.)
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