The Investments & Others as well as Share of Results of Associates and JV can swing the result by +/- RM100 million, which I am not able to estimate.

If I were to estimate the net profit of Genting for this Q1 FY2024, I would use its previous Q4 FY2023 result as the base - net profit of RM150 million (including the extraordinary impairment at Genting Singapore).

I would expect Genm to report slightly better results in Q1 FY24 than the RM183m core net profit in Q4 FY23, perhaps touching RM230 million. So the additional earnings contribution to Genting would be (230-183)x 47.1% = RM22 million

Genting Singapore already reported a substantially higher net profit of S$247.4m in Q1 FY24, more than double of net profit of S$118.6m in Q4 FY23. So the additional earnings contribution to Genting would be (247.4 - 118.6) x 3.50 x 52.6% = RM237 million.


Assuming the same earnings from other divisions (oil & gas, power & plantation and Las Vegas) of Genting, I would expect Genting to report a net profit of RM150m +22m +237m = RM409 million.

It may look lower than what many have expected, but it would be 4 times higher than Q1 FY2023 net profit of RM98 million.

Anyway Hong Leong analyst projects a net profit of RM1,763 million for FY2024, and Maybank projects higher net profit of RM2,110 million for FY2024, averaged at RM440m to RM527m per quarter.

I would be happy for Genting to beat my estimate above.

@keyman, I am not the sifu, ATK and Michael Chan are the sifu here.

I have tried to promote Genting and Genm since Jan 2023, taking it as ones of the key beneficiaries of post-COVID recovery plays. But due to various reasons, the share price has not moved up much due to negative market perception of the following:
1) Genting Singapore expanded capex for Sentosa 2.0 from S$4.5b to S$6.8b announced last year, which made the investment public skeptical of returns from such big investments and lower dividend payouts

2) the long process for TauRx in getting necessary conditional approval for its Alzheimer's treatment drug

3) injection of another US$100 million by Genm into US Empire Resorts

4) Closure of Hard Rock Hotel at Sentosa for renovation

5) bigger than expected provision for deferred charges in Dec 2023 quarterly result of Genting Singapore

Most of the issues above have been resolved or are beyond the management control:

1) The expanded capex is for a bigger development at the Waterfront project at Sentosa and will add 700+ hotel rooms, a large shopping mall and exhibition hall. This will help to propel the improvement in non-gaming revenue towards 40% of revenue, from 28% in FY2022 and 32% in FY2023. Genting Singapore registered operating cashflows of about S$900 million in FY2023 and is expected to achieve over S$1.0 billion of operating cashflows a year from FY2024. Furthermore it had S$3.6 billion of net cash as of 31 Dec 2023. Hence GS should have no issue to fund the balance capex of S$4.3 billion (it has already spent some S$2.5b as in mid 2023), i.e. S$800 million a year of capex from FY2024-2028. Total operating cashflows will exceed S$5.0 billion over the period of 2024-2028, plus the S$3.6b cash, GS should be able to fund the remaining capex of S$4.3b + S$2.4b of dividend payouts (4.0 sen each year) over the same period.

2) As for TauRx and based on regular updates from ATK, it looks promising for it to get conditional approval by end 2025 (correct me if wrong)

3) The injection of US$100m into US Empire Resorts was seen by many as an infavourable related party transaction, but I view it differently. As I explained in my previous article on Genm on 1 Mar 2024, the equity injection will increase Genm's equity stakes in Empire Resorts to 90%. Empire Resorts are expected to break even very soon, in fact it was already EBITDA positive since 2023. It should be able to register positive cashflows of US$50million by 2027

4) Hard Rock Hotel was closed for renovation and is scheduled to re-open its doors in early 2025

5) The large deferred tax provision in Dec 2023 did not recur in Mar 2024

Thanks Goldberg for the update.

The appointment of Foong will help to ensure YTL-SEA Digital Bank JV to break even in 2-3 years, like what SEA Money has achieved, EBITDA positive since last year.

Anyone here can just send an email to bursa2u@bursamalaysia.com to file a complaint.

When more people do so, it is more likely for Bursa to take some action against CIMB.

Ya it doesn't look like Bursa has taken any action against CIMB. C28 is still trading at a big discount.

It was a general reply from Bursa, and I do not expect them to tell us exactly what they will do. I am hoping for Bursa to take stern action against CIMB in this case, unless there are more complaints filed against CIMB in the coming days.

I hope those of you who have bought AEON-C28 can make a complaint to Bursa as well tomorrow if CIMB continues to generate computer orders at a significant discount to the fair value of the call warrant.

@Rambutan9, below is the reply from Bursa on my complaint:

Dear Sir/Madam,

 

Thank you for your e-mail.

 

The Exchange closely monitors trading activities in counters traded in the marketplace. Our real-time monitoring and surveillance of the marketplace include (but are not limited to) analysis and examination into all trading activities influencing the price, volume and/or order-book positions of securities which will provide basis to establish irregularities/suspicious trading activities.

 

The Exchange will initiate the necessary action including market surveillance measures to ensure fair and orderly trading and/or referrals to the Securities Commissions should there any breach to the Business Rules and/or the CMSA 2007.

 

In the event of dispute, you are advised to seek clarification from your broker or refer the matter to SIDREC for arbitration.   

 

Thank you

Have a good day!

Our Ref : CAS-33081-R8N1D8

Thanks Goldberg for the TA report.

TA analyst forecast EPS to reach 13 sen by 2026 and dividend payout of 7.0 sen for FY2026. I see that AEON's strong operating cashflows will be more than enough to support the dividend payout of 7 sen.

TA forecasts that AEON operating cashflows to be RM530 million in FY2025, minus out expected capex of RM250m, free cashflows may top RM280 million or 20 sen per share, easily supporting dividend payouts of 10 sen of more as AEON will become a net cash company by 2025.

I need to qualify that the calculated fair value of RM11.33 is based on a bullish projected EBITDA of S$2.0 billion for Genting Singapore in FY2028 and a decent valuation of 13x EV/EBITDA (most analysts currently only gives a valuation of 10x EV/EBITDA or below).

One has to assess oneself whether Genting Singapore can increase its EBITDA from currently S$1.4-1.5b in 2024 to S$2.0b in FY2028. I see it quite likely so given the expansion in the Universal Studios, Oceanarium and additional 700 hotel rooms in next 3 years.
Hong Leong's SOP valuation of Genting in Feb 24 was based on a fair value of S$1.12 per share for Genting Singapore. Its tp of RM7.12 was based on a 45% holding company discount to the SOP valuation of RM12.94 for Genting.

When Genting Singapore EBITDA reaches S$2.0b in FY2028 or FY2030, even if I use Hong Leong's valuation of 9.5x EV/EBITDA (instead of 13x EV/EBITDA used in the article), the increased valuation of Genting Singapore will give an additional value of RM4.23 to Genting's SOP to get a revised SOP of RM17.17. Applying the same 45% holding company discount, Genting should be worth RM9.45 per share.

Posted by Michaelchan2024 > 23 hours ago | Report Abuse

https://klse.i3investor.com/web/blog/detail/dragon328/2024-05-11-story-h-181779531-Genting_Snigapore_Sentosa_IR_Driving_Growth
Genting - Singapore Sentosa IR Driving Growth

- These three upsides would be sufficient to double the valuation of Genting from RM11.33 to RM22.68 per share by 2028.

Michaelchan2024, I have not updated this article since the initial post, as there has been no sign of movement on the ground, especially in the US, to warrant an update. In that article, I gave a lot of values to the potential new New York casino and the potential listing of Las Vegas Resorts World in the US. But as interest rates in the US remain high and current consensus is for first rate cut in Sept 2024, so I would expect any potential US listing to be delayed to 2025 earliest to allow time for interest rates to come down below 5.0% and to get a better valuation.

The New York casino bid is also delayed due to ESG issues, it looks like the RFP will be released towards end of 2024 and final bid in 2025.

Posted by Michaelchan2024 > 23 hours ago | Report Abuse

https://klse.i3investor.com/web/blog/detail/dragon328/2023-01-06-story-h-301897649-Genting_Bhd_Strikes_Gold_in_the_US

Genting Berhad strike Gold in the US

Hi dragon328, if you have updated the article, could you please share the latest version? Thanks

@Goldberg, can pm me the research report of TA on AEON please?

Strong close today at another record high!

More to come next week.

Have a good weekend!

Good closing at RM1.40 today. With the strong close today, technical chart reading all turns positive.

The total trading volume of these 2 days is over 70 million, indicating that some funds have accumulated around 5% stakes in AEON just in 2 days.

Another record high closing! Congras to all who still hold on.

More to come in next few weeks.

It is a nonsense for certain parties to claim YTL is over-valued at current prices.

Based on annualised earnings of 20 sen for FY2024, YTL is trading at less than 19x PER. Earnings are expected to rise rapidly from YTLPower's AI data centre & Wessex, as well as Mcement and hotel business.

I forecast EPS may rise easily to 25 sen by FY2026, based on the projection from Macquarie on YTL Power earnings hitting over RM4.2 billion in FY2026.

Based on same 20x PER, YTL share price should rise gradually to RM5.00 by 2026.

Based on Q1 result, AEON registered operating cashflows (before working capital changes and capex) of RM133.3 million, annualised to RM533 million or 38 sen per share.

Setting aside say RM100-120 million for capex to renovate 3 shopping malls in FY2024, AEON will have free cashflows of RM420 million or 30 sen per share, which could well support a dividend payout of 12-15 sen.

At 7% free cashflow yield, AEON should be worth RM4.28 per share.
At 5% dividend yield, AEON should be worth RM2.40-3.00 per share.

Big funds have sapu the roadblocks at 1.39-1.40.

As the previous CFO Grace Lee has resigned, she was the one blocking my proposal then. Now the MD has been taken over by the founder's son, I hope the new top management will consider more options to enhance shareholders' value and capital structure of the company.

ya it is totally unfair to retail investors like us to suffer such a discount to fair value of the call warrant. Normally call warrants should be trading at most at 1% or fair value, often at 1%-5% premium given that it still has over 3 months before expiry

@Alex Kho, good write-up on KSL.

KSL is not only trading at PER of below 5x, but it has plenty of land in Johor which still carries at very low book value.

Looking at how land price in Kulai/Pulai being snapped up by data centre developers at prices as high as RM138 psf, I think KSL will see huge revaluation gains for its total 578 acres of land around Pulai.

Ya, YTL Power will release Q3 results next Thursday.

Expect decent set of results with net profit around RM800 million +/-5%, which will be inline with latest Maybank's revised projection for FY2024.

Major road blocks at RM1.39-1.40 but I expect these to be taken out soon after short term traders and insiders exit positions.

The big buying yesterday and this morning indicate big funds buying on AEON after the surprisingly strong Q1 profits which are re-rating the stock.

@mmk79, ya the issuing bank CIMB seems to be purposely setting the computer orders for C28 at a big discount to the fair price of RM0.240 at mother price of RM1.39.

I have filed an official complaint with Bursa, and expect Bursa to initiate actions against CIMB within 2 trading days.

Maybank research is the latest research house to upgrade YTL Power, raising target price from RM4.00 to RM5.40.

While the analyst considers that PowerSeraya's earnings are peaking in FY2024, he raises PowerSeraya's earnings for FY2025 and FY2026, conceding that the earlier downgrade was premature and PowerSeraya earnings will not drop as drastically as in previous reports.

But he is skeptical of the AI data centre busines, giving little earnings projection to YTL Power.

Yet, he concurs with my earlier view that YTLP's utilities businesses (PowerSeraya, Wessex, Jawa Power, Jordan Power) will be able to sustain a net profit of above RM3.0 billion every year for next 3 years.

Hence, I expect Maybank to upgrade further as YTLP's AI data centre business gains traction in coming months.

@Raymond, the AI data centre business model is a high tech business with reported payback period of 3 years, so as the pricing of AI chips get higher, the capex for building AI data centres will be bigger and AI data centre developers like CoreWeave and YTL Power will need to charge the customers higher, usually in terms of US$ per hour per GPU.

CoreWeave is charging its customers in the US at a rate of about US$4.50/hour per GPU for Nvidia H100 GPUs now, based on reported selling price of USD30k-40k per H100 GPU.

Now if Nvidia is selling its latest Blackwell GB200 GPUs at USD70k to 80k per GPU, then these costs will be passed on by AI data centre developers to the users like big clouds. Assuming other operating costs (electricity, water, manpower, admin overhead) remaining the same, the pretax profit will get an outsized lift. For instance:

H100 GB200
Price 30-40k 70-80k
Revenue US$1.0b US$2.0b
Opn costs US$0.3b US$0.3b
Depreciation US$0.5b US$1.0b
Pretax profit US$0.2b US$0.7b

Good closing for AEON after reporting a good set of results yesterday.

The massive insiders selling has been well adsorbed with total volume exceeding 40 million.

Another record closing for MCement today. Congratulations to those who still hold on.

@KeepLearning, we cannot compare like to like. Cement is a commodity business, and the profit margin depends a lot on the input costs especially coal costs. Each cement company has different purchasing strategy for coal, but over time when coal prices stabilises (over a period of 6 months or more), each cement company should have similar cost structure and profit margin level.

It also depends on each cement company's total production capacity, i.e. any spare capacity and the initial sunk in costs (and hence depreciation charges). MCement has become this big by acquiring Lafarge Cement, so there is some legacy cost from the acquisition that takes time for Mcement to consolidate.

We shall see from Mcement upcoming result next Thursday whether its profit margin has caught up with peers.

I think analysts will need to revise up YTLP's AI data centre capex and revenue line accordingly, as most are pricing in US$30k to 40k per GB200 GPU.

This would mean an almost 100% uplift in revenue line and pretax profit from AI data centres.

wow Nvidia GB200 GPUs are priced at US$60k to 70k each, doubling from its earlier H100 chips

For those who have decided to take profit on YTL or YTL Power, you can take a look at other under-valued counters: AEON, Genting, IOIPG, KSL, Mcement and PBA.

I won't write too much here, but you can refer to my analysis on each stock in their respective forum. Happy investing!

Mr. OTB, congratulations on being the champion in the competition. You should just thank yourself for having the faith in the YTL group of companies and for having the patience of holding on for so long.

The important thing is everybody who got in at around RM1.30 last March 2023 has made some good money from this counter, whether you decided to take profit at RM2.30 or RM4.20 or RM5.00.

For those who choose to hold on, I am confident this counter will reward you with another 30% to 50% upside by 2026 and 80%-100% upside by 2030.
--------------------------------------------------------------------------------------------
Dear dragon328,

The above article, I extract it from Sslee's blog : 6 months, 12 months and 18 months ROI contest. https://klse.i3investor.com/web/forum/forum-thread/608595869

I remain the champion in this competition because I selected YTLPower.

Please note that the share price of YTLPower moved past 5.00 before Mar 2025.
You have done a good job to benefit all readers in YTLPower forum.
I appreciate it.
Thank you.

If you read the Macquarie report carefully, the projections show that YTLP EPS will rise to over 50 sen in FY2026 then over 62 sen in FY2029. Even if I apply a PER of 12x, the share price should be rising to RM6.00 by FY2026 and RM7.44 by FY2029.

I am arguing for a fairer PER of 15x for a blue chip with growing earnings, so I expect the share price should be trading at RM7.50 by FY2026 and RM9.30 by FY2029.

Had you sold off at RM5.00 after earning a RM4.00 profit after holding for 30 years or so, then you would miss out another RM4.00 gain in next 5 years. Nobody could guess it right and sell at the peak. Long term investment gives you the certainty of returns with compounding effects.

@freedomfund, you sold off your holdings of YTL Power thinking that it is over-valued at RM5.00. But we do not think so. YTL Power is one of the cheapest blue chips in Bursa, trading at forward FY2025 PER of just 11x based on my estimate and also Macquarie/Hong Leong analysts' projections.

It is perfectly fine for each side to express own views here, but please support it with facts and figures.

Show me how you arrive at the view that the counter was over-valued at RM5.00. Simply based on the fact that the share price has gone up 7 times in past 1 year??

FYI, great company stocks like McDonalds, Coca Cola and Microsoft shares had gone up 50 times or 200 times in 10-20 years. Had you sold off after the share went up by 7x, you would have missed out on the subsequent bigger rally.

I would just hold onto a stock as long as its fundamentals are intact, valuation is still cheap and earnings are still growing, irrespective of how much the share price has gone up before.

3b) YTL Power share price was trading at below RM1.00 for several years before 2022 as the main asset PowerSeraya was making losses then. Now PowerSeraya has turned in hundreds of million dollars of profits every year, I expect skepticism from all angles especially those who had missed out on the share price rally. I think you may not have a good understanding on how the electricity market works in Singapore. It has always been a competitive market, so I do not understand what you meant by "With competitive biddings, the margin will soon be conservative again." The Singapore electricity has always seen competitive biddings for many years, in fact each genco needs to submit competitive bids for every half an hour for their generating capacity. The margin does not depend on competitive bidding itself, or the bidding behaviour or pattern, it depends on demand and supply. I have explained this for "n"th times, but many just choose to ignore the fact. That's not my problem. The electricity supply is tight now and will get even tighter in next 2 years. What I expect to see is increasing bigger margin for gencos in coming quarters due to the tight supply, as more demand comes in from new data centres, EV charging and offices' & households' air-condition usage due to heat waves.

It is a cyclic kind of thing. When the supply becomes bigger as new generating capacity comes online, eg. the new 600MW unit from Keppel and Sembcorp in 2026, the reserve margin becomes better and gencos' profit margin may come down. But as the current electricity demand growth is very strong at over 4% p.a. (or peak demand growth of over 300MW per year), the anticipated increase in demand in 2024 to 2026 will be almost 1,000MW and the new capacity of 1,200MW from Keppel and Sembcorp will be just enough to cater for such demand growth, as each 600MW unit will need to reserve some capacity for internal consumption around 3%, spinning reserves about 2-3% and contingency reserve of another 5% (so the net supply will be about 1,200MW x (100% - 10%) = 1,080MW.

For this reason, I do not expect gencos' retails margin will drop a lot in 2026 as the new capacity will be well absorbed by the demand growth. Furthermore, the new capacity from Keppel and Sembcorp will not be brought in a way that will destroy the generation margin for all gencos, otherwise Keppel and Sembcorp themselves will also suffer low margin for their existing 1400MW and 1800MW capacity.

The upcoming Q3 result will show how much PowerSeraya has "normalised" after the TPC was implemented from July 2023. This "normalisation" of earnings in PowerSeraya has been exaggerated and overplayed by some local analysts.

As for the selling of 2.2m shares by Dato' Seri Michael Yeoh in Dec 2023 was just a very small portion of what he had. For what purpose he sold is not up for us to speculate, but time has told that the selling was premature as the share price has since more than doubled up.

It is perfectly fine if you have sold off your holdings in YTL Power, some more as you said after holding them for 30 years or so. I will not comment on nor speculate why you chose to sell off, it is your choice.

But when you chose to talk bad on the company prospects just after you sold off the holdings, it does not look so good on your intention. It will jeapodise the interests of those of us who choose to hold on.

Please go and enjoy whatever profit you have made from YTL Power, and go invest in other counters you feel more comfortable.

@freedomfund, congratulations on your fat gains from investing in YTL Power for last decades!

I have slightly different views from what you spelled out up there:

2) on Yes, it is too early to call it a failure. When YTLP started the telco business, it got into the wrong technology of LTE while the incumbent telcos were raking in fat profits from 3G voice business. We can see that Green Packet which got the same LTE licence went burst, but YTLP Yes survived due to tight cost control and also 1bestariNet project which gave steady cashflows to the group for several years.

3a) The tie up with Nvidia is just at the starting stage now and time will tell if it is a lucrative business or not. Analysts like CLSA, Ambank, Hong Leong and most recently Macquarie appear to be very bullish on the AI data centre business of YTL Power. I believe they have done relevant research into data centre business in the US and Australia and in the region to make them convinced of the good prospects. The tie up with Nvidia gives a very strong competitive advantage to YTL Power in doing the AI data centre business, as Nvidia GPUs are the most powerful with dominant market share of over 80%. And Nvidia is not any other company, it is the 3rd largest company in the world with market cap of over USD2.3 trillion. Analysts are giving target prices of USD1000-1,350 to Nvidia, meaning that its market cap may test USD3.0 billion in coming months. Why are all these big name analysts are bullish on Nvidia? It cannot be just a hype to make a USD2.3 trillion company. Nvidia is putting in tremendous efforts in coming out with even more powerful GPUs every year, in order to pull him ahead of competition. Why all the biggest tech companies like Microsoft, AWS, Google and Meta are spending tens of billion dollars every year on AI data centres? Because they see it as the future growth area for their business. These are the biggest names in tech, you cannot say all of them are just jumping into the hype.

AI is the future growth, no matter how you think and whether you want to face it or not. Those in the stage of denial will be replaced. I cannot tell how long this AI data centre will remain hot, but I believe the pie is large enough for YTL Power to at least secure 200MW of AI data centre deals from these big techs. That would be enough to drive the earnings to explosive growth in next 3 years. You just have to believe in the ability of YTLP management and the chieftain to deliver in coming months, I do.

AEON reported superb set of quarterly result for Q1 with net profit of RM57 million.

If this momentum continues into Q2, I think the share price can break RM1.50 within this year.

We cannot compare the share price of YTLP directly with TNB's as YTLP has a share cap of 8.2b while TNB has a smaller share cap of 5.8b.

It is more appropriate to compare the market cap of both: YTLP at RM41.0b, much lower than TNB's market cap of RM71.9b.

Tenaga is forecast to make a net profit of RM4.5 billion for Dec FY2025 while YTL Power is expected by Macquarie to make a net profit of RM4.2 billion for June FY2026.

Compare the PER of both:

YTL Power at forward PER of just 9.8x FY2026 earnings
TNB is at forward PER of 16.0x FY2025 earnings

I expect the valuation of YTL Power to close the gap in coming 2 years to at most a 5%-10% discount to TNB's valuation of 16x PER. So, come 2026, I expect YTL Power to trade up to 15x EPS 51.2 sen = RM7.68.

Johor land is very hot now due to booming data centre development in the state. Accordingly land prices have been going up and up. YTL Power had the far-sight 2 years ago to have bought the Kulai's 1640 acre of land at just RM6.00 psf. Now land prices in the vicinity has gone up by 4x to 23 times!

If we use the recent transaction prices of land in Johor recently, ranging from RM26 psf (KSL land acquisition of 183.33 acres at RM211.6 million on 30 April 2024) to RM138 psf (AME land disposal of 34.91 acres for RM209.8 million on 13 May 2024), YTLP's 1640 acres of land in Kulai is worth RM1.8 billion to RM9.8 billion.

On the other hand, that also shows the competitive advantage that YTL Power has in terms of developing new data centres in Johor as its land is large and relatively cheap.

According to RHB research, IOIPG is the second largest land owner in Johor with 5,448 acres of land in Johor.

If we use the recent transaction prices of land in Johor recently, ranging from RM26 psf (KSL land acquisition of 183.33 acres at RM211.6 million on 30 April 2024) to RM138 psf (AME land disposal of 34.91 acres for RM209.8 million on 13 May 2024), IOIPG's 5488 acres of land in Johor is worth RM6.0 billion to RM33.0 billion.

If revalued, this would add a valuation of RM1.10 to RM6.00 per share to IOIPG.

Macquarie research initiates coverage on YTL Power with a target price of RM7.30 per share.

Expect Macquarie and other analysts to upgrade YTL correspondingly to beyond RM4.00.

@cgtan2020, pm the report to you

Macquarie places a lot of weight into YTLPower's AI data centre business with forecase net profit contribution of as much as RM1.5 billion in FY2026 from 100MW of AI data centres, rising to RM2.4 billion net profit contribution in FY2029 from 200MW AI data centres and to RM3.5 billion in FY2029 from 300MW AI data centres.

For the non-AI data centre business, Macquarie forecasts for 72MW of capacity in FY2026 with EBITDA contribution of RM161m in FY2025, rising to RM251m in FY2026 and RM461m in FY2029 from a total of 208MW of non-AI data centres.

Patience rewards.

Macquarie research initiates coverage on YTL Power today with a BUY call and target price of RM7.30.

This is the highest among all analysts' tp

Cryptolover, it is never easy for corporates to invest a lot in ESG, more so when ESG issues have been weaponised by certain parties against others, a good example is our palm oil products.

Genting Singapore has done its parts in ESG as highlighted by the sustainability statements given in its Q1 FY2024 quarterly report:

The Group published its FY2023 Sustainability Report, highlighting our achievements and progress towards
our Sustainability Master Plan 2030. In 2023, we achieved a 29% reduction in carbon emissions intensity
against a 2015 baseline and over $1.2 million in community investments. Equarius Hotel became the first
hotel in Singapore to achieve the WELL Certification at the Gold level, alongside WELL Health-Safety Rating
for the ten properties in the resort. The WELL certifications recognise our commitment to enhancing occupant
well-being through our buildings and practices. In March 2024, Hotel Ora was certified as BCA Green Mark
Platinum Super Low Energy in recognition of our efforts to consciously integrate sustainability principles in
our business.

https://klse.i3investor.com/web/blog/detail/dragon328/2024-05-11-story-h-181779531-Genting_Snigapore_Sentosa_IR_Driving_Growth

For weekend reading

https://klse.i3investor.com/web/blog/detail/dragon328/2024-05-11-story-h-181779531-Genting_Snigapore_Sentosa_IR_Driving_Growth

Patience rewards

If the revenue increase is as high as RM146m as hng33 stated above, and most of the topline increase flows through to the bottom line, then net profit could increase by RM110 million a year and this upcoming Q1 FY24 may see net profit jump to:
RM15m + RM110m/4 *2/3 = RM33 million

It will be interesting to see how much profit PBA can achieve after the water tariff hike.

If there is no more provision for deferred tax charges, my estimation is for RM15m (normal quarterly profit before tariff hike) + RM60m/4 *2/3 = RM25 million net profit for this coming Q1 FY2024

The recently announced 13% pay rise for civil servants from Jan 2025 will be positive for AEON.

Hopefully the share price will soon go back to RM1.50 level when I first bought in some two years ago.