Posted by Pinky > 2023-02-09 21:12 | Report Abuse

Won't come anywhere close

Posted by emsvsi > 2023-02-09 22:51 | Report Abuse

GENTING (3182) WELCOMES EVERYONE TO THE GREATEST SUPERBULL RUN

Posted by DividendGuy67 > 2023-02-11 14:36 | Report Abuse

Genting is a perpetual laggard when it comes to global gaming stocks, so, no point comparing against non Malaysia gaming stocks. So, now Anwar wins but who knows when before PAS takes over - global long term investors simply don't want to have that Malaysia uncertainty when there's so many other great choices globally.

Sure it's hugely undervalued on that metric, but until Genting disposes its Singapore holdings, it can never unlock that value and market doesn't believe Genting will ever dispose its Singapore holdings, so, what good is it to Genting investors if it never disposes completely - it assume such disposal fetches current market price, which is also a question mark too.

Hence, Genting will forever trades at a huge discount. It's just the way it's located (in Malaysia) and structured permanently like that.

Posted by DividendGuy67 > 2023-02-11 14:42 | Report Abuse

"The market is obviously mispricing Genting Bhd with an unjustifiable discount." -- No. Market never mispriced. The discount is justifiable as it cannot return cash to shareholders given in a few years times, PAS takes over Malaysia and Genting business suffers again. Over the past decades, the Islamic trend in Malaysia is unmistakeable, and this trend will only get worse for Genting in the coming decades. Noone can stop this trend in Malaysia.

Posted by dragon328 > 2023-02-12 12:21 | Report Abuse

I think the PAS influence from past GE has been overplayed. It was a pure political act for Kedah PAs state government to ban the 4D business in the state after they lost the federal election. They knew very well that the 4D business in Kedah and Perlis actually contributed very little to the 4D companies (<4% of total national), and the impact to the companies is very little.

When PAS was in power together with PN, they actually relaxed rules for the gaming sector by allowing a record 22 special draws in 2021 before Ismal Sabri govn reduced it to 11 in 2022 and further to 8 by the unity govn.

I do not think Genting casino licence in the highland would be at risk even though PAS would ever come back to federal power, they would need political funding too. Furthermore, Genting Highlands has become an integrated resort with themed parks, hotels, restaurants, shopping malls, Premium Outlets. You can see easily now there are plenty of Malay tourists to the highland than ever.

Posted by dragon328 > 2023-02-12 12:30 | Report Abuse

True that Malaysia share market is suffering from huge discounts due to lack of interests from foreign funds as they are still observing the political development here after GE15.

Singapore has no such issue, and hence Genting Singapore may get re-rated faster than Genting here. It is ridiculous for Genting Singapore to trade at such a big discount to its Macau peers (7x EV/EBITDA compared to 24x for Macau peers). I strongly believe Genting Singapore will run up very soon to close the gap.

As Genting Singapore shares run up, Genting will follow as it owns more than 50% in Genting Singapore. I also do not believe Genting will need to dispose all of its shares in Genting Singapore in order to reflect its value in the latter, as Genting Singapore itself is publicly traded, analysts can just use its market cap to calculate the value contribution to Genting Bhd.

Furthermore, Genting may just dispose of a small stake (~10% to 15%) or get Genting Singapore to issue new shares to a potential suitor like MGM to get a strategic tie-up with another prominent gaming group, and to raise funds for itself and Genting Singapore. Then the market can see the value in Genting Singapore and Genting will not trade at such a big discount anymore.

Posted by DickyMe > 2023-02-12 15:08 |

Post removed.Why?

Posted by dompeilee > 2023-02-17 18:30 | Report Abuse

This is pie-in-the-sky stuff that is highly improbable...6.00 already many ppl will be be dumping with relief, including the shady controlling family!

Posted by dragon328 > 2023-02-17 21:48 | Report Abuse

I can understand your sentiment as Genting share dropped big today. There could be plenty of reasons for the drop today such as a potential gaming tax to be tabled in the upcoming budget as speculated by some, or an extension of the prosperity tax or simply manipulation of the share price by some parties for different agenda.

None of this relates to the fundamentals of the company. Of course, Malaysia stock market also suffers from low participation of foreign funds, hence the current depressed level.

But Genting Singapore does not have any of such issue and its share price went up today. It should continue to re-rate upwards and sooner or later Genting share price will follow suit.

Posted by dompeilee > 2023-02-21 09:43 | Report Abuse

Does anyone know how to compute GenS's 2.82c per share contribution to Gent EPS?

Posted by dragon328 > 2023-02-21 12:04 | Report Abuse

I think it should be calculated this way:

2.82c x 12,094 million x 52.7% x 3.20 = RM613 million to Genting Bhd

In Genting's quarterly reports, it consolidates the 100% earnings from GenS and GenM at EBITDA and PBT level, then minus off non-controlling interests, so the effect is the same

Posted by dompeilee > 2023-02-21 14:53 | Report Abuse

Thanks!

Posted by dragon328 > 2023-02-25 15:35 | Report Abuse

Genting Singapore reported a good set of results for 4Q 2022 with revenue of S$542.5 million (+108% y-on-y, +4.4% q-on-q) and EBITDA of S$256 million (+269% y-on-y, +2.7% q-on-q). What is heartening to see is that the non-gaming revenue jumped 24% q-on-q to S$170.6 million. In this quarter, the non-gaming revenue made up 31.5% of total revenue, a big jump from 26.4% in 3Q 2022. This is almost certainly the highest ratio among regional peers. That's why my article above stressed on the non-gaming facilities of RWS, which will enable it to compete well with MBS.

Posted by dragon328 > 2023-02-25 15:38 | Report Abuse

Annualised this 4Q number will result in EBITDA of over S$1.0 billion a year. With China reopening its borders and Singapore tourism board projecting almost 100% jump in foreign visitors to Singapore, Genting Singapore will easily see a 20%-30% jump in EBITDA for 2023. For now, I stick to my earlier projection for EBITDA of S$1.4 billion for 2023.