Posted by AngTayKor > 2023-07-28 15:06 | Report Abuse

No choice. Risk free USA treasury money market fund already giving over 5%. GenB's USA bond rating is BBB- grade.

Posted by AngTayKor > 2023-07-28 15:11 | Report Abuse

Charlie Munger always says EBITA buay zhun he doesn't use this measurement. Im curious what is RWLV's GAAP net profit figure since EBITA is frequently used.

Posted by DestinyL > 2023-07-28 15:13 | Report Abuse

Because the amount is chump change for Genting lol

Posted by AngTayKor > 2023-07-28 15:27 | Report Abuse

I read somewhere that RWLV cost abt USD4.3B with most of the development cost using borrowed money. Im sure LKT would have locked in cheaper interest USA loans for a certain time duration but imagine USD4B of loans to be rolled over progressively at over 8%... Damn siong most of the profit sucked off by banks/bond holders. Maybe this recent USD400m notes (7 years) @8.45% is part of the RWLV development loans being rolled over at new rate?

Posted by neohts > 2023-07-28 16:04 | Report Abuse

There can plan to listing RWLV.
Could pay back bank loan once listing in US.

Posted by ClaraChan94 > 2023-07-28 16:13 | Report Abuse

No worries. Genting will receive a great deal of funds after disposing of land in Miami

Posted by Michael_chan2022 > 2023-07-28 16:39 | Report Abuse

Sands China flying..

Posted by apple4ver > 2023-07-28 16:40 | Report Abuse

All USD dollar bonds mature only in 2026 & beyond ($0.52b 2026, $1.5b 2027, $1.0b 2029, $0.4b 2030, $1.35b 2031). Casino business is largely cash-based; net cash flow from operation of RM7.3b in 2022 has exceeded pre-covid levels and will only grow further from here. Huge capital expenditure are largely completed with probably Singapore and New York (if secured new license) as exceptions.

Posted by cn21 > 2023-07-28 16:57 | Report Abuse

GENM – 2023年线上股东大会

云顶一直是上一代投资者的心怡股，一有闲钱就买进收股息。假如在上世纪90或者00年代买入，现在的总回酬还是很不错的，不过如果在10年代以后才买入，那么几乎都是赚股息亏股价。今天来一起讨论未来的生意展望。

浅谈背景，Genting被称为“云端上的娱乐城”，旗下的云顶世界Resort World Genting是大马著名的旅游胜地。除了配备娱乐设施、餐厅以及酒店，也包括全马仅有的合法赌场。此外，其生意版图也扩大至国际市场，包括New York、Bahamas、UK和Egypt。

最好判断Genting生意好坏的指标是EBITDA，也就是不包括所有非现金收益及开销的营运利润，不计算账面减值、折旧等等在内。

- 其生意版图主要区分为3个，分别是Malaysia、UK和Egypt、以及US和Bahamas。在去年的EBITDA当中，Malaysia占据68%，US和Bahamas占20%，另外12%来自UK和Egypt。

- 自去年4月全面开放以来，大马云顶的生意实现强劲的复苏。虽然2022年的总访客人数2,200万仍低于疫情前2019年的2,870万，但是相信在今年即可回到之前的水平。

- 事实上，今年Q1的EBITDA已经是2019年Q1的87%。参考区域内其他同行的业绩，加上国际航班的次数，种种迹象都显示出休闲娱乐及博彩业的生意前景非常正面。

- 大马云顶共有10,500个酒店房间，不过去年仅开放当中的6,800个房间而已，而平均每天卖出的房间为6,500个。随着生意全面回升，所有10,500房间自今年3月以来已经开放给游客，而入住率在90%水平以上。

- 另一个带动游客前来大马云顶的引擎是去年2月开张的主题乐园SkyWorld。在初期运作时仅有14个游乐设施，如今已增加至17个，另外2个在发展当中。此外，今年线上演唱会的全面回归也进一步提高访客人数。

- US和Bahamas生意方面，备受市场关注的生意是49%持股的Empire Resort，在New York经营Resorts World Catskills，并且持有美国当下4个商业赌场执照之1。以49%股权为基础，在这门生意上已前后已经投入大约USD620m资金，去年的EBITDA为RM160m左右。

- Empire Resort在去年12月于New York开设Resorts World Hudson Valley，标志着云顶在New York的第三个休闲娱乐设施。由于才营运仅半年时间，现阶段仍处于亏损状态。

- UK和Egypt生意方面，自2010年进军英国市场以来，已发展成为当地最大的休闲娱乐企业之一，在英国拥有 34 家赌场。目前，其生意经回到甚至超过疫情前的水平。在不久前收购当地另外3家赌场，进一步巩固市占率。

- 不过，位于Bahamas的Resort World Bimini却面临非常多的挑战，尤其是当地的疫情限制措施。去年的复苏进度比预期中慢，导致生意处于亏损状态，被迫根据情况作出大约USD65m的减值动作。不过，今年情况已有所好转，随着游轮到达的次数增加，客流量也回升，预计在年底EBITDA水平上扭亏为盈。

- 虽然生意版图已非常大，但是如今依然在寻求博彩商机。去年11月底竞标澳门赌牌失利后，目前放眼美国New York的赌场执照竞标。当地的委员会在2023年初，针对3张赌场执照发出要求竞标书。据了解，最低的投资额将是至少USD1b。

- 值得一提，Resorts World New York持有的执照仅局限于电子赌博游戏和老虎机，当中没有包含桌上的赌博游戏。美国曾在2013年开放多达7张完整赌场执照，当中的4张已经颁发，其中1张被Empire Resorts的Resorts World Catskills拿下。经过多年后，最后3张执照终于在2023年初开放让市场竞标。

- 在第1阶段的竞标，竞标者必须寻求获得公众的支持，并向委员会呈上相关证据。此外，也要呈上适合落实赌场项目的位置，并获得当地的批准。在第2阶段的竞标，竞标者需要向委员会作出完整企划书的演示。

- 以上3张赌场执照的竞标活动肯定将非常激烈。据了解，已表达兴趣的企业有多达10家，包括世界级的赌博企业以及非赌博业的财团。尽管如此，有信心在年底呈交条件吸引的企划书。

- 另一方面，由于早前在美国Miami建造赌场和度假村的计划告吹，在不久前决定将相关地皮出售，以套现释放价值。这片14英亩的地皮在2011年的收购价为USD259m，如今已大幅升值至USD1.2b左右，相等于接近4倍的涨幅。
总结，Gen.M的生意护城河非常深，未来几十年将继续存在。生意都是以现金为主，每年的EBITDA是股息来源，因此常常被喻为“老人股”。
以现有股价RM2.50左右，个人认为仍有上涨的空间，最为简单的理由是疫情前的股价水平是在RM2.80左右。此外，如今的股息率为6%，理论上下跌空间非常有限。

如果未来股息可以从去年的每股15仙回到疫情前的每股20仙，那么股息率将高达8%。

$GENM / 4715 (GENTING MALAYSIA BERHAD)
纯属分享，没有买卖建议！

rhresearch

Posted by AngTayKor > 2023-07-28 18:40 | Report Abuse

@Riaz1954, this article truly reflects what is going on.

https://www.thenation.com/article/society/alzheimers-drugs/

Posted by Michael_chan2022 > 2023-07-28 19:08 | Report Abuse

https://youtu.be/ya4I-5ec9P0

Bagus, 陳劍老师线下分享会，新加坡站...

Posted by choysun > 2023-07-28 22:22 | Report Abuse

Foreign net buy RM181.4m

Posted by choysun > 2023-07-28 22:24 | Report Abuse

Foreign investors keep coming...

Posted by speakup > 2023-07-29 09:33 | Report Abuse

Ingat ya! If u vote PN, the bull run is as good as over as FF exit

Posted by Riaz1954 > 2023-07-29 13:42 | Report Abuse

Thank you AngTaylor….interesting article. We know the whole drug approval process is fraught with corruption and power politics particularly in the US. There is conflict of interest for sure. I visited a Well known cardiologist in KL, he suddenly wanted me to try a new medicine…..questionable given I had no changes ….he was being paid by the pharmaceutical company to push this new medicine,which was a US company. Yes, the behaviour outlined in the article is prevalent. In case of Taurx, have they got the financial budget to pay somebody to get the regulatory approval? I would say they are more likely to get approval in U.K. than US, NHS, is struggling and looking for cheaper options than those in the market currently. NHS is simply not geared up to support patients that require invasive treatment and on going monitoring. Let’s see! Hope for the best.

Posted by Riaz1954 > 2023-07-29 13:44 | Report Abuse

There is much talk about foreign investors…sadly there are many more suitable better propose than companies out there in the global market than Genting, which fraught with insider dealing or should I say related party transactions ….we need more local medium term investors.

Posted by kyliew > 2023-07-29 13:47 | Report Abuse

Kedah

Posted by kyliew > 2023-07-29 13:48 | Report Abuse

Hey

Posted by kyliew > 2023-07-29 13:49 | Report Abuse

Kedah

Posted by kyliew > 2023-07-29 13:49 | Report Abuse

Pahang will follow sooner later

Posted by Bullkobear > 2023-07-29 16:28 | Report Abuse

KTM will be closed down in the backward states🤔

Posted by Michael_chan2022 > 2023-07-30 10:48 | Report Abuse

https://youtu.be/Yo3deXugA8c

Can DBS, UOB, OCBC dividends crash..? No.., no... never. Nothing will happen to the banks ,if something happens to the bank then Singapore is gone.

Posted by Michael_chan2022 > 2023-07-30 12:11 | Report Abuse

Lai lai .. good to have Genting in your portfolio..

Posted by Michael_chan2022 > 2023-07-30 12:18 | Report Abuse

https://simpleflying.com/asia-busiest-airports-august-2023/

Asia’s Busiest Airports In August 2023

Kuala Lumpur and Seoul have seen a decline in passenger services..., mainly due to a decrease in flights operated by AirAsia Malaysia, Asiana, and Korean Air..

Posted by BostonMaxwell33 > 2023-07-30 20:24 | Report Abuse

Get prepared guys!!! Uncle said he will push tmr....

Posted by 88surewin88 > 2023-07-30 22:02 | Report Abuse

Wa first comment so loud ar? Are u the uncle?

Posted by Michael_chan2022 > 2023-07-31 09:36 | Report Abuse

According to Cirium, Kuala Lumpur was Asia's seventh-busiest airport by passenger services in August 2019, but ...it is now 13th.
Flights remain almost ...a fifth lower than they were... because of

- AirAsia Malaysia, Kuala Lumpur's largest carrier by this measurement, whose flights are down by a third.
- AirAsia X, the Airbus A330-300-operating unit, is even worse (-40%).
- Malaysia Airlines is much more recovered than them (-17%),
- Batik Air (-10%).

Malaysia saw the entry of MYAirline in late 2022

Posted by Michael_chan2022 > 2023-07-31 09:46 | Report Abuse

We now have earnings visibility for both GenM and GenB. 🤣

For GenM, if the quarterly earnings baseline is 400 million. The projected earnings are
- 250 million in Q2 (>60% of 400m),
- 280 million in Q3 (70% of 400m), and
- 320 million in Q4 (80% of 400m).
In 2024, the projections are
- 360 million in Q1 (90% of 400m),
- 400 million in Q2 (100% of 400m), and
- over 400 million from Q3 onwards.

For GenB, if the quarterly earnings baseline is 500 million. The projected earnings are
- 300 million in Q2 (60% of 500m),
- 350 million in Q3 (70% of 500m), and
- 400 million in Q4 (80% of 500m).
In 2024, the projections are
- 450 million in Q1 (90% of 500m),
- 500 million in Q2 (100% of 500m), and
- over 500 million from Q3 onwards."

😁😂😃

Posted by Michael_chan2022 > 2023-07-31 09:50 | Report Abuse

..what would be the share prices for Genting by the end of this year ah?

Posted by kl_guy > 2023-07-31 13:44 | Report Abuse

https://theedgemalaysia.com/node/676675
Foreign investors’ net buying continued into third week, hit highest since a year ago, says MIDF Research

Posted by ClaraChan94 > 2023-07-31 15:23 | Report Abuse

@Michael_chan2022. Possibly more than RM5 😃

Posted by Michael_chan2022 > 2023-07-31 15:27 | Report Abuse

@ClaraChan94, yes.., above 5 is highly possible

My higher estimate price is 550... go go GenB

Posted by Michael_chan2022 > 2023-07-31 15:29 | Report Abuse

GenM above 3..

Posted by jjtamG > 2023-07-31 15:31 | Report Abuse

Roti telur + kopi ais satu

Posted by limitupandsurewin88 > 2023-08-01 09:41 | Report Abuse

OMG, superb damn hot today again for Genting !
Now Genting was traded at RM4.34 (+0.03) (+0.70 %) !
Like that Genting today definitely can break above RM4.40 already liao lah !

Posted by choysun > 2023-08-01 10:18 | Report Abuse

Yesterday Foreign net buy RM280.9m

Posted by MoneyMakers > 2023-08-01 12:17 | Report Abuse

Good start to election month - nice selloff/drop

Lai lai under rm4 pls

Posted by 4dJackpot777 > 2023-08-01 17:15 | Report Abuse

Buy genting, follow smart money

Posted by Michael_chan2022 > 2023-08-01 18:05 | Report Abuse

Macau Casino Revenue Surges in July as Summer Fuels Holiday Boom

The recovery in Macau’s casino sector strengthened in July, with gaming revenue returning to about 68% of pre-pandemic levels as tourists flocked to …

Bloomberg • 5h

July.. 68% only. No eye see 😎

Posted by ClaraChan94 > 2023-08-01 18:22 | Report Abuse

Enough accumulation at 4.10 and below. Now just watching how it moves during election period

Posted by Michael_chan2022 > 2023-08-01 18:35 | Report Abuse

Can't expect more.. my projection
- q2 earnings to return to 60% of pre-covid level 
- Q3 likely 70%
- Q4 80%

Yes, just sit back..relax and enjoy the show。Cheers!

Posted by limitupandsurewin88 > 2023-08-02 10:30 | Report Abuse

Bursa undergoes consolidation as investors digest gains
Wednesday, 02 Aug 2023 9:13 AM MYT
https://www.thestar.com.my/business/business-news/2023/08/02/bursa-undergoes-consolidation-as-investors-digest-gains

KUALA LUMPUR: The breather on Bursa Malaysia as investors take profits off the table are seen as a healthy development for the market given the recent strong uptrend.

At 9am, the benchmark FBM KLCI was down 1.79 points to 1,449.45, extending the selling from the previous session. Foreign investors ended six days of net inflow yesterday in a sign the market was ready to consolidate after rallying to its highest in five months.

"We opine that the pullback is healthy to allow recent gains to be digested. The lower liners are also experiencing a consolidation with traders opting for the wait-and-see approach ahead of the Malaysia state election," said Malacca Securities Research in a note.

The research firm that there are signs of emerging volatility, which suggests a return to defensive stocks such as healthcare, utilities and REITs.

*P/S: "Pullback is healthy to allow recent gains to be digested"
"Will follow by a big bull run"

Posted by neohts > 2023-08-02 11:50 | Report Abuse

Opportunity to buy cheap.

Posted by neohts > 2023-08-02 12:09 | Report Abuse

Bought RM4.20

Posted by choysun > 2023-08-02 13:06 | Report Abuse

Yesterday, Foreign net sell RM55.72m

Posted by choysun > 2023-08-02 13:08 | Report Abuse

7 more trading days before state elections. Accumulation time :)

Posted by ClaraChan94 > 2023-08-02 16:20 | Report Abuse

Holding tight and eating popcorn

Posted by MoneyMakers > 2023-08-02 16:57 | Report Abuse

Another laosai day - 2week gains wipeout past 2days

Going much2 lower / worse laosai near election

Posted by Michael_chan2022 > 2023-08-02 17:53 | Report Abuse

美国又一银行倒闭 今年以来第5家！
https://www.chinapress.com.my/?p=3541008

Bank is safe meh ..

Posted by choysun > 2023-08-03 05:45 | Report Abuse

Wah, big volume on ADR