Phillip Securities Research in a 14th Jan 2011 research report says: "Genting Singapore is an investment holding company for Resorts World Singapore (RWS). Genting principal activities include casino operations, operation and management of integrated resort, international sales and marketing services as well as IT application related services.
"With the recent divestment of Genting UK, Genting Singapore derives 98% of its revenue from RWS. We believe revenue growth to be strong in 2011 and this is likely to translate to higher earnings. Given our estimated EBITDA of $2.3 billion in 2011, the enterprise value is estimated to be $34.9 billion base on 15x EV/EBITDA.
"Our market value of equity is worth $33.5 billion thus giving rise to fair value estimate of $2.74 base on 12.2 billion shares. Fair value estimate of $2.74. BUY (initiating coverage of Genting Singapore stock). "
Sentosa and Genting Resorts World Singapore Promotion Packages for June 2011 school holidays - combinations of deluxe room, and multiple stay discounts. Full hotel review and rating by customers.
Showing posts with label Genting Spore. Show all posts
Showing posts with label Genting Spore. Show all posts
Friday, May 13, 2011
Friday, April 8, 2011
Genting Singapore BUY Target Price $2.30 by UBS
UBS upgrades Genting Singapore (G13.SG) to Buy from Neutral, noting the counter has underperformed the weighted performance of the 5 listed Macau operators by around 25% and the STI by around 7.0% YTD.
“We think Genting Singapore is turning into a bona-fide China (wealth creation) play, with strong growth in VIP from North Asia (especially China) expected to continue into 2011-2012E.”
It tips VIP volumes of US$18 billion ($22.8 billion)-US$20 billion per quarter at RWS in 2011 (putting RWS in the same league as the top-performing Macau properties). It expects HK/China to account for as much as 50% of RWS' total gross gaming revenue by 2012, when its VIP-targeted expansion will be rolled out.
Overall, the house says China VIP growth, capacity expansion in 2012, a net cash position and potential for new projects together make Genting an attractive stock at this valuation. It lowers its target to $2.30 from $2.39, based on 15X 2011E EV/EBITDA (vs 16X previously).
“We think Genting Singapore is turning into a bona-fide China (wealth creation) play, with strong growth in VIP from North Asia (especially China) expected to continue into 2011-2012E.”
It tips VIP volumes of US$18 billion ($22.8 billion)-US$20 billion per quarter at RWS in 2011 (putting RWS in the same league as the top-performing Macau properties). It expects HK/China to account for as much as 50% of RWS' total gross gaming revenue by 2012, when its VIP-targeted expansion will be rolled out.
Overall, the house says China VIP growth, capacity expansion in 2012, a net cash position and potential for new projects together make Genting an attractive stock at this valuation. It lowers its target to $2.30 from $2.39, based on 15X 2011E EV/EBITDA (vs 16X previously).
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