Posted on by kktan

Genting @ $1.31

Buy @ $1.31

Main purpose is to average down my single other buy @ $1.43… 😀

Using latest FY13 figures,

  • PE = 27.18
  • Yield = 0.763%
    • Definitely not a Yield Stock but neither is it a Growth Stock at this point in time
  • Cash = $3.6Bil (mostly raised from Perpetual Securities previously)
    • Cash / Share = $0.297
  • Debts = $2.2Bil
    • Net Cash / Share = $0.115

A recent development announced on –Feb, is their proposed joint development of a US$2.2Bil IR with a Chinese co (Landing International Devt – HK Listco) in Jeju (S Korea). In mid-Mar, Lippo + Caesars also announced an IR project (near Incheon Airport, outside Seoul). In S Korea, all casinos (except for 1) are restricted to foreigners only. The market is not reacting very positively to this news as,

  • Lots of cash is going to be utilized over the next few years with zero returns
  • The main money spinner for an IR is the casino. But, one which is restricted to foreigners is not expected to be very profitable

Extracts from the financials (all figure in $Mil unless otherwise stated),

 

Gaming

Non

Others

Total

FY13

$ 2,185,118

76.7%

$ 660,406

23.2%

$ 1,790

$ 2,847,314

Q413

$ 508,622

73.4%

$ 183,871

26.5%

$ 451

$ 692,944

Q313

$ 606,698

78.1%

$ 169,727

21.8%

$ 395

$ 776,820

Q213

$ 548,617

77.5%

$ 158,764

22.4%

$ 557

$ 707,938

Q113

$ 521,181

77.8%

$ 148,044

22.1%

$ 387

$ 669,612

FY12

$ 2,373,073

80.5%

$ 558,315

18.9%

$ 16,687

$ 2,948,075

Q412

$ 626,950

79.2%

$ 164,406

20.8%

$ 622

$ 791,978

Q312

$ 528,409

79.2%

$ 133,637

20.0%

$ 5,045

$ 667,091

Q212

$ 562,286

80.1%

$ 133,969

19.1%

$ 5,951

$ 702,206

Q112

$ 655,428

83.3%

$ 126,303

16.0%

$ 5,257

$ 786,988

FY11

$ 2,693,376

83.6%

$ 507,439

15.7%

$ 22,273

$ 3,223,088

Q411

$ 644,840

82.0%

$ 137,670

17.5%

$ 3,755

$ 786,265

Q311

$ 660,269

82.9%

$ 128,467

16.1%

$ 7,293

$ 796,029

Q211

$ 583,865

80.7%

$ 132,148

18.3%

$ 7,423

$ 723,436

Q111

$ 804,402

87.7%

$ 109,154

11.9%

$ 3,802

$ 917,358

FY10

$ 2,358,644

86.3%

$ 343,968

12.6%

$ 29,038

$ 2,731,650

Q410

$ 656,508

83.9%

$ 118,649

15.2%

$ 7,255

$ 782,412

 

Period

FY13

Q413

Q313

Q213

Q113

FY12

Q412

Q312

Q212

Q112

FY11

Revenue

$ 2,847,314

$ 692,944

$ 776,820

$ 707,938

$ 669,612

$ 2,948,075

$ 791,978

$ 670,184

$ 702,206

$ 786,988

$ 3,223,088

GP

$ 1,002,399

$ 210,299

$ 319,931

$ 260,260

$ 211,909

$ 1,213,490

$ 312,631

$ 276,227

$ 279,078

$ 348,835

$ 1,551,019

Op Profit

$ 862,981

$ 201,266

$ 241,082

$ 225,127

$ 195,506

$ 927,691

$ 229,425

$ 193,572

$ 222,165

$ 282,529

$ 1,328,922

PBT

$ 845,508

$ 190,338

$ 260,407

$ 212,971

$ 181,792

$ 864,746

$ 215,220

$ 177,781

$ 206,581

$ 265,164

$ 1,231,812

Net Profit

$ 707,748

$ 170,047

$ 222,690

$ 169,628

$ 145,383

$ 677,684

$ 162,201

$ 138,446

$ 165,545

$ 211,492

$ 1,019,910

NPM

24.86%

24.54%

28.67%

23.96%

21.71%

22.99%

20.48%

20.66%

23.57%

26.87%

31.64%
 

NCA

  

$ 6,875,433

$ 6,936,404

$ 7,274,198

$ 6,989,239

  

$ 6,730,436

$ 7,125,429

$ 7,432,237

$ 6,599,803

  

L/T

  

$ 595,695

$ 567,811

$ 780,053

$ 393,194

  

$ 346,305

$ 682,480

$ 916,662

$ 31,130

  

CA

  

$ 6,198,637

$ 6,095,270

$ 5,901,752

$ 5,993,164

  

$ 6,225,156

$ 5,688,640

$ 5,775,199

$ 5,838,142

  

S/T

  

$ 1,265,240

$ 934,398

$ 858,364

$ 842,940

  

$ 700,446

$ 701,189

$ 317,844

$ 10,590

  

Cash

  

$ 3,630,151

$ 3,943,224

$ 3,932,855

$ 3,994,517

  

$ 4,383,555

$ 4,107,156

$ 4,540,348

$ 4,849,385

  
 

NCL

  

$ 1,980,102

$ 2,127,150

$ 2,331,588

$ 2,442,400

  

$ 2,566,640

$ 2,697,351

$ 2,860,200

$ 2,962,564

  

Loans

  

$ 1,702,367

$ 1,831,521

$ 1,960,583

$ 2,094,228

  

$ 2,224,209

$ 2,345,344

$ 2,466,650

$ 2,587,547

  

CL

  

$ 1,446,776

$ 1,513,927

$ 1,688,517

$ 1,456,927

  

$ 1,451,655

$ 1,310,992

$ 1,652,606

$ 1,345,334

  

Loans

  

$ 515,870

$ 506,632

$ 497,370

$ 493,572

  

$ 483,671

$ 474,492

$ 465,656

$ 456,389

  
 

EPS (ct)

4.82

1.15

1.58

1.15

0.95

4.81

1.09

0.9

1.14

1.68

8.4

NAV (ct)

  

60

58.2

56

55.7

54.3

  

53.4

52.3

66.6

50.3

Div (ct)

1

        

1

        

1

Comments

  • After the initial novelty, Gaming Revenue had been declining. Non-Gaming Revenue is growing steadily, but is unable to cover for the drops
  • There’s a close relation in their results with that of MBS (Marina Bay Sands), which usually releases their results earlier. So, need to diligently track that…
  • Korea IR investment is expected to be a drag on their results… till it’s progressively opened from 2017
  • Non-gaming revenue will get a boost when their Jurong Hotel opens in mid-2015

References

Leave a Reply