Posted on by kktan

Genting @ $1.33

Buy @ $1.33

Need to average down my $1.43 ones. Same price as my most recent sell price on 21-Apr! 😀

Q1 results were out on 5-May,

  • Best EPS (1.87ct) since Q411 (2.18ct)
    • Big jump (+29%) in Gaming Revenue (highest since Q111) due to Higher Rolling Volume and Win % in Premium Player Biz
    • Non-Gaming Revenue saw a drop qoq but 6% growth yoy (segment biz observed to be seasonal with low in Q1 and high in Q4)
  • Cash lower (-$313M) due mainly to lower Debts (-$131M) + Korea IR Investment (-$195M)
  • Jurong Hotel on schedule to open in mid-'15

Valuations using EPS,

  • PE improves from 27.6 (FY13) to 23.13 (latest 4Qs)
    • Still on the high side (>20)
    • In FY12, PE was close to 30

 

Comments

  • Earnings is very much dominated by the casino segment and especially by the High Rollers
  • Not to place too much emphasis on Korea IR
    • Target to be operational in 2017, in time for 2018 Olympics
    • Casino biz has restriction in Korea – Foreigners only
    • Lippo (20%) + Caesars (40%) have also been given approval for similar IR investment
    • Estimated Cost US$2.2Bil and likely to be a drain on their cash in the coming months
  • Mkt Reaction to ​Big jump in Q114 EPS is muted
    • ​Share price on downward trend after uninspiring Q413 results, hitting below $1.30
    • Korea IR Invesment seen as a big drag on Cash with little chance of good returns as casino is restricted to foreigners only (Genting stated one key target will be China nationals)
    • Q214 results will be critical to see if Q114 EPS is repeatable

 

An update to the tables from a previous post (Buy @ $1.31),

 

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

  

Gaming

Non

Others

Total

Q114

$671,936

81.1%

$156,399

18.9%

$499

$828,834

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

Q114

FY13

Q413

Q313

Q213

Q113

FY12

Q412

Q312

Q212

Q112

FY11

Revenue

$828,834

$ 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

$356,038

$ 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

$319,81

$ 862,981

$ 201,266

$ 241,082

$ 225,127

$ 195,506

$ 927,691

$ 229,425

$ 193,572

$ 222,165

$ 282,529

$ 1,328,922

PBT

$319,086

$ 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

$257,552

$ 707,748

$ 170,047

$ 222,690

$ 169,628

$ 145,383

$ 677,684

$ 162,201

$ 138,446

$ 165,545

$ 211,492

$ 1,019,910

NPM

31.07%

24.86%

24.54%

28.67%

23.96%

21.71%

22.99%

20.48%

20.66%

23.57%

26.87%

31.64%

  

  

NCA

$7,309,474

  

$ 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

$922,404

  

$ 595,695

$ 567,811

$ 780,053

$ 393,194

  

$ 346,305

$ 682,480

$ 916,662

$ 31,130

  

CA

$6,052,392

  

$ 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

$1,336,942

  

$ 1,265,240

$ 934,398

$ 858,364

$ 842,940

  

$ 700,446

$ 701,189

$ 317,844

$ 10,590

  

Cash

$3,317,366

  

$ 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

$1,862,754

  

$ 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

$1,573,089

  

$ 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

$1,528,544

  

$ 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

$516,366

  

$ 515,870

$ 506,632

$ 497,370

$ 493,572

  

$ 483,671

$ 474,492

$ 465,656

$ 456,389

  

  

  

EPS (ct)

1.87

4.82

1.15

1.58

1.15

0.95

4.81

1.09

0.9

1.14

1.68

8.4

NAV (ct)

62.8

  

60

58.2

56

55.7

54.3

  

53.4

52.3

66.6

50.3

Div (ct)

  

1

  

  

  

  

1

  

  

  

  

1

 
 

Reference : Q114 Results

 
 

 

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