Category: Genting

Sell @ $0.965

Jump-Q at 9am to try for $0.97 but at the last moment, out-jumped by others and only partially done… Prices subsequently weakened and I was in Q to buy @ $0.94, but not done… Closed at $0.945…

 

Sell @ $0.955

Taking a very huge loss of aro 30%…. The latest Q1 EPS = 0.52ct. This is the 4th Q of decline and EPS <1ct, givng a latest 4Qs PE >30. Altho profitable, it looks like the easy money from hi-rollers are not coming back soon… one reason is the China crackdown on corruptions… Altho' next Q looks likely to be better, with the new hotel at Jurong East and the new Roller-Coaster ride at USS, the high PE is making me fearful that current prices is likely too high… especially since we won't see much growth / recovery in the short term.. also lousy yield of aro 1%…

Will treat this as a "short" for the time being as I'm still holding some shares… but, I'll most likely clear the rest soon… 😀

Buy @ $1.245

Average down… 😀

Buy @ $1.265

Another of my counter which is getting cheaper by the day… Results will be out tomorrow… Let's see how bad it's going to be… 😀

Buy @ $1.28

It got cheaper than my recent buy 2 days ago @ $1.315. With this buy, I have almost fully covered back what I sold recently. Results on 14-Aug, Just read AmFraser report dated 17-Jul which was quite negative on the upcoming results… although they maintained a Buy recommendation…  I must have misread MBS results as I thought it was quite good…

Extracts,

 

Implications of MBS’ 2QFY14 results

 

• Las Vegas Sands Corporation (LVS) announced its 2QFY14 results yesterday. LVS’ results were below street estimates mainly due to a fall in VIP volume in Macau. Its subsidiary, Marina Bay Sands (MBS) reported an EBITDA of US$417.8mil in 2QFY14 on the back of revenues of US$646.4mil.
• MBS’ results revealed that volume of business in the VIP and mass market segments had deteriorated in 2QFY14. Volume of MBS’ VIP business continued to contract for the fifth consecutive quarter.
• We believe that there has been a drop in wagers by players from China. They account for a significant portion of VIP revenue in Singapore.
• Comparing 2QFY14 against 1QFY14, MBS’ casino turnover declined 5.0% to US$646.4mil due to a decrease in the VIP volume, which was partly offset by a small rise in the win percentage. EBITDA margin edged down from 52.1% (45.2% if win percentage was normalised) in 1QFY14 to 51.9% (45.8% if win percentage was normalised) in 2QFY14.
• Volume of MBS’ VIP business shrank by 19.3% from US$12.9bil in 1QFY14 to US$10.4bil in 2QFY14. Win percentage of the VIP segment inched up from 3.41% in 1QFY14 to 3.45% in 2QFY14.
• Volume of mass market segment eased 4.4% QoQ to US$1.1bil in 2QFY14. Win percentage of the mass market was 24.8% in 2QFY14 versus 23.4% in 1QFY14.
• Provisions for casino receivables remained stable at US$33mil in 2QFY14. Provisions were about 5.1% of casino revenue in 2QFY14 compared with 5.3% in 1QFY14.
• Genting Singapore (GenS) is scheduled to release its results before 15 August 2014. Although MBS’ weak financial report is a negative read-through for GenS, there have been instances when the quarterly results of both casino resorts diverged.
• Maintain BUY on Genting Singapore (GenS). We believe that GenS would be one of the frontrunners for a casino licence in Japan. Legislators in Japan are expected to pass the casino law in September/October this year.

Buy @ $1.315

Looks like it was the right decision to sell some recently as I get to buy back some today. Results will be out soon (14-Aug). Perhaps insiders got a peek and it looks ugly… 😀

Sell @ $1.335

Back to making kopi-$$$ using creative accounting… Sold off my lowest priced ones. With STI hitting above 3350, many of the Yield Stocks in my watch list are hitting PE >20 and Yield <5% + Declining EPS in the latest Quarterly results. Making me feel a bit nervous to be holding too many Genting shares (was No.3), PE = 27.7 (23.2 for latest 4 Qs and likely to improve further as MBS had a good set of results and we'll likely see the same… but, still in the 20s + Yield = 0.75%).

My dream price is still >$1.4x… 😀

Buy @ $1.325

MBS just announced a good set of Quarterly results. As their results are closely co-related, there's a very good chance of Genting enjoying a positive Q2. If so, in addition to their positive Q1, I'm hoping it provides good price support at current level. The main negative which the market may be focussed on is their expected huge Cash required in the coming months for their IR JV in Korea… 😀

Buy @ $1.335, $1.33

Add to my holdings, getting exciting as the stake is becoming substantial and this is not my typical Yield Stock…. 😀

Buy @ $1.34

Hey! I ought to be taking profits.. This is supposed to be classified as my Short Term trading stock… Ok, still can't believe that it's not hitting $1.4x to $1.5x despite the good Q1 EPS I'd mentioned in my earlier posts… No worries, will hold if need to… 😀