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Buy @ $0.92 ; $0.915, $0.91
Decided to buy @ $0.92 after someone sold me only 1 lot @ $0.915. Finally, we get to se motivated sellers from CP = CSFB, Kim Eng & CIMB in action today! Range $0.905 to $0.93 ; Vol = 315,000 (considered high for this counter). There was even a large Sell Q = 274,000, which made me fearful to grab more… 😀
After today, I have collected a sufficiently large base and will likely hold it for longer term as long as fundamentals stays the same. As per my usual strategy, I'll likely collect more for short term trades.
Buy @ $2.97
Only my 2nd buy, 2ct cheaper…
Q3 results were out last Friday (8-Aug). Looks good as both Revenue & Profit improved, from their Beer (Myanmar) and Beverages. It's still not easy to compare their results as the previous entity had APB, FCL and before their huge Capital Reduction exercises…
As far as I can interprete, PE = 27.16 ; Yield = 1.47% (Assume 40% Payout Policy). More of a Growth play in the F&B Industry… Likely long term… 😀
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.
Sell @ $1.745, $1.75
xd today for 2.3ct div and prices was -1 to -1.5ct. Decided to take profits and am left with my 1st Buy. The recent Q3 results on 4-Aug looked good and may have made it more attractive again… 😀
So… why sell?
For me, I'm getting wary of the return of market fears and thus, better to take profits, which gives me more options on what to do with the free cash.