GENTING MALAYSIA
BUY
Price: RM3.78
Fair Value: RM4.30
NCL to be re-listed
• The Edge Financial Daily reported that Norwegian Cruise Lines (NCL), a 50%-owned unit of Genting Hong Kong Ltd (GenHK), has re-filed its IPO application to list on Nasdaq Global Select Market.
• GenHK is a 19.3%-owned associate of Genting Malaysia Bhd (GenM).
• We view this development positively as it would unlock the value of NCL and help reduce its borrowings. The re-listing of NCL is not new as it was first reported in October 2010. GenHK has owned NCL since 1999/2000.
• NCL carries out GenHK’s cruise operations in North America and Europe while GenHK undertakes the cruise operations in Asia Pacific. GenHK also owns 50% of “Resorts World Manila”, which is an entertainment complex-cum-casino in the Philippines.
• We believe that NCL’s profit contribution is classified under “Share of results in jointly controlled entities” together with the earnings from “Resorts World Manila”.
• In FY10, GenHK’s share of profits in NCL was US$9mil, which implies that NCL recorded a net profit of US$18mil. The share of profits of US$9mil was 13% of GenHK’s net profit of US$68mil in FY10.
• Share of profits in “Resorts World Manila” was US$24.4mil, which implies that the casino chalked up a net profit of US$49mil in FY10.
• Currently, GenHK accounts for 32% of GenM’s RNAV. We estimate that GenM’s RNAV would increase by 4 sen for every 10 US$ cent rise in GenHK’s share price.
• We maintain a BUY on GenM for its improving casino operations in Britain and growing traction in the casino industry in the U.S.
Source/转 贴 /Extract/Excerpts: AmResearch
Publish date:18/07/11
Latest Posts By pharoah88
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| 20-Jul-2011 11:47 |
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Air-conditioning in C-class wards may be counter-productive |
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| 20-Jul-2011 11:44 |
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They just want to earn a living
Letter from Huang Lifen MY INTENT in writing this letter is two-fold: To highlight the financial drag of a transport fare hike on the intellectually disabled and highlight the overall plight of this group of people. These people join the Movement for the Intellectually Disabled of Singapore (MINDS) at the same age most people begin primary school and graduate at 18. They are then deployed to various employment development centres which prepare them for integration into society and to earn a living. However, not all of them achieve this as some of their conditions are too serious or there are not enough willing employers. At the centres, the trainees are paid an allowance that ranges from S$100 to S$140. With the current transport fares, they spend almost all of their allowance on transportation. If fares increase as proposed, they would be forking out more than they are getting. I am not asking for them to be given a higher allowance. I am asking the public transport companies to consider giving them concessions. They are just trying to lead a normal life and contribute to society. If the cost of travelling to work is higher than what they earn, parents may pull their children out of the employment development centres. |
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| 20-Jul-2011 11:39 |
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50-50 odds on the euro zone’s break-up The biggest single danger in the euro zone crisis now is that events are moving too fast for Europe’s complacent political leadership. Last week, the crisis reached Italy. And the European Union looked the other way. |
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| 20-Jul-2011 11:11 |
Genting HK USD
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Genting HK US$
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Tuesday, July 19, 2011
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| 20-Jul-2011 10:55 |
Genting Sing
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GenSp starts to move up again
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singapore share vOlume ? ? ? ? tOO lOw ? ? ? ? easily cOrnered ? ? ? ? like COE ? ? ? ? like HDB ? ? ? ? |
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| 20-Jul-2011 10:44 |
Genting Sing
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GenSp starts to move up again
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shOrt shOrt shOrt shOrt |
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| 19-Jul-2011 12:13 |
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Govt can help by giving work to smaller law firms Letter from Arthur Loke I am responding to the Ministry of Law’s letter, “Help for homegrown law firms to go abroad” (July 14). It mentioned that it had helped local lawyers expand abroad by concluding more free trade agreements for better market access for our lawyers, inviting lawyers to join in the trade delegations going abroad, and availing to them tax and non-tax incentives of the International Enterprise Singapore and the Economic Development Board. To quote: “... the Government strongly encourages local law firms which have the resources and capabilities, to expand overseas ...” Today, the big local firms and some exceptionally enterprising small or mid-sized firms have met its criteria of “resources and capabilities”, and have taken advantage of these efforts by the ministry. But I would be surprised if there are more than 15 firms out of the 700 or so firms in Singapore which are abroad having offices. It is not difficult to understand why only a few firms establish offices or make forays abroad to develop a practice outside Singapore. |
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| 19-Jul-2011 12:05 |
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In the US, 60 is the new 40 ... today Tuesday July 19, 2011 $399 AFTER CASH VOUCHER REFUNDASH VOUCHER REFUNDGillian Tett The other night, I was seated at a dinner next to Henry Gates Jr, a black literary professor at Harvard University, who has forged a brilliant career as a public intellectual (and then shot to the front pages two years ago when he was arrested in a seemingly racist incident by white police when he tried to break into his own house).
The Financial Times Limited Gillian Tett is US managing editor and an assistant editor of the Financial Times. Cheerfully, Professor Gates described the dizzy whirlwind of his life: He is making documentaries about blacks in Latin America, writing books, editing a website and sitting on assorted boards. Oh, and performing his “day job” — running a department at Harvard. But then a twist emerged: Prof Gates casually admitted that he was “60” — or approaching the age that many Europeans start drawing a pension. “Are you going to retire?” I asked. “Never!” he declared — before outlining a new set of projects that could occupy him for the next 20 or 30 years. Welcome to one of the subtle divides that separate Europe and the United States. In London, it is unusual to meet a hyperactive 60-year-old who is still building a new career. No matter how dynamic somebody might have been in their 40s or 50s, by the time they move towards pensionable age, most people are in career “maintenance” or downsize mode. That is partly because many companies have mandatory retirement ages but even in politics or the arts, 60 or 65 is often seen as a natural cut-off point. But America’s elite dinner tables, by contrast, are buzzing with people in their 50s, 60s and even 70s, who are creating new businesses, projects, careers and relationships. To be sure, few of these people actually look as if they are 70 but once these dynamoes start talking, not even Botox can conceal their decades of experience. To this rarefied elite, 60 is the “new 40” — and 80 no reason to keep quiet. Just look, at Henry Kissinger (88), who recently published a powerful foreign affairs book Paul Volcker (83), who has been advising the White House Warren Buffett (80), who still dominates the investment world Carl Icahn (75), the buy-out king Nancy Pelosi (71), the Democratic Speaker of the House of Representatives, or Madeleine Albright (74), currently a professor of international relations. The work ethic does not stop with America’s privileged elite. On paper, the average American retirement age of 66 is not unusual by global standards. But what is striking is how many Americans choose — or are forced — to work after official retirement age. In the United Kingdom, only 40 per cent of people aged 60 to 64 are still working, while among those aged 65 to 69 and 70 plus, the numbers drop to 10 per cent and 2 per cent respectively. In the US, almost half of those aged 60 to 64 are working, as are a fifth of the 65 to 69 age group and 5 per cent of those over 70. Of course, this does not always represent a lifestyle “choice”. For millions of elderly Americans today, work has been forced on them by economic necessity, either because the recent recession has devastated their pension plans, or because they were so poor that they never had a chance to “save” at all. And in the future, this squeeze could get worse. State and corporate pension plans, after all, are in deficit and healthcare benefits are being cut. There is political pressure to raise the retirement age to 68 and beyond. That may not necessarily be much hardship for wealthier Americans but poorer Americans have not seen the same increase in longevity. But while working longer is a cruel curse for some, for those such as Prof Gates it is a liberation. “America is all about reinvention — we can now have multiple lives!” he enthuses. And his enthusiasm is infectious. As a 43-year-old Brit, I used to assume I was halfway through my career but I am starting to rethink. Could “retirement” turn into a quaint 20th-century idea? Could we all have more “lives” ahead of us than we realise? Better keep popping those vitamins. And reaching for the hair dye. |
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| 19-Jul-2011 11:52 |
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The four horsemen are saddling up, with Mr Reagan’s presumptive heirs ready to ride them into the sunset. “The choice is for the United States to default on its debts for the first time in our 200-year history, or to accept a bill that has been cluttered up,” explained the President in a radio address. “This is yet another example of Congress trying to force my hand ... Unfortunately, (it) consistently brings the government to the edge of default before facing its responsibility.” The year? It was 1987. The President? Ronald Reagan. The Guardian
Gary Younge is a US-based columnist for The Guardian. |
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| 19-Jul-2011 11:50 |
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OUTSOURCE HDB tO TATA OUTSOURCE SMRT & COMFORT tO TATA |
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| 19-Jul-2011 11:46 |
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Asked what would happen on Aug 3 if no deal was reached, Mr Obama said: “There are about 70 million cheques that go out each month.” These included cheques for social security, veterans and people with disabilities. That’s just the beginning. Among the other effects of a US default could be a spike in interest rates, a collapse in the dollar and a sudden return to global slump. And, although Aug 2 is the deadline, financial markets are no great respecters of legislative timetables. As soon as they think there’s a serious risk of default, they will act. Some liberals have criticised Republicans for playing Russian roulette with the fragile economy. Raising the debt ceiling is a routine part of the way government works. It happened 17 times under Ronald Reagan and seven times under George W Bush. The Republican stand-off, they say, irresponsibly places partisan political goals above the national interest. This misstates the problem. Questions of public funding are supposed to be political. We elect people, in no small part, because of the economic priorities they set. The issue here is not that the Republicans have politicised the ceiling but the disingenuous, dystopian and dysfunctional politics they are espousing. It’s no mystery how the US got to this point. In 2000, Mr Bush inherited a budget surplus— with the most going to those who needed it least — launch two wars and oversee a recession that turned into a slump., only to implement massive tax cuts The Republican plan aims to put the burden of these military follies and that economic mismanagement on the backs of those who have suffered the most from them and bear the least responsibility for them — the poor. Take food stamps — assistance given to those who are so poor they do not have enough to eat. Between 2008 and 2011, the number of those living on food stamps increased by almost 50 per cent, putting one American in seven in the programme. The Republicans would like to trim that budget by about 20 per cent. They have also voted to cut another health and nutrition scheme for poor pregnant women, infants and children by 11 per cent. They would rather do all this than raise taxes on corporate jet owners, hedge fund and private equity investors and oil and gas companies. |
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| 19-Jul-2011 11:30 |
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Tata group to sell $US700 flat-pack house
On Sunday 17 July 2011, 18:35 EST
The Indian company that launched the world's cheapest car has unveiled its latest product for the fast-growing nation: a flat-pack house that costs just $US700 ($A654.94) and can be built in a week. The Tata group, maker of the $US2,500 ($A2,339) Nano car, said that the 20-square-metre home comes from a pre-fabricated kit that includes doors, windows and a roof. " We have already prepared two-three different designs based on discussions with users and are gathering more feedback," Sumitesh Das, the head of the project at Tata, told reporters in Hyderabad. " Hopefully, in the next six-eight months we should be able to roll it out in the market nationally." The basic model of a so-called Nano house will cost 32,000 rupees ($A673.65) and will use coconut fibre or jute for wall cladding and interiors. It has a life expectancy of 20 years. The house, which is being tested in the state of West Bengal, will also be available in a larger 30-square-metre version and with additional features such as a solar panel for the roof and a verandah. Tata hopes to sell the house to private buyers who have a plot of land available and also to state governments planning mass residential schemes for India's millions of destitute and homeless. Das said Tata was using advice from panchayats (village councils) to fine-tune the design. The Nano car drew worldwide attention when it was launched in 2009, but sales figures have not met expectations due to production delays and safety issues. OUTSOURCE HDB tO TATA OUTSOURCE SMART & COMFORT tO TATA |
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| 19-Jul-2011 11:21 |
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mOre wAter pleAse One wEEk stOrms & flOOds in AUgUst sIngapOreAn hUAt !
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| 19-Jul-2011 11:17 |
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Can the US avert financial Armageddon?
You’re never that far away from the apocalypse in US culture or politics. The most popular books of the past decade, the Left Behind series, are based on a fictionalised account of the Judgment Day. The 12 books sold more than John Grisham. Then, there’s a Facebook page which goes: “If Sarah Palin wins in 2012 — it will be the end of the world!!!” So when President Barack Obama talks about “averting Armageddon”, there is good reason to be sceptical. Nonetheless, the truth is that, unless the President reaches a deal with Congress by Aug 2 to raise the country’s debt ceiling — effectively extending its credit limit so it can borrow more money — very bad things are going to happen. The US government will effectively run out of money. But it would go into default not because it can’t pay its bills — like Greece — but because it won’t. |
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| 19-Jul-2011 10:43 |
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It will be S’pore’s Bund Marina Bay waterfront promenade to be a catalyst for future growth: PM Claire Huang
SINGAPORE — The Marina Bay waterfront promenade will be a key platform and catalyst for Singapore’s future growth, defining Singapore the same way the Bund defines Shanghai, said Prime Minister Lee Hsien Loong. |
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| 19-Jul-2011 10:33 |
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Flash flood frustration Mica’s Lui to speak with Mewr privately Satish Cheney
Leaving his Telok Kurau home with his wife, he had driven 30m along the street outside his home to join the main road when he saw a car stalled in the flood. He then reversed to use the exit at the other end of the street, only to encounter deep floodwaters. With both exits blocked, Mr Lui and his wife returned home. Mr Lui, speaking on the sidelines of a community event, said he will speak to the Ministry of the Environment and Water Resources privately about conducting dialogues. Affected residents would want to know how the PUB can alleviate the situation, he said, amid public clamour for explanation as to how such floods can occur in Singapore. PUB has advised the public to exercise caution as flash floods may occur in the event of heavy storms, adding that the Marina Barrage gates were opened to maintain the water level at Marina Reservoir within the normal range. But some exasperated residents wondered about the frequency of floods since the Marina Barrage became operational. PUB will hold a media briefing today shortly before Parliament is scheduled to debate the problem. Life slowly returned to normal esterday for some of those affected by Saturday’s downpour. Some suffered a loss of revenue as deep waters ruined goods in shops. SINGAPORE — Like many Singaporeans on Saturday morning, Acting Minister for Information, Communication and the Arts Lui Tuck Yew had his morning plans thwarted by rain and flood water. |
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| 19-Jul-2011 09:20 |
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Updated: 18/07/2011
Ex—StanChart consultant swindles more than S$105,000Ex—StanChart consultant swindles more than S$105,000
Ma Shumei (Photo: Singapore Police Force) SINGAPORE: A former personal financial consultant with Standard Chartered Bank, who was tasked to advise customers on its wealth management products, abused her position and siphoned off monies from their bank accounts instead. Ma Shumei, 26, transferred more than S$105,000 of customers’ money without their authorisation into other accounts between October 2009 and February 2010. On Monday, the court heard that she got hold of her customers’ money by forging their signatures. In most of the cases, Ma transferred the funds into her friends’ bank accounts. They would then transfer the money back to her via internet banking. In the case involving the largest amount, Ma forged the signature of 61—year—old Brian Wayne McLachlan, one of the bank’s customers, to open an e$aver Account under his name without his permission. She did this as such accounts are paperless and no physical bank statements are mailed to account holders, therefore making it easier for her to cover her tracks. By forging the Australian’s signature again on bank documents, she managed to transfer more than S$34,000 from his bank account into the e$aver Account in December 2009. The court heard that Ma managed to make off with S$20,000 of Mr McLachlan’s money by 24 December, 2009. In January 2010, she forged the signature of another customer, 52—year—old Suparmi Sakri, and illegally transferred S$20,000 from the Indonesian’s account into an e$aver Account. The court heard that she intended to use the money to pay back the amount she had taken from Mr McLachlan. But Ms Sakri noticed the unauthorised transactions in March 2010 and notified the bank. Ma made off with about S$51,000 from the monies she illegally transferred. She has since made a full restitution. For offences including cheating and forgery, Ma was sentenced to 10 months’ jail after pleading guilty to eight of 23 charges. —CNA/ck |
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| 19-Jul-2011 09:18 |
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Updated: 18/07/2011
Champion gymnast's downfall shocks ChinaA champion gymnast forced to turn to begging after injury ended his career prematurely has become a media sensation in China after a fan recognised him eking out a living on the streets of Beijing. 
Champion gymnast's downfall shocks China A champion gymnast forced to turn to begging after injury ended his career prematurely has become a media sensation in China after a fan recognised him eking out a living on the streets of Beijing. Zhang Shangwu's case throws the spotlight on the plight of top athletes in China, who are taken from their homes as young as five to be trained in special schools, then struggle to adjust to normal life once their careers are over. The 27-year-old said he had been inundated with requests for interviews and offered jobs by well-wishers, including one of China's richest men, after his spectacular fall from grace was made public and splashed across newspapers. " In China, there are many athletes who have experienced the same thing as me, so I'm one of the lucky ones as the media and society uncovered my plight," he told AFP in a telephone interview. Zhang said he won two gold medals at the 2001 Universiade, an international sports event for university athletes that took place in Beijing, but a year later sustained a tendon injury which brought his promising career to an end. With little education, he took jobs as a waiter and a care worker, but his injuries hampered his ability to work and he was eventually forced to turn to theft, spending nearly five years in jail before being released in April. Then last week his luck changed when he was recognised performing stunts on the street for money, and his story has now been picked up by dozens of media outlets. Billionaire recycling magnate Chen Guangbiao even offered to give him a job, although Zhang said he was too busy with media interviews to think about what he would do next. Authorities in the northern province of Hebei, where Zhang is from, refused to comment when contacted by AFP, but his story has captured the public imagination and raised questions about the state's duties to former athletes. Weightlifter Cai Li, a gold medalist at the 1990 Asian Games who could only find work as a security guard after he retired, died in 2003 from causes related to years of hard training. |
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| 18-Jul-2011 20:04 |
Mermaid Maritime
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Mermaid
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Mermaid Maritime As losses snowballed from an over-expanded subsea fleet in a surplus market, Mermaid has underperformed the FSSTI by 25% YTD. However, we believe that the worst could be over with Mermaid bottoming out in terms of qoq earnings. Invoked by compelling valuations against BV, visible improvements in its subsea business and multiple catalysts from drilling, we upgrade Mermaid to OUTPERFORM from Neutral. Incorporating higher utilisation rates, we lower our FY11 net losses by 8% and raise our earnings estimates for FY13 by 114%. As we believe that losses could be contained, we narrow our discount to BV to 20%, raising our TP to S$0.49. |
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| 18-Jul-2011 19:49 |
SIA
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S I A delisted ? ? ? ? |
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