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14-May-2010 14:36

Genting Sing / GenSp starts to move up again

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Warrants Highlight

Genting Singapore - Top & Bottom Line Looking Strong

14 May 10

Call GentingSMBLeCW100802 (KR2W) exercise price $0.950.*

Call GentingSMBLeCW100702 (KH8W) exercise price $1.05.*

Long-datedGentingSMBLeCW120402 (J2UW) exercise price $1.15.*

In an after-market announcement yesterday evening, Genting Singapore reported a first quarter loss of S$396.3mn versus the loss of S$31.9mn last year. Macquarie Research Equities (MRE) examined the company’s results and had the following to say according to excepts from a note published yesterday…

Singapore 1Q10 top and bottom line look strong
1Q10 Singapore revenue was S$335m over 45 days, or S$7.44m/day. MRE’s full year revenue forecast for Singapore is S$2.06bn. Universal Studios made up less than 10% of the top line. EBIT in Singapore was S$109m for just 45 days, compared to MRE’s full year forecast of S$478m. Of course, Marina Bay Sands (MBS) opened in late April, and GENS did not disclose what the change in revenue was since the MBS opening, so these numbers have not stabilised by any means.

UK had S$478m impairment loss
This was for the uncertainty in the UK as well as the movement in the GBP rate. The book value of the UK operations after this write-down is just over GBP400m.

Tables being ramped up post MBS opening
The company said they had 300 tables open of which a third are VIP and 1200 slots operating. What was interesting was their comment that they had opened more tables post the MBS opening, suggesting a smaller cannibalisation than the market may expect. Of course, this may not account for movements in average win per table, which they said was "comparable" to Macau on a "blended" basis. The VIP mass mix was 50:50 as defined by Genting (VIP includes mass premium), and there was no significant deviation from the theoretical win rate.

Risk on the upside
It is early days yet and the numbers are still subject to shift changes like MBS' opening. However, if MRE assumes that 95% of the revenue was from the casino, they are looking at a S$7.1m/day revenue, which would give a total annualised revenue of S$2.6bn pa. If as the company suggests it has been opening more tables post the MBS opening, then MRE is looking at fairly significant upward revisions, because MRE was only looking at annual gaming revenue of S$1.8-1.9bn for Sentosa. However, because the company has declined to give any sort of guidance on their May revenue, MRE rather suspects the market will also hold off till 2Q10 before looking to up their numbers.

Macquarie Genting Warrants
Trading Call Warrants (Short term bullish view)
GentingSMBLeCW100802 (KR2W) exercise price $0.950.*
GentingSMBLeCW100702 (KH8W) exercise price $1.05.*
GentingSMBLeCW100903 (K1TW) exercise price $1.10.*
GentingSMBLeCW100621 (J2NW) exercise price $1.20.*

Long Dated Warrants (Long term bullish view)
GentingSMBLeCW120402 (J2UW) exercise price $1.15.*

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14-May-2010 14:20

Genting Sing / GenSp starts to move up again

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Thursday: 13 MAY 2010

Roaring Start to 2010

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14-May-2010 14:04

Genting Sing / GenSp starts to move up again

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OCBC Securities Pte Ltd
14 May 2010
Maintain
BUY
Previous Rating: BUY

Current Price: S$0.975

Fair Value: S$1.29

Summary: Genting Singapore (GS) reported a very strong set of 1Q10 results, with revenue jumping 337.0% YoY and 268.4% QoQ to S$460.4m, meeting 24.2% of our FY10 forecast. Underlying net profit came in at S$54.1m, marking a sharp turnaround from losses of S$23.3m in 1Q09 and S$82.3m in 4Q09. The strong outperformance came from the start of the Resorts World Sentosa (RWS) integrated resort where the operations were not only immediately profitable but also achieved an impressive adjusted EBITDA margin of 32.6%. While we are keeping our revenue estimates intact, we are drastically revising up our earnings estimates for FY10 to an underlying profit of S$187.9m from a net loss of S$15.1m; we are also raising our FY11 profit forecast by 192.5%. As a result, our DCF-based fair value jumps from S$1.04 to S$1.29. Maintain BUY.

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13-May-2010 10:25

Others / DOW & STI

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Kissing credibility goodbye
Daniel Gros

and Thom as Mayer
T
On Sunday, the European Central Bank (ECB) may have said goodbye to its credibility when it agreed to buy the government bonds of euro nations in trouble. With its move to prop up the failing bonds of governments in financial distress, the ECB has let itself be transformed into an agent of fiscal policy.
The intention to sterilise bond purchases means, in effect, that it taxes euro-area private borrowers to support governments in difficulty. In the long run, this is likely to undermine confidence in the ECB and the euro.
The ECB has now joined the list of major central banks that have lost their innocence during this financial crisis by moving closer to fiscal policy than seemed possible not long ago.
However, the descent of the ECB from the path of virtue has been the most dramatic.
The Maastricht Treaty, on which monetary union was based, states every country is responsible for its own finances and that the central bank is independent from governments. With its decision to buy failing sovereign debt, the ECB has undermined both principles.
To the extent that it does not sterilise the effects of its intervention, it monetises government debt. To the extent that it does sterilise the purchases, it acts as a fiscal agent, taxing other euro-area borrowers to support a government in fiscal distress. The claim that intervention serves the purpose of creating orderly market conditions seems unconvincing when governments or the ECB decide which market movements are justified and which aren’t.

The ECB may now have years of hard work to restore the credibility that it put on the line on Sunday. here is an old saying among central bankers that credibility is earned in years of hard work, but can be lost overnight. Bloomberg

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13-May-2010 09:46

Genting Sing / GenSp starts to move up again

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This is the news talking about Genting yesterday from DJ Market Talk.

--------------------------------------------------------------------------DJ MARKET TALK:

Genting S’pore +2.6%; 1Q To Surprise On Upside-JPM 0427 GMT [Dow Jones] Genting Singapore (G13.SG) +2.6% at S$0.985 on robust volume (most active on SGX), as buyers load up in anticipation of good 1Q10 results due tomorrow. “We believe the announcement of 1Q10 results would likely surprise the market and expect robust operating performance,” says JPMorgan, which has Overweight call with S$1.20 target; forecasts EBITDA of S$95 million vs pre-tax loss of S$30.4 million year earlier on contributions from Resorts World Sentosa. Apart from Resorts World, guidance on Genting’s U.K. operations will also be closely followed as business still under pressure from higher government taxes, reduced patronage due to economic conditions. Immediate resistance at S$1.00, last breached in February. (frankie.ho@dowjones.com)

----------------------------------------------------------------------------------------------------------------------------------------------------

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13-May-2010 09:37

Others / MBS Casino

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“THIS record is about greed, vengeance and feminism,” Hole singer Courtney Love said of the songs on the first album from Hole in more than a decade (since 1998’s three-time Grammy-nominated

Of course, Love is the only member of that original outfit — bassist Melissa Auf de Maur, although initially said to be working on the album, isn’t present at all, and neither is guitarist and Hole co-founder Eric Erlandson.

Working with producer Michael Beinhom, Billy Corgan and Linda Perry has turned Love’s initial collection of acoustic, folky tunes into something bigger and badder, although you will be disappointed if you expect anything like

Most of the songs here actually tend to sound like updates. The pushing rhythms of

Although

“It’s time for me to be a man / Idon’t care what it takes my friend/ I will never go hungry again,” she sings on

Despite how the songs are dressed up, the album is as raw as it gets.

Celebrity Skin). And, yes, there is a little bit of that. But, mostly, it sounds like a revealing of Love and what has happened to her in the last five years.Live Through This. Love sounds tired and ragged — think Stevie Nicks meets Marianne Faithfull — but somewhere deep inside, the rocker’s spirit still burns with an unrepentant flame.Pacific Coast Highway, for example, sound like the sequel to Malibu, while the grinding sweep of the title track comes across like a summation of Love’s musical life. The original acoustic premise is still very prominent, despite the addition of drums, bass and overdriven guitar. You can almost see Love sitting alone in her room furiously strumming on her guitar on Never Go Hungry, For Once In Your Life or How Dirty Girls Get Clean.Nobody’s Daughter isn’t as ballsy as the previous Hole releases, the songs are somehow meaner, and they do take some getting used to. But Love is nobody’s fool, and she knows what she’s doing, even as she bears her soul.Never Go Hungry.

pharoah88 ( Date: 13-May-2010 09:27) Posted:

HOLE SiNGLE SiNGiNG iN HOLE

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13-May-2010 09:27

Others / MBS Casino

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HOLE SiNGLE SiNGiNG iN HOLE

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12-May-2010 16:27

YZJ Shipbldg SGD / Cruising with the ship ..Yangzijiang

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12:21:46    S$1.30    1,103,000   BfS

14:18:30    S$1.31    1,618,000   BfS

15:27:51    S$1.32    3,010,000   BfS

15:30:50    S$1.33    4,000,000   BfS

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12-May-2010 16:11

YZJ Shipbldg SGD / Cruising with the ship ..Yangzijiang

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Middle East AVATAR

ASCENDANCY

pharoah88 ( Date: 12-May-2010 10:33) Posted:

befOre YZJ decided tO make the BK bid, it must have cOnsulted many vEry impOrtant iNSiDERS.

Of cOurse, SCM bEing sO BLURRRR nOt tO BiD fOr the 15% lOng lOng lOng lOng agO

THiNKiNG that iT cOuld savE sOmE pEanUt mOney by lEaving the 15% WiTH BT

SCM must have Very MEAN peOple arOund ? ? ? ?

illOgical tO lEave the 15% tO attract cOmpetitOr's attEntiOn

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12-May-2010 16:07

YZJ Shipbldg SGD / Cruising with the ship ..Yangzijiang

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$2.07 ViSiON

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12-May-2010 15:56

Genting Sing / GenSp starts to move up again

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Wednesday: 12 MAY 2010 *BULL TRAP*

SAGE WISDOM

12:29:58 S$0.985 6,000 SOLD tO BUYER

- - - - MiD Day CLOSE

13:59:01 S$0.990 2,611,000 SOLD tO BUYER

13:59:02 S$0.990 7,732,000 SOLD tO BUYER

13:59:02 S$0.990 4,973,000 SOLD tO BUYER

14:00:06 S$0.995 1,000,000 BOUGHT frOm SELLER

14:00:07 S$0.995 2,728,000 BOUGHT frOm SELLER

14:00:22 S$1.000 1,512,000 BOUGHT frOm SELLER

14:01:58 S$1.000 1,000,000 BOUGHT frOm SELLER

14:05:12 S$1.000 5,040,000 BOUGHT frOm SELLER

14:05:12 S$1.000 8,160,000 BOUGHT frOm SELLER

14:07:05 S$1.000 1,000,000 BOUGHT frOm SELLER

14:07:18 S$1.000 1,600,000 BOUGHT frOm SELLER

14:15:14 S$1.000 4,010,000 BOUGHT frOm SELLER

14:40:23 S$1.010 1,000,000 BOUGHT frOm SELLER

15:31:54 S$1.010 1,500,000 BOUGHT frOm SELLER

15:32:23 S$1.010 1,500,000 BOUGHT frOm SELLER

15:32:25 S$1.010 4,600,000 BOUGHT frOm SELLER

15:32:26 S$1.010 2,400,000 BOUGHT frOm SELLER

15:41:23 S$1.020 5,000,000 BOUGHT frOm SELLER

pharoah88 ( Date: 12-May-2010 11:00) Posted:

Wednesday: 12 MAY 2010

10:37:39 S$0.990 1,000,000 BfS

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12-May-2010 15:30

Genting Sing / GenSp starts to move up again

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i just returned from lunch.

Overheard one uncle already made S$3 million from Genting Singapore.

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12-May-2010 11:40

CapitaLand / Capitaland

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hOw bEar ?

BEAR ? ?

BEAR BEAR ? ? ?

BEARS BEARS BEARS ? ? ? ?

BARE BARE BARE BARE ? ? ? ? ?

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12-May-2010 11:32

Pacific Andes / pac andes

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S$0.40 is an attractive target nOw

bUy S$0.335 sEll S$0.400

tonylim ( Date: 12-Apr-2010 16:44) Posted:

Yes the moment has come - just cross the 40 cent mark

pharoah88 ( Date: 12-Apr-2010 10:08) Posted:

at this mOment

mOst pOwer and attEntiOn are On Oil sEctOr

and

Shipping Olympian COSCO

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12-May-2010 11:00

Genting Sing / GenSp starts to move up again

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Wednesday: 12 MAY 2010

10:37:39 S$0.990 1,000,000 BfS

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12-May-2010 10:33

YZJ Shipbldg SGD / Cruising with the ship ..Yangzijiang

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x 1

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11-May-2010 19:54

Others / DOW

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A $1.34-trillion lifeline

nOt yet EXECUTED in the MARKET

pharoah88 ( Date: 11-May-2010 09:41) Posted:

A $1.34-trillion lifeline

Joint action by Western governments, central banks calms markets

B RU S S E L S

The United States Federal Reserve providing unlimited US dollar funds to Europe’s central banks.

— A humongous €750-billion ($1.34-trillion) emergency loan package. The European Central Bank (ECB) committing to buying public debt in an abrupt Uturn.

pharoah88 ( Date: 11-May-2010 08:48) Posted:

Monday: 10 MAY 2010 CLOSING

dOw +404

BEAR BARE

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11-May-2010 19:51

Others / DOW & STI

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A $1.34-trillion lifeline

Joint action by Western governments, central banks nOt yet EXECUTED

pharoah88 ( Date: 11-May-2010 09:39) Posted:

A $1.34-trillion lifeline

Joint action by Western governments, central banks calms markets

B RU S S E L S

The United States Federal Reserve providing unlimited US dollar funds to Europe’s central banks.

— A humongous €750-billion ($1.34-trillion) emergency loan package. The European Central Bank (ECB) committing to buying public debt in an abrupt Uturn.

pharoah88 ( Date: 11-May-2010 08:46) Posted:

Monday: 10 MAY 2010 CLOSING

dOw +404

BEAR BARE

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11-May-2010 19:46

Straits Times Index / STI to cross 3000 boosted by long-term investors

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dOw TEST CIRCUIT BRAKERS

TONIGHT

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11-May-2010 19:45

Others / DOW

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dOw TEST CIRCUIT BRAKERS

TONIGHT

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