Latest Posts By Peter_Pan
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| 01-Feb-2013 19:45 |
Golden Agri-Res
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GoldenAgr
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Just be careful and play by ear, seems to be on mid to long term downtrend for now. | ||||
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| 01-Feb-2013 18:49 |
Yoma Strategic
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Yoma
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Most positives priced in – downgrade to SELL Over the period in 2012 when we initiated coverage and maintained a buy rating on the company, the share price had appreciated a whopping 47% in five weeks. However, at current price levels, while we acknowledge that the company holds meaningful franchise value as a leading developer in Myanmar, we see most positives to be already priced in, even under our most optimistic assumptions. We downgrade our rating on the company to a SELL based on a 12- month fair value estimate of S$0.71 (20% premium to RNAV), but caution that the anticipated 1-for-4 rights issue ahead would likely be supportive of the share price over the nearer term. Note that our fair value estimate is a considerable 35% above the S$0.525 per share paid by major investors who bought into the 192.9m-share private placement just two months ago. (OCBC Securities)
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| 01-Feb-2013 18:42 |
Genting Sing
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Genting SP Next Move
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Only went in for a quick punt yesterday. | ||||
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| 01-Feb-2013 18:29 |
Vard
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STXOSV
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Testing of patience.........see who blink first.....@_@ | ||||
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| 01-Feb-2013 18:23 |
Straits Times Index
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STI to cross 3000 boosted by long-term investors
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STI 3300 COME M NEY COME
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| 01-Feb-2013 18:22 |
Genting Sing
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Genting SP Next Move
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Sunnier days ahead • MBS 4Q12: Strong rebound in rolling chip, mass picking up • RWS: May see similar recovery with RWS running at full steam, potential new ventures in 12-18 months • Raise 2013-14F earnings by 7-11% Maintain Hold but raise TP to S$1.60 (from S$1.30) Signs of recovery. MBS’ 4Q12 EBITDA came in at US$303m/ S$373m (-29% y-o-y, +16% q-o-q), bringing full-year EBITDA to US$1.37bn/ S$1.68bn (-11% y-o-y). The y-o-y drag came from lower VIP win rate (2.14% vs 4Q11: 3.3% 3Q12: 1.8%), slower mass volume growth (- 2%), and an additional US$24m property tax assessment. But MBS saw a strong rebound in VIP rolling chip (+53% y-o-y, +40% q-o-q) while mass volume rose 1% q-o-q as MBS’ focus on premium mass starts to bear fruit. Hold-adjusted EBITDA would have been US$406m/S$499m (+13% y-o-y, +11% q-o-q). LVS opines that Singapore is still a challenging market given concentrated demand, strict regulations and limited junket participation. RWS: Stronger earnings ahead. GENS’ 4Q12 results to be announced on 21 Feb may show a similar q-o-q recovery as MBS (estimated S$350-400m vs 3Q12’s S$303m). We look forward to seasonally stronger earnings in1Q13 from Chinese New Year and recovery in EBITDA margin in 2Q13 as the recently completed Western Zone ramps up (> 10k/day visitors to the oceanarium on weekends). GENS has recently also hired experts to improve its mass segment operations. New ventures likely but not so soon. With minimal updates on Japan’s and Korea’s gaming liberalisation post-elections, GENS may need 12- 18 months before it can put to use its S$2.3bn perpetual bonds (S$119m interest p.a. or 11% of 2013F earnings). GENS is also eyeing North America (aside from New York and Miami under GENM). LVS is looking at Japan, Korea, North & South America and Vietnam (targeting > 20% EBITDA returns). GENS may acquire more hotel sites after its recent acquisition in Jurong (4-star hotel by 4Q14/1Q15). Maintain Hold, TP raised to S$1.60. We raised 2013-14F earnings by 7-11% to factor in a stronger recovery in both VIP and mass segments. Our TP is raised to S$1.60 (from S$1.30) as we also roll forward to FY14 and peg valuation to Macau sector average EV/EBITDA of 11x. Potential wildcard: accelerated liberalization of Japan’s gaming market, award of licences to bigger junkets (RWS recently granted its third licenced junket but minimal contribution). (DBS Vickers)
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| 01-Feb-2013 13:36 |
Genting Sing
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Genting SP Next Move
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Genting Singapore Don’t Get Overly Excited Don’t jump to conclusions. Marina Bay Sands (MBS) recorded decent 4Q12 results driven by VIP volume growth, but the same may not necessarily be true of Genting Singapore (GENS). Recall that when MBS’ VIP volumes surged 35% QoQ in 3Q11, VIP volumes at Resorts World Sentosa (RWS) were flat QoQ. We maintain GENS’ estimates, HOLD call and SGD1.35 TP on 11x FY13 EV/EBITDA. While its share price reacted positively to the news of MBS’ earnings, investors may want to take profit ahead of its results on 21 Feb 2013. MBS’ 4Q12 earnings off an intra-year low. MBS reported 4Q12 net revenue of USD717.2m (+15% QoQ, -11% YoY) and EBITDA of USD302.5m (+16% QoQ, -29% YoY). The sequential improvement was driven by higher VIP volumes of USD16.5b (+40% QoQ, +53% YoY) and a higher, albeit still below theoretical, VIP win rate of 2.14% (+35bps QoQ, -120bps YoY). High VIP volumes may not be sustainable. Although MBS’ 4Q12 VIP volumes were markedly higher QoQ and YoY, it said that VIP volumes are concentrated on only a few VIPs and will vacillate QoQ. We also note that its rebate rate of 1.31% of VIP volume was the highest since 4Q10. Thus, RWS too may have raised its rebate rates in 4Q12 to defend its share of VIP volume, but at the expense of margins. Mass market segment still contracting. Conversely, MBS’ 4Q12 mass market revenue of SGD1.1b was down 2% QoQ and 3% YoY (slot handles were up 3% QoQ but down 2% YoY), likely reflecting a still-cautious outlook among mass market patrons around the region. Coupled with its below-theoretical VIP win rate of 2.14%, EBITDA margins remained suppressed at 42%. May not be positive for GENS. When MBS’ VIP volumes hit a similarly high level of USD16.7b (SGD20.5b) in 3Q11, RWS’ VIP volumes stayed flat QoQ at SGD16.1b (Chart 1) it therefore lost market share. MBS stated that this was because it hosted 25 VIPs unique to it who did not gamble there again. This corroborates its earlier statement that VIP volumes are highly volatile. Hold(unchanged) Share price: SGD1.55 Target price: SGD1.35 (unchanged) (Maybank Kim Eng)
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| 01-Feb-2013 12:01 |
Straits Times Index
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STI to cross 3000 boosted by long-term investors
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Pls do not play contra if you can, use cash!
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| 01-Feb-2013 11:47 |
Straits Times Index
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STI to cross 3000 boosted by long-term investors
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Unbelieveable but true! STI has officially entered into a new era of bull run after 21/12/2012! | ||||
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| 01-Feb-2013 11:17 |
Straits Times Index
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STI to cross 3000 boosted by long-term investors
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Good one! Hahaha!
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| 01-Feb-2013 11:03 |
Straits Times Index
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STI to cross 3000 boosted by long-term investors
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Very Powderful Rally In The Making | ||||
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| 01-Feb-2013 11:01 |
Straits Times Index
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STI to cross 3000 boosted by long-term investors
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Ok. Cheers!
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| 01-Feb-2013 10:50 |
Straits Times Index
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STI to cross 3000 boosted by long-term investors
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Let them short, we need liquidity in the market.
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| 01-Feb-2013 10:46 |
Ezra
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Ezra
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Outperform. Attractive valuation. Ride the next coming wave. | ||||
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| 01-Feb-2013 10:42 |
Straits Times Index
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STI to cross 3000 boosted by long-term investors
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HONG KONG (MarketWatch) -- Business conditions for Chinese manufacturers showed a significant improvement in January, according to the final reading of the results of a survey by HSBC released Friday. HSBC's final print of the manufacturing Purchasing Managers' Index for January came in at 52.3, up from the survey's initial reading of 51.9, and also higher than the final measure of December PMI at 51.5. A reading above 50 indicates an expansion. The latest data from HSBC marked a divergence from an official gauge of Chinese manufacturing conditions, which put the January PMI at 50.4, weaker than its December reading of 50.6. " A higher reading of January final manufacturing PMI implies that China's manufacturing activity is gaining further steam on the back of improving domestic conditions," Hongbin Qu, chief China economist at HSBC, wrote in a statement. | ||||
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| 01-Feb-2013 10:41 |
Straits Times Index
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STI to cross 3000 boosted by long-term investors
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HSBC China final Jan PMI at 52.3 Vs. 51.5 in Dec | ||||
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| 01-Feb-2013 10:40 |
Straits Times Index
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STI to cross 3000 boosted by long-term investors
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China factory activity gains pace in Jan: HSBC |
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| 01-Feb-2013 10:17 |
Midas
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Midas
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Train getting packier and packier... | ||||
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| 01-Feb-2013 09:20 |
Straits Times Index
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STI to cross 3000 boosted by long-term investors
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STI 3300 COME MNEY COME
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| 31-Jan-2013 23:32 |
Straits Times Index
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STI to cross 3000 boosted by long-term investors
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The bear very hungry...very long never have a proper meal liao...lol | ||||
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