Latest Posts By pharoah88
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| 26-Aug-2011 13:05 |
Genting HK USD
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Genting HK US$
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Less lucky at RWS and GENUK 2Q11 core net profit was 19% lower YoY largely due to RWS whose VIP win rate fell from > 3.5% in 2Q10 to 2.7% in 2Q11 and GENUK whose VIP win rate was markedly below the theoretical level of 2.85% despite its VIP volume growing 20% YoY. |
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| 26-Aug-2011 12:22 |
Tiger Airways Rg
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TigerAir
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Tiger Airways - We were not surprised back Tiger's 1-for-2 rights issue. In our 8 Aug 2011 note, we had warned of a potential cash call to shore up Tiger’s weak balance sheet. Major shareholder SIA and Temasek will take up 90% of the rights issue. We see greater involvement from parent SIA, which could be a long-term positive for Tiger. However, in the near term, Tiger will continue to bleed in Australia. Pending an analyst briefing later, we keep our estimates for now. We believe it is too risky to bet on an early turnaround for Tiger. Therefore, we reiterate our Underperform recommendation and maintain our target price of S$0.54, still based on 8x CY12 EPS. Tiger's theoretical ex-rights price will be S$0.83. Adjusting for the issue, our ex-rights target price will be S$0.46. |
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| 26-Aug-2011 12:18 |
User Research/Opinions
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******** GENTING ******* BERHAD ********
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Table 1: RNAV/sh valuation TP No. of shares Shareholding Market value Genting Malaysia 3.70 5,920.0 49.4% 10,820.6 Genting Singapore 4.94 12,193.1 52.0% 31,346.9 Genting Plantations 7.48 758.8 54.6% 3,099.2 Landmarks 1.44* 480.8 30.3% 209.8 Licensing & management fees DCF at 10.5% 6,101.3 Oil & Gas End-FY11F BV 629.7 Power EV/MW of USD0.6m 2,754.1 Net debt at Genting level (875.5) RNAV 54,085.9 FD no. of shares 3,704.8 RNAV/share 14.60 (30% discount) (4.40) TP 10.20 |
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| 26-Aug-2011 12:15 |
User Research/Opinions
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******** GENTING ******* BERHAD ********
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There will be better times to play this hand Downgrade from Buy to Hold.
Downgrading TP from RM12.76 to RM10.20 on a wider discount to RNAV. Volatile equity markets do not favour this high beta stock. Its share price will also be affected by sentiment at Genting Singapore. Genting recorded 1H11 results that were largely within expectations. Weaker earnings YoY were due to poor VIP win rate at 52% owned Resorts World Sentosa (RWS) and 49% owned Genting UK (GENUK). We trim our earnings estimates by 6%-9% on lower share of Singaporean VIP volume for RWS.Within expectations. 2Q11 core net profit of RM634m (-19% YoY, - 26% QoQ) brought 1H11 core net profit to RM1.5b (+21% YoY) which was within expectation at 47% of our full year estimate. Excluding Resorts World New York (RWNY) development revenue, 1H11 revenue of RM8.7b (+21% YoY) was also within expectations at 48% of our 2011 estimate. The interim DPS of 3.5 sen less tax (1H10: 3.3 sen less tax) was also within expectations.Less lucky at RWS and GENUK 2Q11 core net profit was 19% lower YoY largely due to RWS whose VIP win rate fell from > 3.5% in 2Q10 to 2.7% in 2Q11 and GENUK whose VIP win rate was markedly below the theoretical level of 2.85% despite its VIP volume growing 20% YoY.
Trimming earnings estimates by 6%-9%. Lowering TP by 20%.
1, the discount widens during volatile equity markets (34% discount at one standard deviation below mean). The lower RNAV/sh is due to lower TPs for Genting Singapore (SGD2.06, SGD2.41 previously) and Genting Plantations (RM7.48, RM8.60 previously). These factors also explain why 2Q11 core net profit was 26% lower QoQ. It is also important to note that RWS’ VIP volume fell 13% QoQ to SGD16.2b in 2Q11 (share of VIP volume fell 7 ppt QoQ to 52%). |
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| 26-Aug-2011 11:00 |
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^^ ^^ ^^ ^^ GENTING MALAYSIA ^^ ^^ ^^ ^^ [MYR]
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Genting 2QFY11 Results / Briefing Note
¨ 1HFY11 core net profit was in line with our but below consensus expectations, making up 51.3% of our FY11 projections and 45% of consensus projections.
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| 26-Aug-2011 10:55 |
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MITSUI *ISKANDAR* FOCUS
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UEM 2QFY11 Results / Briefing note ¨ 2Q11 net profit missed expectations by 20-30%. The strong sequential growth of 171% in turnover was due to higher revenue from property development projects (+125%) and developed land sales (to RM122.1m from RM7.3m in 1Q11). This 2Q11 results also reflected the full quarter contribution from |
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| 26-Aug-2011 10:51 |
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******** GENTING ******* BERHAD ********
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Genting Bhd: Still growing Outperform 2QFY11 Results / Briefing Note ¨ 1HFY11 normalised net profit was in line with our and consensus expectations, coming in at 51-53% of FY11 projections. Genting recorded a net EI gain of RM98m in 2Q11, bringing total EI for 1HFY11 to RM31.9m. Genting declared a gross interim DPS of 3.5 sen (less 25% tax), in line with our forecasts. |
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| 26-Aug-2011 10:27 |
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>>>>>> BEST TRANSPORT IMPERATIVE <<<<<<
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05-13-2011
Campaign Remembers Reagan and Clinton Support for Transport SpendingThe American Road & Transportation Builders Association (ARTBA) and the American Public Transportation Association (APTA) announced the launch of a radio and television ad campaign featuring these presidential icons. The two groups aim to elevate transportation investment into the ongoing congressional debate about the federal budget and future investment priorities. They are calling on Congress to pass a well-funded, multi-year highway and public transportation bill this year. The surface transportation authorization legislation expired on September 30, 2009, and has been extended until September 2011. In signing the Surface Transportation Assistance Act of 1982, President Reagan said, " The state of our transportation system affects our commerce, our economy and our future. . .Common sense tells us that it will cost a lot less to keep the system we have in good repair than to let it disintegrate and have to start over from scratch. . .Clearly this program is an investment in tomorrow that we must make today." In signing the Transportation Equity Act for the 21st Century in 1998, President Clinton said, " Modernizing and building our roads, bridges and transit systems. . .connecting millions of Americans to the economic mainstream, ushering in two decades of unparalleled growth." " Presidents Reagan and Clinton remind us that transportation is a bipartisan issue," said William Millar, president of the American Public Transportation Association. " We urge Congress and the Administration to set aside their differences and work together to pass a well-funded, multi-year, multimodal bill that will create jobs and build our economy. It's a win-win for Congress, for the Administration and most importantly for the American people." " Presidents Reagan and Clinton knew, as did the nation's founding fathers, that transportation infrastructure investment is a core function of the federal government," ARTBA President & CEO Pete Ruane said. " It's time for Congress and the President to embrace this responsibility. Transportation makes America work." |
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| 26-Aug-2011 10:24 |
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>>>>>> BEST TRANSPORT IMPERATIVE <<<<<<
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BEST TRANSPORT IMPERATIVE |
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| 26-Aug-2011 10:20 |
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possibility of QE3
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Fed AimsSome data are showing little indication of deflation or a relapse into recession since the expansion resumed in mid-2009. Inflation expectations, as measured by the breakeven rate for 10-year Treasury Inflation Protected Securities, were 2.04 percentage points yesterday, up from 1.57 percent a year ago. The Fed aims for long-run inflation ranging from about 1.7 percent to 2 percent. “I would not expect Bernanke to add anything substantial to what the FOMC already said,” said Perli, who worked in the Fed’s Division of Monetary Affairs from 2002 to 2010. “The forecast that they have has come down for sure, but probably doesn’t justify additional action,” Perli said. “They are going to wait and see how the data play out.” Bernanke may just review in detail what’s available in the Fed’s monetary policy toolkit, said Alan Ruskin, global head of Group-of-10 foreign exchange strategy at Deutsche Bank Securities Inc. in New York. “I don’t think he will do more than outline future policy options,” Ruskin said. “Bernanke has tended to be preemptive and shown some capacity to pull a rabbit out of the hat. There are some people who may feel he is still a magician. That is a minority.” To contact the reporter on this story: Scott Lanman in Washington at slanman@bloomberg.net Craig Torres in Washington at ctorres3@bloomberg.net. To contact the editor responsible for this story: Christopher Wellisz at cwellisz@bloomberg.net |
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| 26-Aug-2011 10:17 |
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possibility of QE3
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No More Stimulus“Those who think we’re getting an announcement of additional stimulus from the Fed will be disappointed,” Dunigan said. Investors are focused on the U.S. central bank because it is one of the few policy levers left in Washington. U.S. lawmakers’ agreement this month to raise the debt limit includes $917 billion in spending cuts over the next decade and calls for a joint committee to find as much as $1.5 trillion more by Nov. 23. If the panel is unable to agree on a plan or if its recommendations are rejected by Congress before year’s end, an automatic $1.2 trillion in across-the-board reductions would begin in January 2013. “We have created a very bad precedent,” said Jim Paulsen, chief investment strategist for Wells Capital Management in Minneapolis. “The financial markets whine and policy officials jump. The Fed has become the Pavlov’s dog of the stock market, and this is a horrible precedent for policy makers.” |
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| 26-Aug-2011 10:12 |
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Portfolio WeightBernanke, 57, may stress the option of trying to reduce long-run borrowing costs by giving more weight in the Fed’s portfolio to longer-term securities, Hembre said. “Expectations ahead of the meeting were quite high at the beginning of this week for some kind of firm policy statement, but I think that’s very unlikely,” said John Kattar, chief investment officer at Eastern Investment Advisors in Boston, which manages $1.7 billion. The Fed chief is constrained from signaling more easing by the fact that the Fed’s Aug. 9 statement already leaned toward more stimulus and dissenting votes from three policy makers limit his ability to articulate a new strategy, Dugger said. Just before Bernanke’s speech a year ago, the Fed was in a more neutral stance and he faced only one dissenter. “The bar is high on additional security purchases,” said James Dunigan, chief investment officer in Philadelphia for PNC Wealth Management, which oversees $109 billion. He doesn’t see a need for more quantitative easing, estimating the odds of a recession as 20 percent to 30 percent. |
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| 26-Aug-2011 10:07 |
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‘Safely to Shore’“It’s not going to get that kind of life-buoy thrown out over the water so that it can grab hold and swim safely to shore,” he said. A government report today signaled that excluding a Verizon Communications Inc. labor dispute, companies are slowing the pace of firings. The number of people continuing to receive jobless benefits dropped by 80,000 in the week ended Aug. 13 to 3.64 million, the fewest since September 2008. Bernanke’s speech, entitled “Near- and Long-Term Prospects for the U.S. Economy,” is part of an annual symposium hosted by the Kansas City Fed since 1982 beside the Teton mountains. Academics and central bank officials are gathering to consider the theme, “Achieving Maximum Long-Run Growth.” They will hear presentations by Esther Duflo, a Massachusetts Institute of Technology professor, Dani Rodrik, a Harvard University professor, and European Central Bank President Jean- Claude Trichet, who has attended the conference during five of the past six years. |
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| 26-Aug-2011 09:58 |
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possibility of QE3
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Deflation ThreatThe threat of deflation has subsided, with the Labor Department’s consumer price index, minus food and energy, rising 1.8 percent for the 12 months ending July. It increased at a 0.9 percent 12-month rate in July 2010 before Bernanke’s Jackson Hole speech last year. A measure of inflation expectations watched by the Fed is showing that traders see annual price increases of 2.77 percent starting in five years, compared with 2.22 percent a year ago. Even with the 12 percent plunge in the Standard & Poor’s 500 Index over the past month, U.S. stocks are still up 12 percent from their level on the eve of Bernanke’s speech last year, when they had gained only 1.6 percent from Aug. 27, 2009. “The stock market is going to be disappointed Friday morning,” Rob Dugger, managing partner at Hanover Investment Group LLC and a regular participant at the Jackson Hole conference, said in an interview on Bloomberg Radio’s “The Hays Advantage.” R U N fOr yOUr LIFE |
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| 26-Aug-2011 09:54 |
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possibility of QE3
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C R A S H
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| 26-Aug-2011 09:52 |
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Bernanke Signaling No Bond Purchases Backed by Data From Prices to FreightBy Scott Lanman and Craig Torres - Aug 25, 2011 9:43 PM GMT+0800
Federal Reserve Chairman Ben S. Bernanke tomorrow may disappoint stock investors betting on a commitment to step up stimulus. He has little choice, given rising consumer prices and a U.S. economy that is still growing. Gasoline costs are 33 percent higher, consumer inflation is twice as fast and inflation expectations are above levels since Bernanke signaled more easing a year ago at the annual Fed symposium in Jackson Hole, Wyoming. While the U.S. expansion has slowed, the Chicago Fed’s index of 85 economic indicators improved in July for a third month on gains in production. Policy makers, who said Aug. 9 they’ll use additional tools “as appropriate,” probably don’t expect a recession or rapid disinflation, making a signal of bond buying premature, said Roberto Perli, managing director at International Strategy & Investment Group in Washington. Instead, Bernanke will probably detail options for further stimulus and clarify how much the Fed’s reduction in its outlook this month stems from long-term obstacles to growth, said Keith Hembre, a former Fed researcher. “Conditions are substantially different today” compared with last year, especially inflation, said Hembre, chief economist and investment strategist in Minneapolis at Nuveen Asset Management, which oversees about $212 billion. “First and foremost, that would be the reason I think that any sort of major asset purchase announcement is unlikely,” he said. Shipping volume at trucking companies, a barometer of the broader economy, was up 11 percent last month from a year earlier, according to Cass Information Systems. Echo Global Logistics Inc., a Chicago-based provider of freight services, said last month it’s “very optimistic about continued growth in the second half.” |
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| 26-Aug-2011 09:44 |
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Bernanke Signaling No QE Backed by Data @ http://www.bloomberg.com/news/2011-08-25/bernanke-signaling-no-qe-backed-by-data-from-prices-to-freight.html
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| 26-Aug-2011 09:42 |
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TELECOMS MALAYSIA *DEFENSIVE*
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sIngtEl rEAl dIsgrAce rElAtIve tO TM And dIgI cOrp TRUE BLUE MALAYSIAN TALENT |
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| 26-Aug-2011 09:39 |
COSCO SHP SG
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CoscoCorp
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COSCO wAs bOrn At S$0.250 Only |
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| 26-Aug-2011 09:33 |
Tiger Airways Rg
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TigerAir
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tIgEr aIr is CPF apprOvEd ? ? ? ? Genting is nOt ? ? ? ? |
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