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19-Jan-2011 10:35

RafflesEdu / Raffles Edu

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FM is pushing up for fund raising......Musical Chairs now go round and round.

See who is holding it when the music stop.

Beware........Stock only worth at 23cents........althougt Tg Px at 28cents recommended by house.

Good luck

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07-Jan-2011 14:30

RafflesEdu / Raffles Edu

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Can Raffles Education Regain Its Market Darling Status?

As middle class households increase, and income levels improve, especially in Asia whose economy is booming, there has been a spur in demand for higher education. Raffles Education Corporation (REC) seems to be well positioned to benefit from this growth due to its enlarged platform across Asia.

Let us take a Closer Look @ REC, the largest private education group in Asia-Pacific that has grown to operate 38 colleges in 35 cities across 14 countries in the Asia-Pacific region with more than 30,500 students enrolled in its tertiary programmes.

REC is one of the worst performing stocks, trading below its lowest closing price in Mar-09 when global equity markets hit rock bottom and have since rallied strongly. This was despite REC purchasing back its shares gradually, to improve its shareholders’ value by improving the return of equity, and numerous insider purchases. The poor performance of REC’s share price can be attributed to its lower than expected results in the last few quarters, causing most analysts to downgrade the company.

Bad things probably come in threes. Recently, REC was informed by ISS Holdings (ISS) that the proposed reverse takeover by ISS of Oriental Century (OC) will not proceed as both parties were not able to reach an amicable resolution after auditing ISS’ financial statements. REC owns 29.9% stake in the fraud-hit OC. However, this negative impact should not affect REC’s future earnings as it has written off $33.1 million allowance for impairment of investment in OC, as well as the loss of equity accounting arising from the investment in FY09.

Don’t Be Fool By Weak 4Q10 Results

In its FY10 financial statements, REC reported a marginal 2.8% increase in earnings despite revenue registering a 6.9% decline. However, excluding the $37.6 million government grant at Oriental University City (OUC), REC suffered its first quarterly net loss of $0.9 million since its listing in 2002, according to Credit Suisse’s report.

The weak results were caused by the impact of the global financial crisis and lower number of students in China taking the ‘Gao Kao’ (the trend of more students choosing to pursue education overseas) as well as high start-up costs for new colleges and higher allowance for doubtful debts and bad debts.

Looking at REC’s balance sheet, its working capital (current assets – current liabilities) has been negative since FY08. This was due to the setting up of 13 new colleges over the last two years, which was mostly funded through internally generated cash or borrowings.

Oh dear, this is terrible! If a company has negativeworking capital, it is unable tomeetits short-term liabilities withits current assets and may run into trouble paying back creditors in the short term. The worst-case scenario is bankruptcy.

But wait! Let us delve deeper into REC’s financial statements. REC was able to generate positive and healthy net cash from operating activities of $59.7 million. It has cash and cash equivalents of $101.6 million with net gearing ratio stood at 0.13 times as at 30 Jun-10. In addition, REC has also generated close to $30 million free cash flow for its FY10 results. It is noteworthy that REC has continued to be profitable throughout the global economic crisis and not forgetting that the 13 new colleges’ setups will contribute to the bottom line after their typical gestation period of 2 to 3 years.

Expanding Into The Future

According to projections made by The Associated Chambers of Commerce and Industry of India (Assocham), the saving habits of middle class people for higher education of their children and the government’s plan to spend about 5% of GDP on education in next five years will double India’s education market size to US$50 billion by 2015. Currently, India’s education market size is estimated around less than US$25 billion, of which higher education market size is close to less than US$15 billion. Assocham expects the urban disposable income to rise at a CAGR of close to 6% and 4% in the rural area.

REC, which has embarked on a diversification strategy in the last two years, set up a total of 13 colleges outside China. REC owns the proposed Raffles Millennium University (RMU) in Greater Noida (a joint venture with Educomp Solutions) and other 8 colleges. They are all strategically located across India. REC has completed its first phase construction of RMU and is pending for all relevant regulatory approvals. RMU’s maiden student intake is expected by end of 2010. REC targets an enrolment of 15,000 students upon the completion of RMU in five years. Going forward, India will become the second key market for the group.

Australia is another important market for REC. It has submitted an application to the Western Australian Government to establish Raffles University College (RUC), a 2^nd private sector university at Midland in Perth, Western Australia. This will increase REC’s market share of international students in Perth. “The total number of overseas students versus the total student population in Western Australian is lower than in Queensland, New South Wales and Victoria. There’s no way that Western Australian should not perform as well as, if not outperform, them,” said Professor Ron Newman, the president of Raffles University.

In March this year, REC announced to form a 80:20 joint venture with Education@Iskandar Sdn Bhd (a subsidiary of Khazanah Nasional Bhd) to launch Raffles University Iskandar (RUI) on a 65-acre plot of land in the Iskandar Development Region, 30 minutes drive from downtown Singapore. It is expected to commence operations at end-2010 pending licence approval, and is targeting to enrol 5,000 students within its first 5 years. RUI will offer industry-oriented programmes to meet both the manpower needs of Malaysia, Singapore and the international community.

Although REC’s FY10 revenue was dragged down by lower number of students in China taking the ‘Gao Kao’ and due to the initial reaction to the mandatory change of name of its Shanghai campus, from a design college to a training institute, China remains the key market for REC. This is due to the large population of the China market that cannot be ignored.

China continues to play a new and increasingly important role in the global education market as it has not only become a top source of education for overseas students, but also as a top destination. Amidst the growing trend of the Chinese sending their children overseas to pursue their studies, China government is making a concerted effort to attract more international students.

Investors may also want to take note that the China’s land reform regulations set for March 2013 dictates all schools have to be owners of the land they operate in. Hence, the investment in Oriental University City (OUC) in Langfang, China has become a necessity for REC to continue participating in China’s growth. Many of its competitors will be seeded out as the deadline approaches. More importantly, REC intends to list OUC by 31 Aug-13 on the Stock Exchange of Hong Kong, which is likely to create additional wealth for shareholders.

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monkey80 ( Date: 07-Jan-2011 09:47) Posted:

Peiseh, no english.

莱佛士教育集团可否再度成为市场宠儿？
文：林家耀（译：麦美莹） 2010年11月04日微观细看
在收入水平不断改善下，中产家庭越来越多，尤其是在经济正蓬勃发展中的亚洲，因此，对高等教育的需求便有如雨后春笋。似乎莱佛士教育集团(Raffles Education Corporation)已做好准备，希望能从这个现象中受惠，因为它在亚洲的版图不断扩大。

就让我们微观细看一下这家在亚太区最大的私人教育集团。它在亚太区所经营的学院已增加到38家，后者横跨14个国家、35个城市，而修读其高等教育课程的学生超过3万零500人。

公司是表现最差劲的股票之一，它目前以低于09年3月的最低收盘价交易，当时环球股市触底，并及后强劲回升。尽管公司已在逐步地购回自身的股票，通过改善其股本回报率和许多圈内交易，来提升其股东价值。公司的股价表现不大理想可能是因为其业绩在过去几个季度均比预期来得低，导致大部分分析师对公司的评级调低。

坏消息好像总是接二连三而来。最近，ISS Holdings(ISS)说其反向收购东方纪元(Oriental Century)的提议将会作罢，因为在审核ISS的财务报表后，双方不能达成一个可接受的决议。公司持有被欺诈缠身的东方纪元的29.9%股权。但是反向收购未能达成对公司未来盈利应不会带来负面冲击，因为它已为东方纪元的投资减值以至因FY09的投资而产生的股益亏损，注销3,310万元的拨备。

不要被疲弱的4Q10业绩误导
在其FY10业绩报告中，公司报盈利微升2.8%，尽管收入下跌6.9%。可是，据瑞士信贷的一份报告指出，不包括东方大学城(OUC)获得的3,760万元政府津贴，公司将蒙受其自2002年上市以来，首个季度的90万元净亏。

疲弱的业绩是受到环球金融危机的打击，以至中国报考‘高考’的人数减少(因为很多学生选择到海外求学)，还有就是开设新学院的成本增加及为疑账与呆账提供的拨备提高。

在细看其资产负债表下，发觉原来公司的营运资本(流动资产 – 流动债务)自FY08起一直处于负数。这是因为公司在过去两年成立了13家新学院，而后者大部分是通过内部产生的现金或借贷融资。

哗！这问题可不少！如果一家公司的营运资本处于负数，它不能够以其流动资产来支付其短期债务，并可能在短期内，不能够偿还债权人的欠款。最坏的情况是公司或会破产。

请等一等！让我们对公司的财务报表先作详细分析。公司可以从其营运带来正面及稳健的5,970万元净现金流入。截至2010年6月30日，公司拥有1亿零160万元的现金和现金等值物，而净负债比为0.13倍。此外，公司也在FY10取得接近3,000万元自由现金流入。值得注意的是，公司在环球金融危机期间，继续有利可图。还有就是，请不要忘记，公司所成立的13家新学院在经过一般的2至3年的创业期后，将会对盈利提供贡献。

未雨绸缪
据印度工商总会(The Associated Chambers of Commerce and Industry of India)预计，中产阶级为子女的高等教育而节俭的美德及政府在未来5年将会利用GDP(国内生产总值)约5%来发展教育事业，将会令印度的教育市场至2015年翻倍至500亿美元。目前，印度的教育市场估计不足250亿美元，而其中高等教育的市场份额约少过150亿美元。印度工商总会预期城市和农村的可支配收入将分别以接近6%及4%的年复合增长率增长。

公司在过去两年不断在扩大业务范围，在中国以外成立13家学院。公司在大诺伊达(Greater Noida)拥有在建中的莱佛士千禧大学(Raffles Millennium University，RMU)，后者是与Educomp Solutions的合资，以及其他8家学院，它们策略性地位于印度不同地区。RMU的首期建筑工程已经完成，并正等待有关当局的准许。招收第一批学生的活动预期将会在2010年尾进行。当RMU在5年内落成后，它可以容纳1万5,000名学生。展望未来，印度将成为集团的第二个重要市场。

澳洲是公司的另一个重要市场。公司已经向西澳政府申请成立莱佛士大学学院(Raffles University College，RUC)，后者将会是西澳柏斯中部地区的第二所私立大学。这将增加公司在柏斯的市场份额。莱佛士大学(Raffles University)的校长Ron Newman教授说：“西澳海外学生人数与总学生人数的比率较昆士兰(Queensland)、新南威尔士(New South Wales)及维多利亚(Victoria)州来得低，因此，西澳的表现应会与这些州一样出色，甚或比它们的表现更上一层楼。”

在今年三月，公司宣布与国库控股旗下的子公司Education@Iskandar Sdn Bhd组80:20合资，为在离新加坡30分钟车程的依斯干达开发区的一块65英亩土地上设立莱佛士依斯干达大学(Raffles University Iskandar，RUI)。预期在取得有关当局的许可后，这个项目会在2010年底开始动工。公司预期在落成后的首5年内，可招收5,000名学生。RUI将会提供以行业为导向的课程，以应付马来西亚、新加坡以及国际社会的人力需求。

虽然公司的FY10收入减少是受到中国报考‘高考’的人数减少及由于其在上海的校园被令从设计学院改为训练学院后的初步反应欠佳所拖累，但中国依然是公司的主要市场，皆因中国的庞大人口不容忽视。

中国在环球教育市场中继续扮演着一个新的及越来越重要的角色，因为它不但为海外学生提供顶尖的教育源头，也成为了首选的留学地点。当中国越来越多父母把孩子送往海外留学的同时，中国政府也不遗余力地吸引更多国际学生到当地读书。

投资者不妨一知的是中国土地政策规定，在2013年3月前，所有学校的经营者必须拥有该校舍的土地。因此公司在中国廊坊的东方大学城的投资，是其继续参与中国增长的不可或缺的一部分。当限期越来越接近时，其竞争者可能有很多会遭淘汰。更重要的是，公司计划在2013年8月13日之前，把东方大学城于香港交易所上市，后者很可能为投资者创造财富。

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07-Jan-2011 09:39

Genting Sing / Poorer Odds

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Poorer Odds
Analyst: Singapore Research Team Email: research@uobkayhian.com

Good morning,

Our downgrade to SELL reflects a 'no event' year wherein there would be disappointments to hyped up expectations for legalisation and potential size of the junket market, and overseas opportunities (eg Japan). In addition, 2011 earnings could disappoint some of the loftier expectations in the market. We understand that gross gaming revenue peaked in October, and has eased thereafter in November and December.

Regards

Genting Singapore (GENS SP) SELL
Price/Tgt: S$2.22/1.85 Mkt Cap: US$20.9b Daily Val: US$184.7m 1-Yr Hi/Lo:S$2.35/0.845

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15-Dec-2010 16:29

Genting HK USD / Genting HK US$

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Genting HongKong is forming a wedge pattern. The immediate resistance is at about $0.46 which is also the 78.6% Fibonacci Resistance. It is crucial to see whether Genting HK is able to break the 20D and 50D MA resistance, otherwise we may see the short term bear takes charge of Genting HK.

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15-Dec-2010 16:05

RafflesEdu / Raffles Edu

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BYE BYE this counter.....

Going thru the long bearish down trend........

See you one year later....

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14-Dec-2010 11:28

RafflesEdu / Raffles Edu

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Resistances and Supports 2nd resistance $0.32 Key support-turned-resistance 1st resistance $0.265 Key support-turned-resistance 1st support $0.20 Key psychological support 2nd support $0.14 Lower boundary of 1-year downtrend channel

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13-Dec-2010 11:22

RafflesEdu / Raffles Edu

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TA Alert – Raffles Education

Following six months of consolidation between the $0.265 and $0.32 horizontal channel, Raffles Education has finally initiated a bearish breakout below its key $0.265 key support on heavy volume this morning.

As such, the counter could see further correction pressure towards the next support at $0.20 (key psychological support), should it fail to retake the key $0.265 level in the days ahead.

With the RSI having just fallen into the oversold region and the MACD reversing south again just below its signal line, these suggest that the bearish momentum is still building up.

Resistances and Supports
2nd resistance	$0.32	Key support-turned-resistance
1st resistance	$0.265	Key support-turned-resistance

1st support	$0.20	Key psychological support
2nd support	$0.14	Lower boundary of 1-year downtrend channel

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10-Dec-2010 16:36

Genting Sing / Traders Lounge - Daily opportunities for everyone

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Key downside risks that could impede the stock from achieving our
target price include: 1) RWS fails to meet our expectation in terms of visitor
arrivals, occupancy levels, market share and average net win per table; 2)
Singapore's economy recovers less strongly than we expect; 3) Delayed
completion or opening of RWS Phase 2 (additional 450 rooms).

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10-Dec-2010 16:34

Genting Sing / Traders Lounge - Daily opportunities for everyone

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DIE LIAO

YOU JIE QIAN

BETTER RUN FAST

The group announced last night that it signed a commitment
letter to refinance the S$4.1925bn of facilities obtained in 2008 in connection
with the construction of the Resorts World Sentosa (the group is scheduled to start
repaying its loan in 2011).

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10-Dec-2010 12:01

RafflesEdu / Great Singapore Sales

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Fund managers pushing down based on TA.

Beware of the falling knife.

DO NOT HOLD ON TO THE FALLING KNIFE.

AVOID AVOID AVOID

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09-Dec-2010 16:45

RafflesEdu / Great Singapore Sales

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Fund is dumping now..... Following the wave.....ve.....................eeeeeeeeeeeeeeee

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09-Dec-2010 15:50

RafflesEdu / Great Singapore Sales

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BAD from now........according to TA

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09-Dec-2010 15:48

RafflesEdu / Great Singapore Sales

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Resistances and Supports
2nd resistance	$0.32	Key support-turned-resistance
1st resistance	$0.265	Key support-turned-resistance

1st support	$0.20	Key psychological support
2nd support	$0.14	Lower boundary of 1-year downtrend channel

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09-Dec-2010 10:39

RafflesEdu / Great Singapore Sales

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Lei Long Lei Long !!!!! Lai Ya !!! Lai Ya!!!

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08-Dec-2010 15:52

China Energy / WORTH BUYING ?

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Now Crude Oil per barrel US $92.

Worth buying this stock ?

Any advice .

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07-Dec-2010 15:34

RafflesEdu / Great Singapore Sales

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Lei Long Lei Long !!!!! Lai Ya !!! Lai Ya!!!

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03-Dec-2010 11:02

RafflesEdu / Great Singapore Sales

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Wow !!!

@ 25.5cents now

Great Singapore Sales.

Lei Long Lei Long !!!!! Lai Ya !!! Lai Ya!!!

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14-Nov-2010 18:17

Genting HK USD / Genting HK US$

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Yup is the result for the NCL - partial result for Genting HK.

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14-Nov-2010 18:10

Genting HK USD / Genting HK US$

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	Company	Announcement Title	Date	Time
55	GENTING HONG KONG LIMITED	MISCELLANEOUS :: MONTHLY RETURN OF EQUITY ISSUER ON MOVEMENTS IN SECURITIES	Nov 04 2010	04:29:07 PM
16	GENTING HONG KONG LIMITED	MISCELLANEOUS :: ANNOUNCEMENT IN RELATION TO A JOINTLY CONTROLLED ENTITY OF THE COMPANY	Oct 27 2010	10:50:24 AM
15	GENTING HONG KONG LIMITED	MISCELLANEOUS :: ANNOUNCEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS BY A JOINTLY CONTROLLED ENTITY - NCL CORPORATION LTD. FOR THE THREE MONTHS AND NINE MONTHS ENDED 30 SEPTEMBER 2010	Oct 27 2010	10:47:18 AM
80	GENTING HONG KONG LIMITED	MISCELLANEOUS :: ANNOUNCEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS BY AN ASSOCIATED COMPANY – TRAVELLERS INTERNATIONAL HOTEL GROUP, INC. FOR THE NINE-MONTH PERIOD ENDED 30 SEPTEMBER 2010	Oct 14 2010	06:30:49 PM

Source from SGX.com - Genting Hongkong Recent 3 Months Company anouncement

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13-Nov-2010 15:09

Genting HK USD / Genting HK US$

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Genting HK RESULTS FOR THIRD QUARTER 2010

EBITDA for the third quarter of 2010 improved 21.4% to $184.1 million versus $151.6 million for the same period in 2009. The addition of Norwegian Epic to the fleet in June 2010 together with an improvement in Net Yield of 9.5% resulted in Net Revenue for the third quarter of 2010 increasing to $469.8 million from $390.0 million in the same period in 2009. The increase in Net Yield was a result of both improved passenger ticket pricing and increased onboard revenue per Capacity Day. Capacity days increased 10.1% with the addition of Norwegian Epic, which started regular service in mid-July, partially offset by the departure of Norwegian Majesty from the fleet in October 2009. Occupancy Percentage for the quarter was 113.2% versus 114.8% in 2009 with the slight decrease attributable to the initial phase-in period of Norwegian Epic. Net income for the quarter was $93.0 million on revenue of $634.1 million compared to net income of $85.6 million on revenue of $550.7 million in 2009. Net Cruise Cost per Capacity Day increased 8.9% primarily due to initial start-up costs related to the introduction of Norwegian Epic (which included inaugural events and advertising and promotion expenses), timing differences of maintenance and repair expenses including dry-dock costs, and a 13.9% increase in the average cost of fuel to $507 per metric ton in 2010 from $445 per metric ton in 2009. Interest expense, net of capitalized interest, increased to $46.2 million in the quarter compared to $25.8 million in 2009 due to higher average interest rates and an increase in borrowings related to the addition of Norwegian Epic. Other income improved to $1.6 million in 2010 versus an expense of $2.1 million in 2009 primarily due to gains on fuel derivatives in 2010 versus foreign currency losses in 2009. Updates The Company recently announced an agreement to build two new 4,000 passenger berth vessels for delivery in the spring of 2013 and 2014 at an aggregate contract price of approximately €1.2 billion. The Company has commitments in place from a syndicate of banks for export credit financing in connection with this project.

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