Latest Posts By pharoah88
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| 05-Aug-2010 10:15 |
IPO
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Consciencefood Holding offer at 0.22 cents
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CONSCIENCE is gOOd CONSCIENCE fOOd is gOOd fOOd PeOple eat CONSCIENCE fOOd becOme CONSCIENCE PeOple CONSCIENCE peOple are gOOd PeOple CONSCIENCE cOmpany is gOOd cOmpany |
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| 05-Aug-2010 08:41 |
Genting HK USD
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Genting HK US$
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| 05-Aug-2010 08:39 |
Genting HK USD
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Genting HK US$
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Published August 4, 2010 Genting HK: a gem that's undervalued By VEN SREENIVASAN THE biggest game in town - and the region - in recent months has been the gaming sector. The successful openings of the Singapore integrated resorts (IRs) and the continuing buoyancy of the Macau gaming scene seem to have captured the market's imagination. Marina Bay Sands (MBS) recently reported an impressive US$94.5 million in adjusted Ebitda (earnings before interest, tax, depreciation and amortisation) during its first 65 days of operations. Meanwhile, Goldman Sachs last week noted that Genting Singapore's Resorts World Sentosa (RWS) is proving to be a strong competitor, retaining 60 per cent of the market share post-Sands opening, and chalking up quarterly gaming revenue of some US$3 billion. Further north, the Macau casinos have powered past the most optimistic expectations, posting revenue growth in excess of 60 per cent this year. Little wonder that gaming stocks have been soaring despite the market volatility. Genting Singapore is already up 50 per cent in less than two months, while the Macau gaming counters have gained some 50-80 per cent since February. And valuations reflect the bullishness. The Macau casinos are trading at core 2010 price-earnings multiples of over 24 times and a price-book value of over four times, while Genting Singapore is currently trading at some 28 times FY2010 earnings and 3.5 times its book value. But there is one gaming company which has been somewhat overlooked: Genting Hong Kong (Genting HK). Formerly known as Star Cruises, Genting HK is now a three-pronged gaming entity comprising Star Cruises in Asia, Norwegian Cruise Line (NCL) in the US, and Resorts World Manila (RWM) in the Philippines. At its closing of 26 US cents yesterday, the stock of Genting HK is trading at a significant discount to those of its peers and just close to its own net book value. It recently started stirring after a UOB-Kay Hian report two weeks ago, which said the company was on the verge of a take-off. Indeed, Star Cruises started operating the Hong Kong-Taipei route in May 2009 and is seeing a sharp earnings recovery, thanks to savvy restructuring and an occupancy of 90 per cent. The fleet, valued at almost US$5 billion, gets two-thirds of its gaming revenue from the non-Singapore cruise business and its operating profit is expected to reach US$50 million this year. Meanwhile, 50 per cent-owned NCL is back in the black, thanks to aggressive cost management and a strong wave of bookings. UOB-Kay Hian noted that its yields are now comparable to the world's largest cruise companies. The latest vessel - the US$1.3 billion Norwegian Epic, which was launched in July - is expected to contribute to earnings this year, with a six-year payback. But the jewel in Genting HK's crown has to be its 50 per cent-owned Resorts World Manila (RWM). Built at a cost of US$400 million - less than a tenth of what it cost to build each of the two IRs here - this is a pure casino play. The property, which is three times the size of its Sentosa sister, has been raking in the big bucks, thanks to its ability to leverage on the Genting group's network of high rollers and significantly lower gaming taxes (at 25 per cent). With a current daily gross win at its casino of US$1 million a day, Genting HK is expected by analysts to see a payback period of under five years - a truly remarkable return on investment. With its 30,000 square metres shopping mall due to open later this year, RWM is also seen by industry observers as being able to contribute almost US$40 million to Genting HK's bottom line this year, and some US$70 million net profit in 2011. This is even before it builds its planned mega casino-cum-theme park on its 37 hectare site. If it delivers on its potential, RWM could become the most profitable casino operator in the Asia Pacific in short order. There is speculation that Malaysian gaming tycoon Lim Kok Tay, who controls 72 per cent of Genting Hong Kong, could - at some point - decide that Genting HK's three profitable and independent businesses (Star Cruises, NCL and RWM) should be demerged and listed separately. Such a move would significantly boost shareholders' value. Goldman Sachs recently upgraded the Genting group as an undervalued proxy to global gaming on the back of its much stronger franchise following the successful launch of RWS, which it estimates will earn S$855 million in 2011. Genting HK, whose RWM has a domestic market base of 100 million people (versus 29 million for Genting Malaysia and five million for Genting Singapore), should in time replicate RWS's potential and further add to the group's value proposition. Based on the numbers, Genting HK appears to be an under-recognised and undervalued gem that investors should take note of - especially those who have missed the boat on Genting Singapore. from biztimes |
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| 04-Aug-2010 18:01 |
Others
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TRADE FREELY & LiVE LONGER
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| 04-Aug-2010 17:55 |
Others
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TRADE FREELY & LiVE LONGER
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| 04-Aug-2010 17:53 |
Genting HK USD
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Genting HK US$
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| 04-Aug-2010 17:50 |
Genting Sing
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GenSp starts to move up again
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| 04-Aug-2010 17:36 |
Genting HK USD
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Genting HK US$
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kIss GENTiNG HK 
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| 04-Aug-2010 17:34 |
Genting HK USD
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Genting HK US$
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*Reporting Currency in USD Important: ShareJunction obtains our finance data from a third party. Check financial year before use. EPS values are recorded up to two decimal points.
*Technical Analysis Information is updated Daily
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| 04-Aug-2010 17:22 |
Genting HK USD
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Genting HK US$
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3rd September 2009
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| 04-Aug-2010 17:18 |
Genting HK USD
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Genting HK US$
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Wednesday: 4 AUGUST 2010 CLOSING 82,178,000 USD0.285 (+USD0.025) Hi USD0.285 Lo USD0.255 PRiCE ACTiONS 17:05:03 USD0.285 1,441,000 BOUGHT frOm SELLER 17:00:00 USD0.285 1,000,000 BOUGHT frOm SELLER 16:48:02 USD0.285 1,256,000 BOUGHT frOm SELLER 16:38:21 USD0.280 2,662,000 BOUGHT frOm SELLER 16:38:12 USD0.280 3,000,000 BOUGHT frOm SELLER 16:23:48 USD0.275 1,000,000 BOUGHT frOm SELLER 15:19:31 USD0.270 6,000,000 BOUGHT frOm SELLER 15:13:46 USD0.265 5,000,000 BOUGHT frOm SELLER |
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| 04-Aug-2010 16:56 |
Genting HK USD
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Genting HK US$
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Wednesday: 4 AUGUST 2010 PRiCE ACTiONS 16:48:02 USD0.285 1,256,000 BOUGHT frOm SELLER 16:38:21 USD0.280 2,662,000 BOUGHT frOm SELLER 16:38:12 USD0.280 3,000,000 BOUGHT frOm SELLER 16:23:48 USD0.275 1,000,000 BOUGHT frOm SELLER 15:19:31 USD0.270 6,000,000 BOUGHT frOm SELLER 15:13:46 USD0.265 5,000,000 BOUGHT frOm SELLER 11:59:07 USD0.260 4,000,000 BOUGHT frOm SELLER 11:08:07 USD0.255 1,000,000 BOUGHT frOm SELLER |
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| 04-Aug-2010 16:43 |
Genting HK USD
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Genting HK US$
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Wednesday: 4 AUGUST 2010 PRiCE ACTiONS 16:38:21 USD0.280 2,662,000 BOUGHT frOm SELLER 16:38:12 USD0.280 3,000,000 BOUGHT frOm SELLER 16:23:48 USD0.275 1,000,000 BOUGHT frOm SELLER 15:19:31 USD0.270 6,000,000 BOUGHT frOm SELLER 15:13:46 USD0.265 5,000,000 BOUGHT frOm SELLER 11:59:07 USD0.260 4,000,000 BOUGHT frOm SELLER 11:08:07 USD0.255 1,000,000 BOUGHT frOm SELLER |
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| 04-Aug-2010 16:28 |
Genting HK USD
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Genting HK US$
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Wednesday: 4 AUGUST 2010 PRiCE ACTiONS 16:23:48 USD0.275 1,000,000 BOUGHT frOm SELLER 15:19:31 USD0.270 6,000,000 BOUGHT frOm SELLER 15:13:46 USD0.265 5,000,000 BOUGHT frOm SELLER 11:59:07 USD0.260 4,000,000 BOUGHT frOm SELLER 11:08:07 USD0.255 1,000,000 BOUGHT frOm SELLER |
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| 04-Aug-2010 15:34 |
Genting HK USD
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Genting HK US$
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Wednesday: 4 AUGUST 2010 PRiCE ACTiONS 15:19:31 USD0.270 6,000,000 BOUGHT frOm SELLER 15:13:46 USD0.265 5,000,000 BOUGHT frOm SELLER 11:59:07 USD0.260 4,000,000 BOUGHT frOm SELLER 11:08:07 USD0.255 1,000,000 BOUGHT frOm SELLER |
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| 04-Aug-2010 15:14 |
Informatics
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Road to recovery in next 1-2 years
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ONLiNE TERTiARY EDUCATiON
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| 04-Aug-2010 14:57 |
Others
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DOW & STI
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‘Solar tsunami’ could hit Earth at any moment: Scientists WASHINGTON The solar fireworks at the weekend were recorded by several satellites, including the National Aeronautics and Space Administration’s (Nasa) new Solar Dynamics Observatory, which watched its shock wave rippling outwards. Astronomers from all over the world witnessed the huge flare above a giant sunspot the size of the Earth, which they linked to an even larger eruption across the surface of Sun. The explosion was aimed directly towards the Earth, which then sent a “solar tsunami” racing 150 million km across space. Images from the Nasa observatory hint at a shock wave travelling from the flare into space, the Scientists have warned that a really big solar eruption could destroy satellites and wreck power and communications grids around the globe. Previous reports have said scientists believed the Earth will be hit with unprecedented levels of magnetic energy from solar flares after the Sun wakes “from a deep slumber” sometime around 2013. It remains unclear, however, how much damage this latest eruption will cause the world’s communication tools. Dr Lucie Green, of the Mullard Space Science Laboratory, Surrey, followed the flare-ups using Japan’s orbiting Hinode telescope. “What wonderful fireworks the Sun has been producing,” the British solar expert said. “This was a very rare event — not one, but two almost simultaneous eruptions from different locations on the Sun were launched towards the Earth. “These eruptions occur when immense magnetic structures in the solar atmosphere lose their stability and can no longer be held down by the Sun’s huge gravitational pull. Just like a coiled spring suddenly being released, they erupt into space.” — The Earth could be hit by a wave of violent space weather after a massive explosion of the Sun, scientists have warned.New Scientist reported. Experts said the wave of supercharged gas was likely to reach the Earth as early as yesterday, when it will buffet the natural magnetic shield protecting Earth. It is likely to spark spectacular displays of the Aurora or northern and southern lights.THE DAILY TELEGRAPH |
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| 04-Aug-2010 14:46 |
XT China50 USD
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CHINA CHiNA chIna china
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Adolf Hitler ‘taught us how to preserve national identity’ Alarm sounds over anti-Chinese extremist groups in Mongolia who respect the Nazi dictator ULAN BATOR But with their dark eyes and brown skin, they are hardly the Third Reich’s Aryan ideal. A new strain of Nazism has found an unlikely home: Mongolia. Once again, ultra-nationalists have emerged from an impoverished economy and turned upon outsiders. This time the main targets come from China, the rising power to the south. Extremist groups such as Tsagaan Khass, or White Swastika, portray themselves as patriots standing up for ordinary citizens in the face of foreign crime, rampant inequality, political indifference and corruption. But critics say they target the innocent as scapegoats and attack them. The United States State Department has warned travellers of increased assaults on inter-racial couples in recent years — including organised violence by ultra-nationalist groups. Though Tsagaan Khass leaders say they do not support violence, they are selfproclaimed Nazis. “Adolf Hitler was someone we respect. He taught us how to preserve national identity,” said the group’s 41-year-old cofounder, who calls himself Big Brother. Not all ultra-nationalists use this iconography; and widespread ignorance about the Holocaust and other atrocities may help to explain why some do. Big Brother acknowledges he discovered such ideas through the nationalist groups that emerged in Russia after the Soviet Union’s fall. But the anti-Chinese tinge is distinct and increasingly popular. “While most people feel far-right discourse is too extreme, there seems to be a consensus that China is imperialistic, ‘evil’ and intent on taking Mongolia,” said Mr Franck Bille of Cambridge University, who is researching representations of Chinese people in Mongolia. Critics fear ultra-nationalists are becoming more sophisticated and, quietly, more powerful. The US State Department has noted increased reports of xenophobic attacks since the spring. “They are getting more support from the public,” added Ms Enkhjargal Davaasuren, director of the National Centre Against Violence, who fears that ultra-nationalists are growing more confident and victims too afraid to come forward. Others in Ulan Bator suggest the movement is waning and suspect the groups’ menacing stance and claims of 3,000 members are bluster. Mr Bille thinks there is “a lot of posturing”. “We have to make sure that, as a nation, our blood is pure,” said 23-year-old Battur, a neo-Nazi, pointing out that Mongolia’s population is under three million. “If we start mixing with the Chinese, they will slowly swallow us up.” — Their right hands rise to black-clad chests and flash out in salute to their nation: “Siegheil!” They praise Adolf Hitler’s devotion to ethnic purity.THE GUARDIAN |
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| 04-Aug-2010 14:34 |
XT China50 USD
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CHINA CHiNA chIna china
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Balancing game of China’s HiGH Savings Rate Fan Gang C Countries that save too much export too much, according to conventional wisdom, resulting in high trade surpluses and growing foreign-exchange reserves. But this is not always true. For instance, if I save $100, but at the same time I invest $100 in my factories’ fixed assets, I am “balanced domestically” and not running an export surplus with anyone. Such an example captures China’s recent economic situation. Late last year and early this year, China’s savings rate might well have remained at 50 per cent of GDP had its trade surplus not narrowed significantly compared to previous years. Indeed, China recorded a trade deficit in part of this period, as high investment in fixed assets (owing to government stimulus policies enacted in the wake of the global financial crisis) fuelled domestic demand for goods in the same way that higher consumer spending would. Only when a country invests less in fixed assets than the amount that it saves will the “surplus savings” show up in the trade balance. The same logic can be applied to the United States economy, but in the opposite way: Even if the US wants to consume a lot and does not save, it may not run trade deficits if it does not invest much. It runs a trade deficit only when it invests a lot while simultaneously not limiting consumption. Savings are, of course, no bad thing. If Americans and Europeans had saved more, they might not have created the global imbalances that fuelled the financial crisis, or the worldwide sovereign-debt problems that have since emerged. And savings are particularly good for developing countries. One of the most daunting challenges for poor countries is the need to accumulate investment capital under conditions of low savings without incurring too much foreign debt. hina’s national savings rate has been very high in recent years, amounting to 52 per cent of gross domestic product (GDP) in 2008 (the most recent year for which statistics are available), and is often blamed for today’s global imbalances. WHY INVEST MORE DOMESTICALLY Even for a developing economy with per capita income of US$3,000 ($4,000), such as China, building wealth in the middle classes remains a central issue. Spurring faster growth of small- and mediumsized enterprises through relatively high investment in physical assets and R&D programmes, improved infrastructure and more rapid urbanisation — all of which require a lot of savings to invest — is vital. In any meaningful international comparison, China’s per capita stock of physical capital is still eight to ten times lower than in advanced countries like the US and Japan. Without relatively high savings, a developing country like China may never catch up. If a developing country has high savings (despite efforts to increase current consumption) as a result of structural factors, the best strategy is not to reduce savings through short-run “external shocks”, such as dramatic exchange-rate appreciation, which may kill export industries overnight. Rather, savings should be channelled even more — and more efficiently — to domestic investment in order to avoid large external imbalances. For example, China should use its current high savings to build up the country’s infrastructure and speed up urbanisation, thereby laying a firmer foundation for future development. Savings could remain high, even as current consumption grows slowly, while the trade balance would be held in check by higher demand for imported capital goods. Moreover, investment in public infrastructure and urban facilities will not create industrial “over-capacity”; instead, it will provide long-term public consumption durables that households and companies will use for years to come. If China continues on this path, its external surplus will decrease further, other conditions being equal.
STABLE GROWTH REQUIRES CONSUMPTION # WHOSE's Idea Is thIs ? ? ? ? # Of course, a country must deal with a savings rate that is “too high” even if it is not necessarily the main cause of external imbalances. That is certainly the challenge for China in the long run. A savings rate of 50 per cent of GDP is too high under any circumstances, and household consumption equivalent to 35 per cent of GDP is too low. But this can and should be addressed by domestic policies aimed at bringing about structural change, not by external policies like exchange-rate appreciation. Without domestic structural change, currency appreciation would not only undermine exports, but might also decrease imports, owing to higher unemployment and lower income. China must recognise that high savings will not provide stable growth over the long run. High domestic investment may for the time being prevent “surplus savings” from creating too much upward pressure on the external balance, but, given trends in China’s terms of trade, growth without an increase in domestic consumption is unsustainable over the long run. High investment may cause economic overheating and increase the price of capital goods in the medium term, eventually triggering inflation. So bringing the savings rate down is necessary if domestic and external balances are to be achieved. Meanwhile, China’s so-called “export oriented growth policy” itself may not be wrong for a developing country, because international trade in general creates more jobs and brings more income. But if exports continue to grow in the absence of consumption-led import growth, distortions occur and the trade surplus and foreign reserves increase. China has adopted some policies to reduce its trade surplus, such as lowering import tariffs, withdrawing tax rebates for exported goods, and gradual exchange-rate appreciation. But what China really needs is a greater effort to promote domestic consumption and lower the savings rate. Project Syndicate The writer is Professor of Economics at Beijing University and the Chinese Academy of Social Sciences, Director of China’s National Economic Research Institute, Secretary- General of the China Reform Foundation, and a member of the Monetary Policy Committee of the People’s Bank of China. |
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