Genting Sing
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Genting Singapore: Maintain BUY with S$2.53 fair value
Genting Singapore (GS) posted a pretty decent set of 4Q10 results last
evening, with revenue up 6% QoQ at S$788.5m. Although reported net
profit fell 51.2% QoQ to S$91.7m, but excluding several one-off non-cash
items, core net profit was closer to S$153.3m, though still down 15.8%
QoQ. For the full year, GS posted revenue of S$2753.3m, which came just
about 2.7% shy of our full-year forecast, while reported net profit came in
around S$657.2m we estimate that core earnings would have come in
around S$795.7m, or 10.2% below forecast. Going forward, GS believes
that it will continue to do well in the Year of the Rabbit, with strong visitorship
in both VIP and mass segments, as it continues to add attractions to its
IR to reinforce its attractiveness to Asian visitors. In view of the higherthan-
expected VIP business that RWS has managed to secure, we see
the need to adjust our margin assumptions lower this in turn reduces our
FY11 core earnings estimate by 15.8% even as we raise our revenue
forecast by 4.0%. But as we are maintaining our cashflow assumptions,
our DCF-based fair value remains unchanged at
S$2.53. Maintain BUY.
http://www.remisiers.org/cms_images/Market_Pulse-110223-OIR.pdf
It's actually quite a steal, considering that the price has been consolidating for quite a while liao. Visitors, punters definitely improved and will continue to improve even more and more. Even was featured on CNBC on Monday with very positive comments.
bladez87 ( Date: 23-Feb-2011 21:24) Posted:
| frankly i am quite tempted to enter gensp. esp after BT's call, and the fact it managed to rebound on very good volume. i mean such a long white candle.10 cents up from the low. fair value would be around 1.9, where people started buying up realising it is a steal.
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S$37.8 million....:{)
It mean--> got heart, clear and goes up all the way...
Huat, huat and HUAT...ARHH.
teeth53 ( Date: 23-Feb-2011 21:29) Posted:
I believe in him, oni if bot at a low win money on condition right time, if bot at a high loss money--that is wrong timing. Again in sell low then it goes high, well to each it own.
Speculative stk--control by BBs. Do your homework and own analysis, is your money, a very personal decision. |
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DBS Group Research
Cosco Corporation BUY S$2.02
Price Target : 12-month S$ 3.16 (Prev S$ 3.03)
Reason for Report : Earnings adjustments
Potential Catalyst: Contract wins, earnings execution
Excellent scorecard
• FY10 earnings (+126%) came in 26% ahead of market
estimates
• Fuelled by improved shipbuilding margins, higher
offshore contribution and tax savings
• Offshore contracts + earnings recovery + potential
parental restructuring = Outperformance
• BUY the leading Chinese offshore play TP raised to
S$3.16
A super 4Q10. 4Q net earnings surged 431% y-o-y and 70%
q-o-q to S$93.6m on strong margin recovery from
shipbuilding, higher-than-expected offshore revenue, cost
savings from preferential tax rate and tightened cost
management. This brings FY10 net profit to S$249m, beating
our and consensus estimates by 18% and 26%, respectively.
Shipbuilding margins leaped further. Adding back the cost
overrun provision of S$24m for the heavy lift, car carrier and
wind turbine installation vessel, Cosco’s bottomline would
have been stronger at over S$117m, raising overall margins by
2.5ppt. In particular, gross margin for bulk carriers is estimated
to have lifted to 11-12% from c.10% in 3Q due to efficiency
gains, cuts in staff headcount and lower steel cost. We expect
margin to be sustainable at 10% in FY11, as efficiency gains
offset rising production costs.
Riding the offshore wave. Offshore contribution to revenue
has increased from 15% in FY09 to 24% in FY10 and is
expected to rise further to 40% by 2012 assuming offshore
orders of US$2bn this year. Cosco’s first mover advantage into
offshore and relatively more proven track record puts it in a
favourable position among the Chinese yards to benefit from
the return of offshore contracts.
BUY into the leading Chinese offshore play. We raise our
FY11/12F net profit by 7.6/2.7% after factoring the lower
preferential tax rate. Maintain Buy with target price raised to
S$3.16 following the earnings revision, still based on blended
FY11/12F PE and P/BV. Catalysts in place are: (1) stronger
offshore contract flows 2) injection of strategic stakes by the
parent and 3) continuous shipbuilding delivery. Key risks
remain rising steel prices, RMB appreciation, suppressed
newbuild prices and weakening freight rates.
http://www.remisiers.org/cms_images/research/Feb21-Feb25/cos230211_buy_DBSV.pdf
I believe in him, oni if bot at a low win money on condition right time, if bot at a high loss money--that is wrong timing. Again in sell low then it goes high, well to each it own.
Speculative stk--control by BBs. Do your homework and own analysis, is your money, a very personal decision.
frankly i am quite tempted to enter gensp. esp after BT's call, and the fact it managed to rebound on very good volume. i mean such a long white candle.10 cents up from the low. fair value would be around 1.9, where people started buying up realising it is a steal.
Goldman Sachs has a sell call for GenSp. The other time they said sell with target of 1.30 something...it chiong until cannot find house. Now probably will also chiong until cannot find house.
teeth53 ( Date: 23-Feb-2011 21:11) Posted:
Work lov by accountant....teeth53 thot, just my observation and this.....
SINGAPORE: Casino operator Genting Singapore's fourth quarter net loss widened 48 per cent to S$150.3 million because of an impairment charge it took on its discontinued UK casino operations.
However, the operator of Resorts World Sentosa managed to end the full-year with a net profit of S$37.8 million.
That compares with a loss of S$277.6 million in 2009.
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Work lov by accountant....teeth53 thot, just my observation and this.....
SINGAPORE: Casino operator Genting Singapore's fourth quarter net loss widened 48 per cent to S$150.3 million because of an impairment charge it took on its discontinued UK casino operations.
However, the operator of Resorts World Sentosa managed to end the full-year with a net profit of S$37.8 million.
That compares with a loss of S$277.6 million in 2009.
We are going to see a major outflow of funds from the US into the Asia markets. Overseas funds have started buying into the Asian markets.
Semb Marine got special dividend are you crazy ? Please read reports carefully.
FOR SG MKT We have SG mkt Current Buy on DIP. We will start accumulating at the current level.
epliew ( Date: 23-Feb-2011 19:06) Posted:
is europe all red again and if US down again.
are u going to short it ? semb marine ?
BullishTempo ( Date: 23-Feb-2011 18:56) Posted:
| SembCorp Marine says 4Q profit declines 20% |
Tags: Sembcorp Marine | WRITTEN BY BLOOMBERG | | WEDNESDAY, 23 FEBRUARY 2011 17:25 | SembCorp Marine, the world’s second-biggest oil-rig maker, said net income in the fourth quarter fell 19.5% from the previous year to $239.4 million, beating market expectations. |
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is europe all red again and if US down again.
are u going to short it ? semb marine ?
BullishTempo ( Date: 23-Feb-2011 18:56) Posted:
| SembCorp Marine says 4Q profit declines 20% |
Tags: Sembcorp Marine | WRITTEN BY BLOOMBERG | | WEDNESDAY, 23 FEBRUARY 2011 17:25 | SembCorp Marine, the world’s second-biggest oil-rig maker, said net income in the fourth quarter fell 19.5% from the previous year to $239.4 million, beating market expectations. |
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Hi BT,
Very good advice, thanks!
I have a question on today candle stick..... first white candle stick..... but closed at yesterday low.... what does this mean or what pattern is this ? the past three days before today is not three black crow right....because too short ?
BullishTempo ( Date: 23-Feb-2011 18:30) Posted:
BUY CALL.
But be prepared to hold 3 years without trading it.
Use a cash account, not contra, not CFD.
$657 million net profit in its first official year of operation. Expected to be 1.2 billion by end 2011.
Full ramp-up expected to be completed by 2012.
Full potential is not realized yet. Look at today's performance, and we know the market knows the earning power of this casino.
Fair value at the moment around 2.40
epliew ( Date: 23-Feb-2011 17:45) Posted:
brother BT,
what say you leh. you are correct to say genting will surprise us...... and now..... so many people regret not buying @ 1.90....
white candle stick or hammer ? |
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| Sembcorp Marine 4Q profit down 19.5% on lower sales |
Tags: Keppel corp | Sembcorp Industries | Sembcorp Marine
| WRITTEN BY THOMSON REUTERS |
| WEDNESDAY, 23 FEBRUARY 2011 18:16 |
Singapore’s Sembcorp Marine (SCMN.SI), the world’s second largest rig-builder, reported a 19.5% fall in fourth quarter earnings on lower sales, but the result was better than expected.
Sembcorp Marine, a unit of conglomerate Sembcorp Industries (SCIL.SI), earned $239.4 million in the quarter ended December, down from $297 million recorded a year ago but ahead of average analysts forecasts of $122.7 million.
“The lower net profit was attributable mainly to lower turnover in fourth quarter 2010 and the resumption of margin recognition for a unit of a jack-up rig and a heavy lift vessel in the fourth quarter of 2009,” Sembcorp said in a statement.
In the fourth quarter of 2009, the company managed to re-sell some of its projects that were originally constructed for distressed buyers. As a result, the profits from these projects were recognised in 2009. Sembcorp, along with its main competitor Singapore’s Keppel Corp (KPLM.SI), has been able to secure billions of dollars worth of new contracts in recent weeks as the demand for rigs returned to the market. Its revenue fell 26.8% in the fourth quarter to $982.9 million. |
| SembCorp Marine says 4Q profit declines 20% |
Tags: Sembcorp Marine
| WRITTEN BY BLOOMBERG |
| WEDNESDAY, 23 FEBRUARY 2011 17:25 |
SembCorp Marine, the world’s second-biggest oil-rig maker, said net income in the fourth quarter fell 19.5% from the previous year to $239.4 million, beating market expectations. |
Just parking my money there.
Will not trade options till the correction is over.
hpong5 ( Date: 23-Feb-2011 18:42) Posted:
Hi BT, but US is having outflow of funds into Asia. VIX is also beginning to spike.
BullishTempo ( Date: 23-Feb-2011 18:37) Posted:
I will put in about 150 lots cash account.
The rest of my money will stay in the US market. |
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Gd move.U will be greatly rewarded.
BullishTempo ( Date: 23-Feb-2011 18:37) Posted:
I will put in about 150 lots cash account.
The rest of my money will stay in the US market.
BullishTempo ( Date: 23-Feb-2011 18:30) Posted:
BUY CALL.
But be prepared to hold 3 years without trading it.
Use a cash account, not contra, not CFD.
$657 million net profit in its first official year of operation. Expected to be 1.2 billion by end 2011.
Full ramp-up expected to be completed by 2012.
Full potential is not realized yet. Look at today's performance, and we know the market knows the earning power of this casino.
Fair value at the moment around 2.40 |
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Hi BT, but US is having outflow of funds into Asia. VIX is also beginning to spike.
BullishTempo ( Date: 23-Feb-2011 18:37) Posted:
I will put in about 150 lots cash account.
The rest of my money will stay in the US market.
BullishTempo ( Date: 23-Feb-2011 18:30) Posted:
BUY CALL.
But be prepared to hold 3 years without trading it.
Use a cash account, not contra, not CFD.
$657 million net profit in its first official year of operation. Expected to be 1.2 billion by end 2011.
Full ramp-up expected to be completed by 2012.
Full potential is not realized yet. Look at today's performance, and we know the market knows the earning power of this casino.
Fair value at the moment around 2.40 |
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|
|
I will put in about 150 lots cash account.
The rest of my money will stay in the US market.
BullishTempo ( Date: 23-Feb-2011 18:30) Posted:
BUY CALL.
But be prepared to hold 3 years without trading it.
Use a cash account, not contra, not CFD.
$657 million net profit in its first official year of operation. Expected to be 1.2 billion by end 2011.
Full ramp-up expected to be completed by 2012.
Full potential is not realized yet. Look at today's performance, and we know the market knows the earning power of this casino.
Fair value at the moment around 2.40
epliew ( Date: 23-Feb-2011 17:45) Posted:
brother BT,
what say you leh. you are correct to say genting will surprise us...... and now..... so many people regret not buying @ 1.90....
white candle stick or hammer ? |
|
|
|
BUY CALL.
But be prepared to hold 3 years without trading it.
Use a cash account, not contra, not CFD.
$657 million net profit in its first official year of operation. Expected to be 1.2 billion by end 2011.
Full ramp-up expected to be completed by 2012.
Full potential is not realized yet. Look at today's performance, and we know the market knows the earning power of this casino.
Fair value at the moment around 2.40
epliew ( Date: 23-Feb-2011 17:45) Posted:
brother BT,
what say you leh. you are correct to say genting will surprise us...... and now..... so many people regret not buying @ 1.90....
white candle stick or hammer ? |
|
wow sunpower and sunvic. up 12 and 4 % respectively. amazing. 9 and 6 bids sia. powerrrr, they have shown their fair value.
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