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Sunday, August 29, 2010

KLCI Stock - GENTING / 3182 - 2010 Quarter 2

Market Cap : 3705627770*9.04 = 33,498,875,040.80 (Very Large)
NTA per share : (13864685-2519711)/3704714 = 3.06
P/BV : 9.04/3.06 = 2.9542
Forecast P/E now : (9.04-0.075)/0.794 = 11.29 (Low)
ROE : 6.24% (Low)
DY : 0.075/9.04*100 = 0.83% (Low)
Fixed Asset Turnover(3 year) : (0.2606+0.2483+0.2857)/3 = 0.2649 (Low)
Liquidity Ratio : 19243959/4836233 = 3.9791 (High)
Receivables Collection Period : (1459273+967157)/2/(11920495/365) = 37 days (Acceptable)
My Target Price : 12.7+0.08 = 12.78 (PE 16, EPS 0.794, DPS 0.075)
My Decision : BUY
My Comment : Revenue and profit largely increased, good cash flow, above moderate debt, navps increased, Genting Singapore expect to contribute better profit
Technical Support Price : 8.6
Risk Rating : LOW
OSK Target Price : 11.7 (27 Aug 10)

My notes based on 2010 quarter 2 report (number in '000):

- The Group registered revenue and profit increased mainly from the Leisure & Hospitality Division with the commencement of operations of Resorts World Sentosa (“RWS”) in Singapore. Revenue from Resorts World Genting increased mainly due to better luck factor in the premium players business. UK casino operations’ revenue decreased, mainly affected by the weaker Sterling Pound. The underlying revenue in Sterling Pound has improved contributed by higher business volume (improved luck factor)

- Increased revenue and profit from the Plantation Division as compared to the preceding year corresponding period was due to higher palm products prices as well as increased FFB production. However, compared to preceding quarter, the division recorded lower profit mainly due to higher
manuring cost arising from increased fertiliser application

- Lower revenue and profit from the Power Division was due to lower generation of electricity by the Meizhou Wan power plant and Kuala Langat power plants

- Despite the higher average oil prices, revenue from the Oil & Gas Division decreased as compared to the preceding year corresponding period due to the lower share of entitlement in China. Higher expenses and lower revenue from the Oil & Gas Division contributed to the Division’s lower profit. However, compared to preceding quarter, the division generated higher revenue and profit arose from higher average oil prices and higher share of entitlement in China

- The share of results in jointly controlled entities and associates increased in the current quarter as the previous year’s corresponding quarter’s share of results had been impacted by the share of loss of a jointly controlled entity in GENS as a result of a reduction in property values of a property owned by this jointly controlled entity in London, UK. Beside that, the increased also due to the new power plant in Andhra Pradesh, India

- Estimate next 4Q eps after 2010 Q2 result announced = 0.1985*4 = 0.794, estimate PE on current price 9.04 = 11.29(DPS 0.075)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.2813*1.15 = 0.3235(15% increased), estimate highest/lowest PE = 21.54/2 (DPS 0.072)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0661*4 = 0.2644, estimate highest/lowest PE = 26.77/23.18 (DPS 0.072)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0999*4 = 0.3996, estimate highest/lowest PE = 19.09/15.62 (DPS 0.07)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0577*4 = 0.2308, estimate highest/lowest PE = 33.23/27.64 (DPS 0.07)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0574*4 = 0.2296, estimate highest/lowest PE = 28.88/23 (DPS 0.07)

GENTING latest news (English)

1 comment:

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