Company Info
My Analysis
Research House
Accounting Ratio
My notes based on 2011 quarter 2 report (number in '000):-
- Higher revenue than FY10Q2 mainly attributable to casino business in United Kingdom and higher hold percentage in the premium players business in Malaysia
- Loss in UK compared to FY10Q2 due to lower hold percentage
- Higher pbt than FY10Q2 mainly due to:-
i) fair value gain of RM2.4 million arising from the Group’s investments in financial assets at fair value through profit or loss (“FVTPL”) compared to a fair value loss of RM34.0 million
ii) the construction profit of RM15.0 million generated from the progressive development of the facility at the Aqueduct Racetrack in the City of New York, United States of America
- Lower pbt than FY11Q1 mainly due to:
i) loss from the casino business in the UK of RM28.0 million compared with the profit of RM60.1 million in the preceding quarter
ii) property related termination costs of RM39.4 million incurred on the purchase of the properties in the City of Miami, Florida, United States of America
iii) pre-operating expenses incurred for the development and operations of a video lottery facility at Resorts World New York of RM9.6 million
- Resorts World New York is expected to mark its debut in the 4th quarter of 2011
- Estimate next 4Q eps after 2010 Q2 result announced = (0.0736+0.0617)*2*0.95 = 0.2571, estimate PE on current price 3.33 = 12.64(DPS 0.08)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0736*4 = 0.2944, estimate highest/lowest PE = 13.08/11.18 (DPS 0.08)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.2241*1.1 = 0.2465, estimate highest/lowest PE = 15.26/12.74 (DPS 0.08)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0591*4 = 0.2364, estimate highest/lowest PE = 15.15/13.16 (DPS 0.079)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.2315*1.05 = 0.2431, estimate highest/lowest PE = 14.98/11.85 (DPS 0.079)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.2315*1.05 = 0.2431, estimate highest/lowest PE = 12.66/9.82 (DPS 0.073)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0628*4 = 0.2512, estimate highest/lowest PE = 11.25/9.7 (DPS 0.073)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0629*4 = 0.2516, estimate highest/lowest PE = 11.45/10.33 (DPS 0.07)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0577*4 = 0.2308, estimate highest/lowest PE = 12.35/11.44 (DPS 0.07)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0481*4 = 0.1924, estimate highest/lowest PE = 15.23/12.79 (DPS 0.07)
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| Market Capital (Capital Size) | 19,718,440,647 (Very Large) |
| Par Value | RM 0.10 |
My Analysis
| Forecast P/E now | (3.33-0.08)/0.2571 = 12.64 (Moderate) |
| Target Price | 4.11+0.08 = 4.19 (PE 16.0, EPS 0.2571, DPS 0.08) |
| Decision | Not interested unless stock price can get support and break 1 resistance |
| Comment | Revenue decreased 2.8% but higher than preceding year corresponding quarter 54.6%, eps decreased 24.9% but higher than preceding year corresponding quarter 3.2%, cash generated from operating enough for financing expenses but increased borrowings to cover investing expenses, slightly weaker liquidity ratio at moderate level now, higher gearing ratio at below moderate level now, all accounting ratio are good, casino UK loss, Resort World New York expected to debut in 4th quarter of 2011 |
| First Support Price | 3.2 |
| Second Support Price | 3.0 |
| Risk Rating | MODERATE |
Research House
| Credit Suisse Target Price | 3.3 (2011-01-14) |
| Macquarie Target Price | 4.25 (2011-04-06) |
| MIMB Target Price | 4.26 (2011-05-27) |
| RHB Target Price | 4.4 (2011-07-07) |
| Maybank Target Price | 3.74 (2011-07-11) |
| AMMB Target Price | 4.3 (2011-07-18) |
| OSK Target Price | 4.1 (2011-08-02) |
| ECM Target Price | 3.42 (2011-08-26) |
| CIMB Target Price | 4.5 (2011-09-19) |
Accounting Ratio
| Return on Equity | 12.43% |
| Dividend Yield | 2.46% |
| Profit Margin | 22.70% |
| Tax Rate | 27.09% |
| Asset Turnover | 0.421 |
| Net Asset Value Per Share | 2.05 |
| Net Tangible Asset per share | 1.51 |
| Price/Net Tangible Asset Per Share | 2.26 |
| Cash Per Share | 0.75 |
| Liquidity Current Ratio | 2.3911 |
| Liquidity Quick Ratio | 2.3564 |
| Liquidity Cash Ratio | 2.0141 |
| Gearing Debt to Equity Ratio | 0.348 |
| Gearing Debt to Asset Ratio | 0.2581 |
| Working capital per thousand Ringgit sale | 44.7% |
| Days to sell the inventory | 6 |
| Days to collect the receivables | 40 |
| Days to pay the payables | 80 |
My notes based on 2011 quarter 2 report (number in '000):-
- Higher revenue than FY10Q2 mainly attributable to casino business in United Kingdom and higher hold percentage in the premium players business in Malaysia
- Loss in UK compared to FY10Q2 due to lower hold percentage
- Higher pbt than FY10Q2 mainly due to:-
i) fair value gain of RM2.4 million arising from the Group’s investments in financial assets at fair value through profit or loss (“FVTPL”) compared to a fair value loss of RM34.0 million
ii) the construction profit of RM15.0 million generated from the progressive development of the facility at the Aqueduct Racetrack in the City of New York, United States of America
- Lower pbt than FY11Q1 mainly due to:
i) loss from the casino business in the UK of RM28.0 million compared with the profit of RM60.1 million in the preceding quarter
ii) property related termination costs of RM39.4 million incurred on the purchase of the properties in the City of Miami, Florida, United States of America
iii) pre-operating expenses incurred for the development and operations of a video lottery facility at Resorts World New York of RM9.6 million
- Resorts World New York is expected to mark its debut in the 4th quarter of 2011
- Estimate next 4Q eps after 2010 Q2 result announced = (0.0736+0.0617)*2*0.95 = 0.2571, estimate PE on current price 3.33 = 12.64(DPS 0.08)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.0736*4 = 0.2944, estimate highest/lowest PE = 13.08/11.18 (DPS 0.08)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.2241*1.1 = 0.2465, estimate highest/lowest PE = 15.26/12.74 (DPS 0.08)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0591*4 = 0.2364, estimate highest/lowest PE = 15.15/13.16 (DPS 0.079)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.2315*1.05 = 0.2431, estimate highest/lowest PE = 14.98/11.85 (DPS 0.079)
- Estimate next 4Q eps after 2010 Q1 result announced = 0.2315*1.05 = 0.2431, estimate highest/lowest PE = 12.66/9.82 (DPS 0.073)
- Estimate next 4Q eps after 2009 Q4 result announced = 0.0628*4 = 0.2512, estimate highest/lowest PE = 11.25/9.7 (DPS 0.073)
- Estimate next 4Q eps after 2009 Q3 result announced = 0.0629*4 = 0.2516, estimate highest/lowest PE = 11.45/10.33 (DPS 0.07)
- Estimate next 4Q eps after 2009 Q2 result announced = 0.0577*4 = 0.2308, estimate highest/lowest PE = 12.35/11.44 (DPS 0.07)
- Estimate next 4Q eps after 2009 Q1 result announced = 0.0481*4 = 0.1924, estimate highest/lowest PE = 15.23/12.79 (DPS 0.07)
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