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Wednesday, January 25, 2012

KLCI Stock - GENTING / 3182 - 2011 Quarter 3

GENTING BERHAD

Company Description
Genting Berhad is an investment holding and management company. The principal activities of the subsidiaries include leisure and hospitality, gaming and entertainment businesses, plantation, the generation and supply of electric power, property development and management, tours and travel related services, genomics research and development, investments and oil and gas exploration, development and production activities. The principal activities of the Company's associates include the generation and supply of electric power, resort, property investment and property development. The Company has over 4,500 hectares of prime resort land and about 134,000 hectares of plantation land. In September 2008, the Company acquired Ambani Limited. On October 17, 2008, the Company acquired Dragasac Limited. In July 2009, the Company placed Prime Venture (Labuan) Limited under member's voluntary winding-up. In November 2009, the Company announced that it has incorporated Resorts World Inc Pte Ltd.

Company Info
Listing Date1971-12-28
Market Capital (Capital Size)40,800,315,954 (Very Large)
Par ValueRM 0.10
BoardMain
SectorTrading/Services
Major IndustryLeisure & Recreation
Sub IndustryElectric Power
Websitehttp://www.genting.com

My Analysis
Forecast P/E now(10.98-0.08)/0.5792 = 18.82 (Moderate)
Target Price11.58+0.08 = 11.66 (PE 20.0, EPS 0.5792, DPS 0.08)
DecisionNot interested unless stock price below SMA20 and buying volume stronger than selling or Bolinger upper band open higher
Comment
Revenue increased 15.3% and also higher than preceding year corresponding quarter 31.6%, eps decreased 11% and was second consecutive quarter decreasing and also lower than preceding year corresponding quarter 22%, cash generated from operating not enough to cover financing expenses hence still increased borrowings and spent 4.6% of Group cash to cover other expenses, weaker liquidity ratio from high to moderate level now, higher gearing ratio at high level now, all accounting ratio are acceptable, CPO price uptrend
First Support Price10.56
Second Support Price10.0
Risk RatingMODERATE

Research House
Credit Suisse Target Price13.5 (2011-01-13)
TA Target Price13.26 (2011-02-18)
HwangDBS Target Price14.3 (2011-02-24)
Macquarie Target Price11.6 (2011-04-06)
CIMB Target Price15.4 (2011-05-27)
UOB Target Price13.63 (2011-06-13)
RHB Target Price13.3 (2011-07-07)
AMMB Target Price11.85 (2011-10-21)
ECM Target Price9.83 (2011-11-25)
Maybank Target Price10.14 (2011-11-25)
HLG Target Price11.19 (2012-01-12)

Accounting Ratio
Return on Equity8.12%
Dividend Yield0.73%
Profit Margin27.79%
Tax Rate24.15%
Asset Turnover0.3496
Net Asset Value Per Share4.56
Net Tangible Asset per share3.2
Price/Net Tangible Asset Per Share3.21
Cash Per Share4.43
Liquidity Current Ratio2.8679
Liquidity Quick Ratio2.7932
Liquidity Cash Ratio2.3015
Gearing Debt to Equity Ratio1.2584
Gearing Debt to Asset Ratio0.4
Working capital per thousand Ringgit sale71.6%
Days to sell the inventory16
Days to collect the receivables67
Days to pay the payables124

Technical Analysis
SMA 2010.963 (Uptrend 7 days)
SMA 5010.744 (Uptrend)
SMA 10010.183 (Uptrend)
SMA 20010.528 (Same)
MACD0.178081 (Downtrend 9 days)
MACD Histogram-0.022628 (Downtrend 6 days)

My notes based on 2011 quarter 3 report (number in '000):-
- Higher revenue and pbt than FY10Q3 due to:
1. Higher hold percentage in the premium players business in leisure and hospitality business in Malaysia
2. Construction revenue and profit from the progressive development of the facility at Resorts World Casino New York City
3. Higher dispatch from the Meizhou Wan power plant and compensation from the Fujian provincial government in respect of an increase in tariff rate
4. Higher palm products prices and higher FFB production
5. Gain on disposal of available-for-sale financial assets of RM221.6 million

- Lower pbt than FY11Q2 mainly due to a softening of palm products prices during the period as market sentiment was affected by global economic uncertainties and concerns over the Eurozone debt crisis and lower gain on disposal of available-for-sale financial assets

- Estimate next 4Q eps after 2011 Q3 result announced = 0.1609*0.9*4 = 0.5792, estimate PE on current price 10.98 = 18.82(DPS 0.08)
- Estimate next 4Q eps after 2011 Q2 result announced = 0.1713*0.9*4 = 0.6167(exclude RM116.7 million one time gain), estimate highest/lowest PE = 17.77/13.44 (DPS 0.08)
- Estimate next 4Q eps after 2011 Q1 result announced = 0.7531*1.1 = 0.8284, estimate highest/lowest PE = 13.67/11.25 (DPS 0.078)
- Estimate next 4Q eps after 2010 Q4 result announced = 0.14*4*1.05 = 0.588, estimate highest/lowest PE = 19.91/16.59 (DPS 0.075)
- Estimate next 4Q eps after 2010 Q3 result announced = 0.0945*4 = 0.3781, estimate highest/lowest PE = 31.49/26.22 (DPS 0.075)
- Estimate next 4Q eps after 2010 Q2 result announced = 0.1985*4 = 0.794, estimate highest/lowest PE = 13.53/11.22 (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)

GENTING latest news (Chinese)



Financial Quarter Summary
a_dateyearqrth_pricel_pricedivroec_roerevc_revpbtc_pbtprofc_profepsc_epsassetliabminoequicfocficffcashfcfnetfinalsharec_sharem_capdateprof_mvatasset_tpenavpsntapsp/ntapscpsl_curl_quil_cashg_deg_daavg_winv_drec_dpay_d
2011-11-2420113N/AN/A-1.87%6.54%5143899144958641429651486336059503420870610.16090.5633531601822126557814995529318946044475437457037259559414861459949356905291417093036992583705204380283722011-09-3027.79%24.15%0.3496-4.563.23.214.432.86792.79322.30151.25840.471.6%1667124
2011-08-252011211.048.370.0352.12%4.73%446280793519651545904343333667069514916540.18080.4022519190302035502314766128315640073030309286008070009148296641702291002201492988437091003708905362749982011-06-3034.64%22.69%0.3341-4.533.193.074.493.09693.01622.54741.21180.392179.0%1763127
2011-05-262011111.49.4-2.69%2.69%48891584889158188770318877038212308212300.22140.2214500393651946640214431324305729631679596134083831334814565840338758254101459125037089903708990411697892011-03-3138.61%23.55%0.3391-4.353.013.694.453.1613.07782.62971.2060.38979.9%1859135
2011-02-232010411.789.830.0451.58%7.47%4086714151947371183024439139346568222000260.12560.594649014149195676571394903429446492628161150636597350271406562812179524829251454855337074453700262384832792010-12-3128.95%31.83%0.3117.45834.193.173.274.413.26113.17062.77031.26260.399287.9%2055154
2010-11-252010311.989.99-2.73%6.21%3909209111080231416218320791076374317338850.20620.4683485772972064590212929054279313954751630448222612239621381683126940414933661531019737042463702713385241582010-09-3036.23%13.82%0.2764-4.053.043.424.613.25753.16652.7981.37620.425102.6%2360170
2010-08-262010210.828.980.0332.82%3.72%40850707198814158919217915037352349699530.19850.2618457510371966144212224910260895953299890269513717189331392736160475323236861625104737047143704613333424262010-06-3038.90%11.12%0.2606-3.743.062.944.673.97913.8823.57861.41810.4297120.9%2245170
2010-05-27201019.066.64-0.95%0.95%311374431137442000262000262324342324340.06290.0629432324151866198211800567245704331271497176663918684451409207749514213733031546538036963673696367248765492010-03-316.42%117.28%0.2299-3.452.792.414.294.91234.76744.42191.46140.4317141.1%2845138
2010-02-25200947.156.20.0420.95%4.05%23200978893617585212252540324495210412940.06610.2813435010481778864311825274257124052551828569238681974099335774314055850568511439262537048083702304233773382009-12-3125.22%32.40%0.204422.43513.752.692.354.054.81544.68964.36651.28090.4089147.4%2546139
2009-11-25200937.726.27-1.57%3.37%2401584657352080422519401243700557962750.09990.215139603966159738899926007236300772015801416151253353999380446214571131896881257013437036753701570262220192009-09-3033.49%23.76%0.2263-3.72.652.673.575.00464.85284.50241.16560.4033131.1%2642110
2009-08-26200927.876.440.030.94%1.87%2102698417193656972611357632137684260840.05770.115135961981131223089609513228396731253810246697825204159406579121316813072471071382637018213700411244320182009-06-3027.09%31.88%0.2483-3.582.492.653.064.06593.92143.60940.99180.3649107.8%2540119
2009-05-28200916.85.2-0.96%0.96%206923820692385660135660132122922122920.05740.05743281528410606784929635822208500538818931736115054094536483929187576221021127036983623698362201560722009-03-3127.35%32.38%0.2739-3.492.482.22.875.03474.86214.4190.82150.3232107.7%234382
2009-02-26200845.653.080.040.56%2.65%2390173908250810893417334941207845679960.03270.1532304506849037305897136021413379251805026232921669889575505105242272230930327536937003708114130756982008-12-314.56%-0.298323.11063.362.411.472.65.04784.85284.35350.72640.296898.3%254486
2008-11-27200834.43.52-0.19%3.15%236881766923352195321841192405896875440.01100.1853303512688557623918767521793645182819113774749155129548666450717464795908387137064723709638164567352008-09-309.27%68.90%0.2946-3.42.271.962.564.41594.25453.77330.67890.28295.9%244998
2008-08-28200825.853.580.031.30%3.28%2159206432351876949016215672897337280400.07810.19623078785485702139378780222176411043006668172389722945407837483414888943919037105593711332196659622008-06-3035.64%28.45%0.2857-3.462.232.382.644.49034.34213.86970.66750.2784100.6%245088
2008-05-29200816.25.15-2.05%2.05%216431221643128520418520414382714382710.11810.1181294865608126609902207921359951448464315469166622926418813299533627923056137121033712103217158022008-03-3139.37%22.33%0.2923-3.322.122.762.65.60735.38624.9290.65870.2756104.6%273877
2008-02-28200746.95.70.0432.38%9.22%22495848483821907514322114751290619855560.13830.536030178847864159191823072153725628441291669155280354785686111749741455328931218937085963704343254038822007-12-3140.34%16.28%0.281112.77973.342.073.312.633.76693.62223.33750.69940.286395.2%273688
2007-11-22200738.26.80.31.23%6.57%22237936234237353266231284227513414718590.07410.3968317409979354885940382722386112204623377319418873118018410127303931603501117876037107283709750278304602007-09-3015.89%21.22%0.2658-3.52.143.53.023.80693.67853.38710.72060.2947110.1%284281
2007-08-23200728.47.50.0272.82%6.24%19808084010444931638195948054125811966290.14580.3226300272031083797868492181918922512321782353990147214680379501121812350334838828437110863709608306164592007-06-3047.03%22.76%0.2069-3.331.834.512.252.62212.52112.08270.87830.3609104.4%355097
2007-05-2420071N/AN/A-3.54%3.54%20296362029636102757710275776551066551060.17660.1766288309641033415966302111849680567576415855026072138020389909738302525771786437097483709748294924962007-03-3150.63%22.13%0.1468-3.21.764.522.072.60522.49222.06970.87090.3584140.9%5459143
2007-02-2820064N/AN/A0.043.02%8.98%22033086418628913980273418250400814959020.70702.110928224739115578625372217166668772597387434440536829055991251174701819358877927138712870708643235247102006-12-3141.48%20.70%0.078115.632915.948.054.111.332.18492.05841.85651.02330.4095234.0%139145342

Financial Quarter Balance Sheet
yearqrtAvailable-for-sale financial assets (A-0)Deferred tax assets (A-0)Derivative financial assets (A-0)Exploration & evaluation assets (A-0)Financial assets at fair value through profit and loss (A-0)Intangible assets (A-0)Investment in associated companies (A-0)Investment in jointly controlled entity (A-0)Investment properties (A-0)Land held for property development (A-0)Leasehold land use rights (A-0)Other assets (A-0)Plantation development expenditure (A-0)Property, plant and equipment (A-0)Amount due from associated companies (A-1)Available-for-sale financial assets (A-1)Cash and cash equivalents (A-1)Current asset classified as held for sales (A-1)Derivative financial assets (A-1)Financial assets at fair value through profit and loss (A-1)Inventories (A-1)Other investments (A-1)Property development costs (A-1)Restricted cash (A-1)Trade receivables (A-1)Deferred tax liabilities (L-0)Derivative financial liabilities (L-0)Loans & borrowings (L-0)Other liabilities (L-0)Amounts due to Jointly Controlled Entities (L-1)Current tax liabilities (L-1)Derivative financial liabilities (L-1)Dividend payable (L-1)Liabilities directly associated with assets classified as held for sale (L-1)Loans & borrowings (L-1)Trade and other payables (L-1)Minority interest (M-1)
201132030576146151-720409-505796886860213286597959957418413699141329994320620732207536512567561417093070755-64816520257-1191389799734253361862115148381193587033109945063544791079896866-2503276415173114995529
201122268059142236-642507-495626589038213537179431457274513052016000690007720084655139448147771492988461042-78047516841-104578279732988928173736827881174505133353645574167731808125058-2077425391065914766128
201112415023142992940595907-4979715767685136901430245734001282131479588698981940948975149416011459125076640-91756509427-124648710562726512165694418001120713132772548102937411433--2040541393227714431324
20104259144817701012235772211956377919776587462319432935712441338522671218436311993246776868419611454855376635-94806520591-141628814762280423148199916551184936432677944762186084252--1581668409885613949034
201032447268175185-4805251888374489973618155421435585698201060692387077910821931019775777707661531019720113226583593538925-16432908623221800612938793727912902435310488653925339317279491570-1555088402243712929054
201021584166137011-48323322452519711724560407416468158216811005718234875106119325096791362083916251047--137545433798-359962975481459273122037364378131950743453844765335735169051116446-702471350776512224910
201011642007110964-428661321024532786964004054171226583640114757287678696063185024498123-15465380-30128540473383-456543505881229572126177668074133568503921174329261074149152--735238243337211800567
20094127012894017-420640-391414867278052125717555823861149699205146503751819071013542-14392625---3871073140934499629750210966361307923-126594863850612315199366---852533238195911825274
20093127517594828-384501-3905671665900223122528358099618860688485986144261461602313351-9740508---38869532031225680426692310147821311042-11436903291804-256749-83154-71303018812079926007
2009270441067957-455313-4006919648238225522549457852318790468095785706991342778412569-7768098---3939393245332595893187849671571358370-8306238318039-316531-110860-59627121159999609513
2009140578155513-446563-3726250625397715932562657720118785755657885302321182819812895-7571130---35784928216075634520877110499701278802-6685739243179-271269---67797914498169296358
2008441504061683-420022-3523099622134712022597057986718508635375815183121069161011300-6937177---37607525293865398613542110899561226568-5414288190857-251100---44233515121578971360
2008349177150203-405320-4200000608706758072608257814318398112920964989091020010410259-6674406---35745426131554767418369511976731420874-4463481163191-312120-82118-45880616570339187675
2008295702130462-376258-45571316089997550524824576893183129637165948755895099918365-7344615---33290823263194269813658311887691482655-4405642147499-387244-117701-62778614016869378780
2008189894931735-300278-44578515997631450725048495006178375636589047673590643521631-7438198---31633320551731163961518748930851473894-4552092143779-298043---43465112241509022079
20074150536223878-312500-46894165751891538826099495299176786439611646951089030181776-7800851---31142417891381111501553148295551545734-4029373146551-258076---129271313691449182307
20073212210518936---502818747416615730293574957941792818308278461573839706128189-9343105---329865186475294808-9362731569310-4315550161014-347897-72859-164068812475679403827
20072-15872---5553132248223517710295854933561773514290667452310842889931363-5256400907533--310824307557793070-8151561661011-5027953148359-394099-107939144561224587411081826849218
20071-14967---5348012242949019388298534902361802258275003448694829441431541-4719655888038--325155296963694457-6501671665717-4801860151386-246141--138100222862011023356630211
20064-13113---55923502493900133930106488787383087280167445248898932719027-5386039---44660125855371041341067918591861720657-5304985180894-165742---282509613604885372217

Financial Quarter Income Statement
yearqrtRevenueIncome tax expenseCost of salesFinance/interest costsOther incomeAdministrative/Operating expensesMinority interestShare of profit/ (loss) of associatesImpairment lossDiscontinued operationGain/Loss on disposal of investment in an associateDilutive effects of outstanding employees' share optionsFair value gain on derivative financial instrumentsNet gain arising from Deferred ConsiderationNet gain on dilution of shareholding arising from bond conversionsOther expensesLoss on discontinuance of cash flow hedge accounting using interest rate swaps
20113514389934529833204001204001272153813914893191670525168--21588651----
2011244628073508312726661107771213325338422524378483880--25253237----
20111488915844459926158221489521379483714216218748583863--29462743----
201044086714376600222725328220453415-34074215600--249236100301651145445
2010339092091956662424189180774154735-45680910693250654--217515294136010212699-
2010240850701767772101121151915116168-677181187250--3938748-0374545-
201013113744234582178510010900690427-266990267161303766---67132-436250336371-
20094232009718960513726997384077423-150655325990--448---397920-
20093240158419109813897495672498009-2430729503126551--1273--4893135467-
2009221026981816331274096638226415-174325305800--725--1381171545-
20091206923818326713045986702489469-170454890630425--827---198726-
200842390173190937148181264247103456-1790878656781502--0--0283658-
20083236881715125015403876927965892-10887123013396340--212--13790245762-
20082215920621892512339206850963862-26083216610---1309--6966173416-
200812164312190263128182167364140134-22350726028---1144--24387152491-
200742249584147730131887776272209936-24687832400055501536--43461230627-
200732223793749701299342124853119432-3162323699378401233133706192--137058121989-
200721980808212034119779810053692208-17834615427-16505-1244--298080171812-
200712029636227429118943093758139983-14504220080-173672-1589--510691174204-
200642203308189183125666390722434587-220789161274135425962-2026---193726-

Financial Quarter Segments Revenue
yearqrtOthersElimination/AdjustmentManufacturingLeisure & Hospitality in MalaysiaLeisure & Hospitality in UK & OthersPlantationOil & GasLeisure & Hospitality in SingaporePowerPropertyInvestment & OthersLeisure & HospitalityLeisure & Hospitality in United States of America & Others
20113---1386900315500315000-19772005232003800021200-1194600
20112---1327200197500340900-17484004383002940018000--
20111---1322800353000253600-21785004823002160012800--
20104---13472002309002749002320018483003222002730012700--
20103---11826002232002275002970017055004983002590016500--
20102---12022002499002022003510020254003115003310025700--
20101---1328600278600195600260008050004442002010015600--
200943707923317---21683840412-47888731573-1538625-
200933740725147---17637838249-50209927121-1645477-
200926760122370---16624536146-39255827729-1434789-
200912172721727---11591728555-49747625576-1401714-
200842624528025---13820151039-47106825884-1705761-
200832624225942---26142049145-41418533939-1609828-
200823642823537---28741046863-27051342406-1499123-
200811966221861---24949335691-40821932917-1440191-
200742042820735---28985441313-38999822922-1505804-
200732436014795---24787233741-42007623640-1488899-
200722031623256---17899335599-32058921121-1427446-
200713055221881---12898232217-36097928687-1470100-
200642653323639130247--15478937754-44885125099-1531534-

Financial Quarter Segments Profit
yearqrtOthersElimination/AdjustmentManufacturingLeisure & Hospitality in MalaysiaLeisure & Hospitality in UK & OthersPlantationOil & GasLeisure & Hospitality in SingaporePowerPropertyInvestment & OthersLeisure & HospitalityLeisure & Hospitality in United States of America & Others
20113---656800268001542004200926600140800960053100-54300
20112---647100450019230015800862900123700560017100--
20111---66310076500136400244001282700210400600042600--
20104---6848003190014210013001101500152600510028300--
20103---523400268001127004000800800146900540072500--
20102---5923004200089300131001187800113400820017600--
20101---68150045700970004600261900133500870030800--
200945692673---928199609-1031033280-376423-
200931326175243---791494841-832784476-643186-
2009261496879---692404591-794565122-490203-
20091134084711---438244785-972168299-486432-
200844040314411---4043422740-205283395-688011-
200832350447953---13076815343-56908539-501909-
20082937558464---15366925381-679955909-558222-
20081290044786---13352210028-1404028098-481178-
200741571126352---15295017753-1266595383-520602-
20073866082239---13124910129-1231724545-565683-
200724721174---8898110540-1244563865-405123-
200711645018342---5785310598-1315679223-527776-
200642535015579413142--6736410802-1417106113-581321-

Financial Quarter Segments Associate
yearqrtOthersPlantationPowerPropertyLeisure & Hospitality
20113-----
20112-----
20111-----
20104-----
20103-----
20102-----
20101-----
200949201973138431688
20093827124313133124058
20092270171716742248767
20091741550944924328
200844836911123-2146
200831342387476915632
200822981377139456996
20081155202022599181236
20074-155324955525840
20073-6381245451501
2007211474611466263127
20071561219345101103353
200643098148691167095

Short form reference
a_date = announcement date, yr = financial year end, qrt = quarter
h_price = stock highest price during the quarter, l_price = stock lowest price during the quarter
div = dividend recommend or declare in the quarter, roe = return on equity
c_roe = cumulative of return on equity during the financial year
rev = revenue in the current quarter, c_rev = cumulative of revenue during the financial year
pbt = profit before tax in the current quarter, c_pbt = cumulative of profit before tax during the financial year
eps = earnings per share in the current quarter, c_eps = cumulative of earnings per share during the financial year
asset = total asset, liab = total liability, mino = minority interest, equi = total equity
cfo = net cash flow from operating activities, cfi = net cash flow from investing activities
cff = net cash flow from financing activities, cash = cash and cash equivalents as at beginning of financial year
final = cash and cash equivalents as at current financial period ended
share = diluted/basic weighted average number of ordinary shares
c_share = cumulative of diluted/basic weighted average number of ordinary shares during the financial year
m_cap = market capital at announcement date of quarterly report, date = current financial period ended date
prof_m = profit margin, vat = income tax rate, pe = price earning per share ratio of recent four quarter
navps = net asset value per share, ntaps = net tangible asset per share, cps = cash per share
l_cur = liquidity current ratio, l_qui = liquidity quick ratio, l_cash = liquidity cash ratio
g_de = gearing debt to equity ratio, g_da = gearing debt to assets ratio
avg_w = working capital per thousand Ringgit sale
inv_d = days to sell the inventory, rec_d = days to collect the receivables
pay_d = days to pay the payables



6-Months Historical Chart from shareinvestor.com


CURRENT


CHANGES IN SHAREHOLDING
ANNUAL REPORTS


HISTORICAL


CHANGES IN SHAREHOLDING


ARCHIVES


CHANGES IN SHAREHOLDING




1-Years Historical Chart from shareinvestor.com

5-Years Historical Chart from shareinvestor.com

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