KLCI Stock - GENM / 4715 - 2011 Quarter 4

GENTING MALAYSIA BERHAD


My notes based on 2011 quarter 4 report (number in '000):-
- Higher revenue than FY10Q4 mainly attributable to the leisure and hospitality segment

- Higher revenue from leisure and hospitality business in Malaysia than FY10Q4 mainly due to the overall higher volume of business but lower pbt mainly due to lower hold percentage in the premium players business

- Loss from leisure and hospitality business in US due to the construction loss of RM40.9 million which the Group incurred in the current quarter due to cost overrun from the development of Resorts World Casino New York City. Excluding the construction revenue and construction loss, the Group’s EBITDA would have increased by 10%

- Estimate next 4Q eps after 2011 Q4 result announced = 11926797*0.12/5669441 = 0.2524, estimate PE on current price 3.91 = 15.15(DPS 0.086)
- Estimate next 4Q eps after 2011 Q3 result announced = 0.0613*4*1.1 = 0.2697, estimate highest/lowest PE = 14.97/13.64 (DPS 0.082)
- Estimate next 4Q eps after 2011 Q2 result announced = (0.0736+0.0617)*2*0.95 = 0.2571, estimate highest/lowest PE = 14.89/11.39 (DPS 0.082)
- Estimate next 4Q eps after 2011 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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