Stock Name: Genting SP
Company Name: GENTING SINGAPORE PLC
CIMB in a Feb 23 research report says: "FY2011 core profit, at only 93% of our forecast (88% of consensus), undershot our expectations due largely to weaker-than-expected volume.
"4Q EBITDA rose 6% q-o-q as stronger EBITDA margins (partly from lower bad-debt provisions of $36 million vs. 3Q's $57 million) more than offset the 2% q-o-q revenue slippage. Despite an exceptionally high VIP win rate of 3.9%, gross gaming revenue (GGR) fell 9% q-o-q in 4Q as VIP volumes contracted 26%.
"One positive was the declaration of a 1 cent tax-exempt final DPS. We cut our FY2012-2013 EPS and sum-of-the-part target price and introduce FY2014 numbers. Target price of $1.85. MAINTAIN OUTPERFORM."
Company Name: GENTING SINGAPORE PLC
| Research House: CIMB | Price Call: BUY | Target Price: 1.85 |
CIMB in a Feb 23 research report says: "FY2011 core profit, at only 93% of our forecast (88% of consensus), undershot our expectations due largely to weaker-than-expected volume.
"4Q EBITDA rose 6% q-o-q as stronger EBITDA margins (partly from lower bad-debt provisions of $36 million vs. 3Q's $57 million) more than offset the 2% q-o-q revenue slippage. Despite an exceptionally high VIP win rate of 3.9%, gross gaming revenue (GGR) fell 9% q-o-q in 4Q as VIP volumes contracted 26%.
"One positive was the declaration of a 1 cent tax-exempt final DPS. We cut our FY2012-2013 EPS and sum-of-the-part target price and introduce FY2014 numbers. Target price of $1.85. MAINTAIN OUTPERFORM."
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