2016-04-02 11:20
（吉隆坡1日訊）雲頂大馬（GENM,4715,主板貿服組）宣佈已投資2億4千950萬美元（9億7千105萬4千令吉）於美國馬薩諸塞州印第安部落區First Light度假賭場所發售的票據，從而取得該賭場管理權為期7年。
雲頂大馬在文告中表示，該集團受委為First Light度假賭場的管理者，預料從開業起為期7年，該賭場正待全國印第安博彩委理事會的批准，和將展開興建工程。
這家900間房的度假賭場將分階段完成，一旦全面竣工，將擁有一家豪華酒店、中價酒店（具備1萬5千方尺的會議中心和200座位的24小時餐廳）、家庭酒店（有2萬5千尺的室內/戶外水上樂園）、15萬方尺的賭場（3千台老虎機、150張賭桌和40張撲克牌桌）以及其它零售購物商店和餐館。
雲頂大馬至今已投資2億4千950萬美元於瑪許比萬帕諾亞格（Mashpee Wampanoag）部落博彩局所發售的票據，以供該計劃的初期發展。
雖然雲頂大馬未獲任何股權，但投資於該票據讓該集團可參與此計劃而增強回酬。
雲頂大馬表示，進軍馬薩諸塞州博彩業料將一步擴張美國版圖，該集團已在紐約州和佛羅里達州營運。
首季漲34%
雲頂估值見頂
另一方面，母公司雲頂（GENTING，3182，主板貿服組）今年來股價漲勢凌厲，成為漲幅最大的綜指成份股，分析員認為其股價已達合理估值水平，由於缺乏立即的盈利催化因素，新加坡賭場復甦和TauRx上市計劃仍言之過早，因此下調該股評級。
股價已達合理估值
雲頂今日股價下跌4仙，閉市報9令吉76仙。
肯納格研究指出，雲頂是漲幅最大的綜指成份股，今年以來共上漲33.51%，相比綜指只揚升1.48%。
雲頂已很久未見如此強勁表現，上一輪是在2010年2月聖淘沙名勝世界開幕期間。
該股過去兩年股價低迷，分別下滑13.55%和17.25%，而綜指則為下跌5.66%和3.90%。
肯納格研究表示，雲頂近期的漲勢和澳門博彩股一致，後者也上漲了逾15%，因澳門賭場收入有所改善。
但是，雲頂飆漲的主要因素，是它擁有20.7%股權的TauRx藥劑公司可能上市的消息。
今年1月，新加坡TauRx藥劑公司傳出將於明年上市和集資150億美元的消息，在3月中，報道指TauRx開發的藥物LMTX或將有所斬獲，預計將於今年7月公佈該藥物治療阿爾茲海默症的臨床研究數據。
該行相信，這兩項因素是雲頂股價近期大漲的主要催化因素。
在雲頂股價大漲34%後，該行相信是時候檢討雲頂估值，認為該股已抵達合理估值，目前沒有立即確實盈利催化因素。
澳門博彩股過去3個月收入復甦，是由於低比較基礎之故，未必顯示新加坡賭場也同樣復甦，獅城賭場是雲頂的主要盈利來源。
TauRx上市言之過早
同時，揣測LMTX藥物測試和TauRx上市也言之過早。
大馬雲頂高原的重新發展計劃只在2018年帶來重大衝擊，至於原棕油價格近期復甦料只是曇花一現，下半年將回軟。所有以上因素都不支持其價值重估。
該行將雲頂目標價從9令吉74仙上調至10令吉04仙，但將評級從“超越大市”下調至“符合大市”。（星洲日報／財經）
--- 72 亿现金流程--强,排队換铸码的一大推人,另一边铸码换回现金的只有少部分人,因此,云頂怎么不赚钱,其他酒店业,遊乐設施,产业,种植,油气业等都是净利的. Genting 2016 年一定爆,rm12 指日可待,幸福的未來己看到
http://finance.yahoo.com/q/cf?s=3182.KL+Cash+Flow&annual
（吉隆坡1日訊）雲頂大馬（GENM,4715,主板貿服組）宣佈已投資2億4千950萬美元（9億7千105萬4千令吉）於美國馬薩諸塞州印第安部落區First Light度假賭場所發售的票據，從而取得該賭場管理權為期7年。
雲頂大馬在文告中表示，該集團受委為First Light度假賭場的管理者，預料從開業起為期7年，該賭場正待全國印第安博彩委理事會的批准，和將展開興建工程。
這家900間房的度假賭場將分階段完成，一旦全面竣工，將擁有一家豪華酒店、中價酒店（具備1萬5千方尺的會議中心和200座位的24小時餐廳）、家庭酒店（有2萬5千尺的室內/戶外水上樂園）、15萬方尺的賭場（3千台老虎機、150張賭桌和40張撲克牌桌）以及其它零售購物商店和餐館。
雲頂大馬至今已投資2億4千950萬美元於瑪許比萬帕諾亞格（Mashpee Wampanoag）部落博彩局所發售的票據，以供該計劃的初期發展。
雖然雲頂大馬未獲任何股權，但投資於該票據讓該集團可參與此計劃而增強回酬。
雲頂大馬表示，進軍馬薩諸塞州博彩業料將一步擴張美國版圖，該集團已在紐約州和佛羅里達州營運。
首季漲34%
雲頂估值見頂
另一方面，母公司雲頂（GENTING，3182，主板貿服組）今年來股價漲勢凌厲，成為漲幅最大的綜指成份股，分析員認為其股價已達合理估值水平，由於缺乏立即的盈利催化因素，新加坡賭場復甦和TauRx上市計劃仍言之過早，因此下調該股評級。
股價已達合理估值
雲頂今日股價下跌4仙，閉市報9令吉76仙。
肯納格研究指出，雲頂是漲幅最大的綜指成份股，今年以來共上漲33.51%，相比綜指只揚升1.48%。
雲頂已很久未見如此強勁表現，上一輪是在2010年2月聖淘沙名勝世界開幕期間。
該股過去兩年股價低迷，分別下滑13.55%和17.25%，而綜指則為下跌5.66%和3.90%。
肯納格研究表示，雲頂近期的漲勢和澳門博彩股一致，後者也上漲了逾15%，因澳門賭場收入有所改善。
但是，雲頂飆漲的主要因素，是它擁有20.7%股權的TauRx藥劑公司可能上市的消息。
今年1月，新加坡TauRx藥劑公司傳出將於明年上市和集資150億美元的消息，在3月中，報道指TauRx開發的藥物LMTX或將有所斬獲，預計將於今年7月公佈該藥物治療阿爾茲海默症的臨床研究數據。
該行相信，這兩項因素是雲頂股價近期大漲的主要催化因素。
在雲頂股價大漲34%後，該行相信是時候檢討雲頂估值，認為該股已抵達合理估值，目前沒有立即確實盈利催化因素。
澳門博彩股過去3個月收入復甦，是由於低比較基礎之故，未必顯示新加坡賭場也同樣復甦，獅城賭場是雲頂的主要盈利來源。
TauRx上市言之過早
同時，揣測LMTX藥物測試和TauRx上市也言之過早。
大馬雲頂高原的重新發展計劃只在2018年帶來重大衝擊，至於原棕油價格近期復甦料只是曇花一現，下半年將回軟。所有以上因素都不支持其價值重估。
該行將雲頂目標價從9令吉74仙上調至10令吉04仙，但將評級從“超越大市”下調至“符合大市”。（星洲日報／財經）
--- 72 亿现金流程--强,排队換铸码的一大推人,另一边铸码换回现金的只有少部分人,因此,云頂怎么不赚钱,其他酒店业,遊乐設施,产业,种植,油气业等都是净利的. Genting 2016 年一定爆,rm12 指日可待,幸福的未來己看到
http://finance.yahoo.com/q/cf?s=3182.KL+Cash+Flow&annual
Genting Malaysia sees 50% rise in visitors to Genting Highlands
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Genting Malaysia expected Resorts World Genting (RWG) to record 30 million visitors annually by 2020, due to the anticipated rise in gaming capacity from the company’s RM10bil transformation initiative. Affin Hwang Capital said Genting Malaysia’s forecast for RWG implied a five-year compounded annual growth rate of 9.2% from 2015, which saw 19.3 million visitors.
PETALING JAYA: Genting Malaysia Bhd hopes to see a near 50% rise in visitors to its hill top resort in Genting Highlands by 2020, driven by the increase in gaming capacity and the presence of the Century Fox World theme park.
This was revealed by Affin Hwang Capital research, which produced an extensive report on Genting Malaysia after a meeting with the company’s management.
The report stated that Genting Malaysia expected Resorts World Genting (RWG) to record 30 million visitors annually by 2020, due to the anticipated rise in gaming capacity from the company’s RM10bil transformation initiative.
Affin Hwang Capital said Genting Malaysia’s forecast for RWG implied a five-year compounded annual growth rate of 9.2% from 2015, which saw 19.3 million visitors.
“This expectation of high growth in visitor arrivals would be positive to Genting Malaysia, given that its Malaysian operations (RWG) generate the highest earnings before interest, taxes, depreciation and amortisation (EBITDA) margin and benefit from higher gaming volumes.
“We believe Genting Malaysia’s relatively aggressive target is likely within management’s reach, given the crowd-pulling factor of having the world’s first 20th Century Fox World theme park as well as its positioning as a shopping haven,” Affin Hwang Capital said in a report.
The research house noted that Universal Studios Singapore (USS) attracted two million visitors in the first nine months of its opening, despite being double the size of the Fox World theme park. In 2015, USS attracted seven million visitors.
“In addition, RWG would see an anticipated influx of shoppers once Sky Avenue (positioned as a lifestyle mall) and Genting Premium Outlets (GPO) opens in the second half of 2016,” it said.
In February, Genting Malaysia announced that it was doubling the capital investment under its Genting Integrated Tourism Plan (GITP) to RM10.38bil from RM5bil initially. GITP involves the redevelopment and transformation of RWG.
Some analysts reckon that RWG could see an increase of between 100 and 300 tables at the hilltop resort. Exact details are scarce, given the sensitivities as applications for additional gaming capacity must be made directly to the Finance Ministry.
According to reports, RWG could see an increase in the number by 300 because of the resort’s room-to-table ratio of 20 hotel rooms for every table versus a ratio of three to five hotel rooms per table in other countries.
Going forward, Affin Hwang Capital said growth would still come from its gaming operations, primarily in Malaysia.
This is set to expand under the GITP, said the research house, adding that Genting Malaysia would nonetheless benefit from a small stream of recurring income via rental in Sky Avenue.
“RWG, which contributes about 80% of Genting Malaysia’s EBITDA, is scheduled to have additional gaming capacity from the podium in the second half of 2016. RWG has bucked regional gaming trends, which have continued to be soft.
“In 2015, RWG recorded double-digit volume growth in both its mass and VIP segments. Underpinning the gaming-volume growth in Malaysia is the favourable mass/VIP revenue split of 60:40, which has been a boon for Genting Malaysia,” it said.
The brokerage said that in the long term, Genting Malaysia had a target of achieving a mass/VIP revenue split of 50:50 and this would be partly achieved by catering its additional gaming towards the premium mass market.
“We note that Genting Malaysia has plans to introduce a luxury hotel under Phase 2 of the GITP, which will help to attract the premium mass in addition to VIP customers.”
Separately, analysts believe that Genting Malaysia’s appointment as manager of native American-destination resort casino, First Light Resort & Casino (FLRC), would help boost the company’s presence in the US.
“We are positive on this overseas investment strategy as it will protect Genting Malaysia from any potential start-up losses,” said UOBKayHian.
Despite being positive, the research house said its “back-of-the-envelope” calculation suggested that this project would have modest earnings enhancement impact on Genting Malaysia.
“Also, we note that the earnings contribution would only come in late 2017 or early 2018 onwards,” it said.
Hong Leong Investment Bank (HLIB) also said the appointment of Genting Malaysia as manager of the US-based resort casino would boost the company’s overseas presence.
However, it said earnings contribution was uncertain as Genting Malaysia’s investment was in the form of interest-bearing promissory notes without equity interest.
“Using conservative estimation parameters, we estimate gaming revenue of around US$440mil (RM1.7bil) a year for FLRC. With EBITDA margin of 15%, bottomline contribution is around RM250mil.”
HLIB said despite the potential catalyst from the US casino, it was maintaining a cautious stance on the contribution to Genting Malaysia.
“Besides, we are also aware on the execution risk and potential competition from a potential rival casino (Brockton) being awarded licence in the same region with just 20 miles apart.”
AmInvestment Bank, in its report, said the management of the US casino would allow Genting Malaysia to receive management fees without facing construction and operational risks.
“Assuming a management fee of 8% of net revenue, average table win of US$2,000 per day and average slot win of US$100 per day, we estimate that Genting Malaysia’s net profit would improve by 3% to 5%. The basis of the management fees was not disclosed.”
When completed, First Light Resort & Casino will feature, among others, a high-concept 150,000-sq-ft casino featuring 3,000 slots, 150 gaming tables and 40 poker tables.
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