Entering Nov 2010

Gaining the real power for Genting SP and Golden Agri.

First week of November 2010.. awaiting u..

Just buy Genting SP again at S$2.18..

WEll, who knows it will reach S$2.50 soon.

not selling neither.

This post has been edited by shareeye: Oct 29 2010, 09:33 AM

Subject: Marina Bay Sands 3QFY10 results and implication to Resorts World at Sentosa


Please see below Keith’s take on how the Marina Bay Sands (MBS) 3QFY10 results announced yesterday indicates that consensus estimates on Resorts World Sentosa (RWS) is still on the low side. Basically:

1) MBS daily gross gaming revenue of SGD5.9m pales in comparison to RWS’ SGD9.2m

2) MBS EBIDTA margins of 49.7% mean that even with junket operations starting at RWS, RWS’ EBITDA margins should come to 45 to 46%, above consensus’ 44%

3) Currently we estimate the market as being 60% RWS, 40% MBS. Even if this normalizes to 55% RWS and 45% MBS, RWS’ gross gaming revenue in 3Q should come to SGD7.3m, above consensus forecast of SGD7m



So we think there is room for upgrades among consensus. Maintain Buy on Genting Singapore with fair value at SGD2.65.

Judging from Marina Bay Sands (MBS) 3QFY10 results and assuming a 40%: 60% market share between MBS and Resorts World at Sentosa (RWS) we believe that the Singapore’s gaming market is on track of achieving an estimated USD3.8bn in gross gaming market size for 2010.



Key points from MBS results and implications to RWS:-



· Market share could still swing in RWS favor. MBS daily gross gaming revenue on a normalized luck factor came in at SGD5.9m but would be higher at SGD6.3m if we normalize its VIP luck factor to 2.85% (vs actual 2.65%). In comparison, RWS registered normalized daily gross gaming revenue of SGD9.2m in 2QFY10 and SGD8.5m in 1QFY10.



· VIP revenue continues to dominate. VIP revenue was strong representing 63% of total gross gaming revenue despite below theoretical win rates



· Mass market 40% of total gross gaming revenue. Mass market win percentage at 22.1% was slightly higher than 2QFY10’s 21.5%



· Upside in EBITDA margin estimates. MBS EBITDA margins at 49.7% even with below theoretical luck factor from its VIP segment reaffirms our view that there should not be an issue for RWS to sustain EBITDA margins run rates at 50% to 53% on a normalized luck factor and commencement of junket operations would only dilute margins to 45% to 46% vs consensus current EBITDA margin estimates of 44% (ex-junket operations), providing further earnings upgrades.



· On track of hitting USD3.8bn market size for 2010. Assuming if RWS is able to maintain a 60% market share in 3QCY10, this would equate to an annualized gross gaming market size of close to USD3.8bn for Singapore in 2010 and also implies that RWS would be able to maintain a normalized daily gross gaming revenue of SGD9.3m in 3QCY10. If market size normalizes to 55%:45% between RWS and MBS, this would imply that RWS normalized daily Gross gaming revenue in 3QCY10 could moderate to SGD7.3m, which is still marginally above the street estimates of SGD7m.



We are maintaining our BUY recommendation and TP of SGD2.65 for Genting Singapore (GENS SP), which we are expecting results to be out by mid November.

is true though.... as i still see the HSBC share certificate at HK$6.00 at 6 4 case during the china kill university student at tian an men, HSBC felt. and they bought in that time.

This post has been edited by shareeye: Oct 29 2010, 10:00 AM

nope.. if i really want to buy, i will buy SJM, ICBC bank. not AIA. although is a printing money from insurance, anyhow records no good.

bought in then cannot sleep tight tight. what for.

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Added on October 29, 2010, 10:08 am1299.hk volume is quite high at HK$22. will u invest ?



This post has been edited by shareeye: Oct 29 2010, 10:08 AM

true... is a subsidaries.. and do not how it works.. all money pour in there.

this is fact, the government's power.

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Added on October 29, 2010, 12:31 pmand i notice that the 3rd liners of share market is being pushed and is the end of our share market soon. If those who can buy foreign share, do it as soon as possible to move part of the fund out from 3rd liners market.





This post has been edited by shareeye: Oct 29 2010, 12:31 PM

not bad what.. KFC in india, opened another 12 branches... and more to come..



This post has been edited by shareeye: Oct 29 2010, 01:25 PM

no boring.. on the 7th nov... or after... Genting sp = "quarter" price.

Anyone with me in gentling sp where the chance is there though.

This post has been edited by shareeye: Nov 2 2010, 01:47 PM

Turbo engine starts on Genting SP and Golden Agri... good one


follow .... to earn big bucks..

This post has been edited by shareeye: Nov 8 2010, 09:04 AM

Cheonging of Golden Agri S$0.735.. why ? easy.. and read the calculation

A share called Golden Agriculture at E5H and i believe the actual value is still far away from now.

Manage for an acre land of palm oil at the current market price : RM25,000

closing price : S$0.695

Total share of Golden Agri : 5,533,755,000 units.

total land belongs to Golden Agri for plantation : 1,055,760 acre ( please take notes, One Hectare = 2.47 acres. Golden agri owns 427,000 hectares)

cost of manage palm oil land per acre = ( total share of golden agri x closing price ) / Total land belongs to golden agri for plantation

= (0.695 x 5,533,755,000 ) / 1,055,760

= S$3,642 (RM 8560)

This figure is still far below the market price nearly 65% discount. and remember this is a giant plantation company at Singapore exchange. It will a dinasour one day as the yearly earning is S$600million.

The conclusion of the 65% discount means as below:

with S$690 (1,000 unit) of Golden Agri bought in is equivalent of receiving 2.9 acres of palm oil land + palm tree out from 1,055,760 acres.

1000 units = 25,000 / 8560
= 2.9 acres out from 1,055,760 acres

everyone , do u guys are having fun with Golden agri , and Genting SP?

more to come.. no worry.

Countdown for the third quarter of Genting SP ......

we will meet u at the target price.

see u soon.

Well, is a good result though, let c how it reacts tomorrow.

Time to collect more genting SP again.

over-reacted of the T+3 ppl in singapore and malaysia ppl.

what is the big deal by earning little less of S$188m compare to the last quarter of S$398m. In prolong way, is still the winner overall.

unbelievable ppl becomes over-reacted. and will sapu more in open market.

apart from that. i am sapuing another good stock called Kencana Agri (F5M). Which is super undervalue. It is similar like Golden Agri. i will give a data later.

The true value is not here. compared to Marina bay Sand. is better than that. Is the ppl over-reacted. u will find the closing today is quite funny. Those mad ppl will regret by making the wrong assumption.

Genting SP

Golden Agri

the next is Kencana Agri (F5M)

Kencana Agri (F9M) at Singapore exchange. after u read the figure, i do not know what is the impact.

Manage for an acre land of palm oil at the current market price : RM25,000 (take note)

closing price : S$0.445

Total share of Kencana Agri : 998,044,720 units.

total land belongs to Kencana Agri for plantation : 466,296 acre ( please take notes, One Hectare = 2.47 acres. Kencana agri owns 188,784 hectares)

cost of manage palm oil land per acre = ( total share of Kencana agri x closing price ) / Total land belongs to Kencana agri for plantation

= (0.435 x 998,044,720 ) / 466,296

= S$ 942 (RM 2310)



What does it mean

1000 unit = owns 11 acres land out of 466,296 acre.

dun hope. i sapu in the range of S$2.11-S$2.14


not much hope can go below. unless the right issue is on the way. who knows.

i mean the right issue price. haha. the mother share will not go below on that.

Let c, in my prediction only, it will stand at S$2.22 today. but i never take profit, so please just read and dun follow ok.

by the way

this is a good offer, for those who are new, and those who like plantation share, this is the good offer, it is super low and hope u get the share before it rises up.