Resort still a buy call from fund managers!!!

Resort’s 4QFY08 net profit was dragged down by RM781.5m in marked to market impairment loss on the carrying value of its 19.6% stake in Star Cruises. Adjusting
for the various one offs, which includes RM418.0m in exceptional gains in FY07, full
year FY08 core profit was up 22.7% y-o-y, while revenue grew 12.3% y-o-y. Despite
the challenging economic environment, 4QFY08 revenue and core operating profit
expanded 16.4% and 9.4% y-o-y respectively. Significantly lower price points and a
large domestic day tripper casino customer base helped to underpin its earnings
defensiveness. Current valuations, excluding its net cash balance of roughly 79
sen per share indicates an implied PER of 5.9x, which is well below its trough
valuation of 11x PER last recorded in 2003 (during the SARS outbreak). We are upgrading recommendation to Trading BUY with an unchanged TP of RM2.50 (30% discount to RM3.55 RNAV) but remain cautious of the dampening effect of potential future related party transactions.

more http://bursastreet.blogspot.com/2009/02/resorts.html

below 2.00...accumulate

New Target Price 2.60

Source: http://bursastreet.blogspot.com/2009/04/resorts-world.html