Journey to Wealth
Genting Malaysia - Daily win/machine at RWNY continues to rise
- Daily win per machine at Genting Malaysia Bhd's (GenM) 'Resorts World New York' (RWNY) has improved QoQ in 3QFY12.
- According to gaming reports provided to the New York Lottery Association, win per machine at RWNY rose 3.2% from an average of US$375/day in 2QFY12 to US$387/day in 3QFY12.
- So far this year, the highest monthly average win per machine was recorded in September. Average win per machine was US$397/day in September, which was 4.7% higher than the average of US$379/day in August.
- Compared to its peers, RWNY has performed better. RWNY's average win per machine of US$397/day in September was 60% better than the average of US$248/day for the industry.
- RWNY's impressive daily win per machine in 3QFY12 was partly driven by a higher amount of bets. Credits played at the machines climbed 4.8% from US$3.17bil in 2QFY12 to US$3.32bil in 3QFY12.
- RWNY's daily win per machine has averaged US$374 in 9MFY12 compared with our assumption of US$360 for FY12F. However, we are keeping our assumption for now.
- We believe that RWNY's daily win per machine would weaken as the weather becomes colder in New York in 4QFY12. We have assumed a daily win per machine of US$365 for FY13F.
- GenM's operations in the US (Miami and New York) accounted for 5% of the group's EBITDA in 1HFY12.
- Excluding construction cost overruns, RWNY recorded an EBITDA margin of 42.7% in 2QFY12 and 23% in 1QFY12.
- We maintain a BUY on GenM for its growing global casino presence. The group's operations in New York and Britain have been recording positive casino patronage while 'Resorts World Genting' has been enjoying a higher volume of VIP business.
Source: AmeSecurities
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This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
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WHAT BASIS rhb iNVEST DOWNGRADED genm TO tARGET 3.70C WHILE OTHERS STILL MAINTAIN tARGETS AT MUCH HIGHER LEVEL? aT ONE TIME MBB INVEST ALSO DID THE SAME BUT GENM EVENTUALLY OVERRUN MBB'S LOW TARGET PRICE.
2012-10-11 10:16