alextan5680

alextan5680 | Joined since 2016-06-08

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2 weeks ago | Report Abuse

吉隆坡12日讯)MyEG(MYEG,0138,主板科技股)收购海德(HTPADU,5028,主板科技股)股权备受市场瞩目,带动股价继续走高,而分析员看好双方合作能在电子政府服务方面有强大协同效益,继续喊买MyEG。

MyEG在3月11日宣布,于同月7日以共3125万令吉,透过公开市场和场外交易,收购海德14.40%股权。

BIMB投行研究分析员指出,实际上海德活跃于信息通信技术(ICT)领域,同时也提供广泛服务,包括系统集成、应用程式开发和托管基础设施服务等。

分析员表示,这一战略举措,无疑是在促进双方在电子政府服务方面的合作,同时能利用双方的专业知识推动创新。

分析员续指,就收购价格而言,整体对MyEG的财务影响,预计可以忽略不计。

值得注意的是,海德、迪耐(DNEX,4456,主板科技股)和铁达(THETA,9075,主板科技股)已从10家竞标者当中脱颖而出,入选全国移民综合系统项目(NIISe)项目的最终遴选。

与此同时,海德在过去6个月还多次获得政府颁发项目。

“有鉴于此,我们对此次的收购持乐观态度,因为看好双方能在特定领域上,产生显著的协同效益。”

分析员表示,就整体而言,相信MyEG将加强利用Zetrix区块链平台作为增长引擎,推动增长前景。

“放眼到了2026至2027财年,Zetrix平台的贡献将占营收的40%至50%左右。”

现阶段,分析员将MyEG在2024至2026财年的净利预测,分别提升43%、98%和108%。

“总的来说,我们重申‘买入’评级,目标价维持在1.15令吉。”

海德一度走高5%

自MyEG大举购入海德股权后,市场就跟着大举买入,推高海德股价走高,今日更是一度走高5.35%,至3.15令吉。

海德周二开在3.03令吉,股价犹如过山车般起起落落,一开市便迎来强劲买气,推高公司股价,不过,随之而来的便是套利观望情绪,股价一度滑落至2.60令吉,跌13.04%。

庆幸的是,期间有投资者进场扶盘,中午12.30休市时回升至3.05令吉,起2.00%或0.6仙。

值得注意的是,海德自2月份走出小股风暴之后,即展现出强劲的上涨势头。过去两周,该股已经暴涨了超过一倍。

至于MyEG,股价则没太大起伏,股价在78仙至79仙之间徘徊。

周二闭市时,海德收报在2.95令吉,跌4仙或1.34%,成交量497万4000股。

闭市时,MyEG收报在78.5仙,起0.5仙或0.64%,成交量3095万1800股。

Stock

2023-10-13 18:36 | Report Abuse

隆坡13日讯)政府将大马旅游年推迟至2026年,并为此拨出3亿5000万令吉促进旅游业;以及拨款1亿2000万令吉,维护及改善国内旅游景点。

财政部长拿督斯里安华指出,多元文化和遗产是我国特色,而我国也可为游客带来多样化的旅游特色,包括生态旅游、潜水、高尔夫及医疗旅游团等。

“我们应进一步发挥现有的旅游活动,以重振本地旅游业,使其成为国家经济成长的引擎。”

政府已将原定于2025年的大马旅游年将展延至2026年,放眼通过该项目吸引2610万名海外游客,并将在国内消费约976亿令吉。

为此,政府将拨款3亿5000万令吉以促进旅游行业,放眼将大马打造成世界顶级旅游胜地。

该款项将用于2026年访问大马活动、推广活动、为文艺业者提供资金主办艺术和文化活动、及向回教旅游中心拨款。

此外,旅游景点的美观、安全及清洁亦不可忽略;政府将拨款总计1亿2000万令吉维护及改善国内旅游景点。

其中的2000万令吉将用于玻璃市、彭亨州及森美兰州的景点维护资金;8000万令吉用于被联合国教科文组织(UNESCO)认可的文化遗产;2000万令吉则于吉隆坡文化资金。

同时,大马自由签证计划下将推出新措施,其中包括简化主要领域投资就业审批、延长国际学生滞留期限、和改善签证优惠,以鼓励更多海外投资者和游客入境,尤其是印度和中国游客。

大马也会放宽第二家园申请,以吸引更多外国游客和投资者,预计将有助提振大马金融市场和房产行业的投资活动。

调降娱乐税

安华也指出,政府现有25%的娱乐税将有所调整,其中本地艺术家的演出将被豁免娱乐税、海外艺术家的娱乐税则是10%、主题公园等的利率减低至5%,以激励本地艺术活动发展,促进国家旅游活动。

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2023-03-10 11:34 | Report Abuse

KUALA LUMPUR (March 10): Kenanga Research has maintained its “Overweight” rating on the gaming sector and said casino operators disappointed in the recent 4QCY22 results season largely due to unfavourable forex movements, and for Genting Bhd (OP; TP: RM5.86) which was affected by weak plantation profits, while their casino operations saw improved performance across geographical areas.

In a note on Friday (March 10), the research house said that meanwhile, number forecast operators (NFOs) beat expectations with tickets sales returning to 69% to 82% of pre-pandemic levels.

“Our sector top picks are Genting, being a proxy to the recovery in the tourism activities both in Malaysia and Singapore, backed by the return of Chinese tourists, and Sports Toto Bhd (OP; TP: RM1.95) by virtue of its attractive dividend yield of circa 11%.

“We expect visitors arrivals at integrated resorts for both Genting Malaysia Bhd (GenM) and Genting Singapore to continue to recover in 2023, particularly with China’s reopening early this year.

“With this, Genting remains our top pick over GenM as the former is a proxy to the recovery of tourism activities in both Malaysia and Singapore, and has a more diversified earnings base that includes plantation,” it said.

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2023-02-20 20:24 | Report Abuse

Genting Singapore has reported net profit of $340.1 million for FY2022 ended December, 85% higher y-o-y, as profit before tax more than doubled during the year.

Revenue grew 62% y-o-y during the period to $1.7 billion, while cost of sales grew 52% y-o-y to $1.1 billion.

The Directors have proposed a final dividend of 2 cents per ordinary share, double the final dividend paid the year prior. Together with the 1 cent per share interim dividend declared in 1HFY2022, Genting Singapore’s full-year dividend for FY2022 is 3 cents per share.

On a fully diluted basis, earnings per share as at Dec 31, 2022 stood at 2.82 cents, up from 1.51 cents the year prior.

The Group’s cash and cash equivalents stood at $3.6 billion as at Dec 31, 2022, up from $3.4 billion the year prior.

Total assets less current liabilities stood at $8.2 billion as at Dec 31, 2022, up from $8.1 billion the year prior.

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2023-02-09 20:13 | Report Abuse

(吉隆坡9日讯)摩根大通认为,目前云顶(GENTING,3182,主板消费股)和云顶大马(GENM,,4715,主板消费股)在估值上具吸引力,是比云顶新加坡更值得投资的对象。

摩根大通大马分析员指出,云顶大马并不仅仅只是一家复苏主题股,除了当前估值偏低,其耗费100亿令吉资本开销的云顶综合旅游发展计划(GITP),也仍未充分发挥出增长动力的潜能。

“尽管业绩复苏的前景强劲,云顶大马目前的股价,只相当于2023财政年(12月杪结账)预测企业价值(EV)的8倍。”

他同时称,云顶大马的海外盈利,不止在封锁解除后回升了将近40%,其纽约赌场还可能赢获新的赌桌执照,有潜力为其除息税折旧及摊销前盈利(EBITDA)增加10%至15%。

“不仅于此,云顶大马或可从Mashpee投资项目和迈阿密资产脱售活动中,回拨价值10亿令吉的款项,是另一项潜在利好。”

此外,该分析员指出,云顶相比云顶新加坡,是个估值更低的选项,同时,云顶还掌握着TauRx失智症药物这个利好。

“云顶所持有的53%云顶新加坡股权,目前就已经比云顶自家的市值高出13%。”

他同时表示,云顶持股20%的TauRx公司,正向英国和美国政府寻求批准,已在今年上半年内向市场推出其失智症药物。

“一旦药物面市申请获批,TauRx的价值可能相当于云顶市值的70%左右。”

总体而言,摩根大通维持云顶和云顶大马的“买入”评级,但目标价双双下调。

云顶目标价从7令吉减至6.30令吉,而云顶大马目标价由4.70令吉,降至4令吉。

截至今日午间休市,云顶报5.07令吉,跌1仙或0.20%,而云顶大马报2.87令吉,跌1仙或0.35%。

闭市时,云顶报5.08令吉,无起落,成交量422万2400股。

至于云顶大马,则以2.85令吉挂收,跌3仙或1.04%,成交量592万500股。

Stock

2023-02-09 20:13 | Report Abuse

(吉隆坡9日讯)摩根大通认为,目前云顶(GENTING,3182,主板消费股)和云顶大马(GENM,,4715,主板消费股)在估值上具吸引力,是比云顶新加坡更值得投资的对象。

摩根大通大马分析员指出,云顶大马并不仅仅只是一家复苏主题股,除了当前估值偏低,其耗费100亿令吉资本开销的云顶综合旅游发展计划(GITP),也仍未充分发挥出增长动力的潜能。

“尽管业绩复苏的前景强劲,云顶大马目前的股价,只相当于2023财政年(12月杪结账)预测企业价值(EV)的8倍。”

他同时称,云顶大马的海外盈利,不止在封锁解除后回升了将近40%,其纽约赌场还可能赢获新的赌桌执照,有潜力为其除息税折旧及摊销前盈利(EBITDA)增加10%至15%。

“不仅于此,云顶大马或可从Mashpee投资项目和迈阿密资产脱售活动中,回拨价值10亿令吉的款项,是另一项潜在利好。”

此外,该分析员指出,云顶相比云顶新加坡,是个估值更低的选项,同时,云顶还掌握着TauRx失智症药物这个利好。

“云顶所持有的53%云顶新加坡股权,目前就已经比云顶自家的市值高出13%。”

他同时表示,云顶持股20%的TauRx公司,正向英国和美国政府寻求批准,已在今年上半年内向市场推出其失智症药物。

“一旦药物面市申请获批,TauRx的价值可能相当于云顶市值的70%左右。”

总体而言,摩根大通维持云顶和云顶大马的“买入”评级,但目标价双双下调。

云顶目标价从7令吉减至6.30令吉,而云顶大马目标价由4.70令吉,降至4令吉。

截至今日午间休市,云顶报5.07令吉,跌1仙或0.20%,而云顶大马报2.87令吉,跌1仙或0.35%。

闭市时,云顶报5.08令吉,无起落,成交量422万2400股。

至于云顶大马,则以2.85令吉挂收,跌3仙或1.04%,成交量592万500股。

Stock

2023-02-08 19:11 | Report Abuse

KUALA LUMPUR: British American Tobacco (Malaysia) Bhd's (BAT) net profit fell 6.7 per cent to RM262.52 million for the financial year ended December 31, 2022 (FY22) from RM284.86 million last year.

The company's revenue also fell 13.6 per cent to RM61.73 million in FY22 from RM71.46 million a year ago.

To deliver on the strategy to simplify the portfolio, the company saw a planned decline in overall market share of 0.8 per cent compared with last year, primarily due to the delisting of Kent and Pall Mall brands.

"Annual volume fell slightly by two per cent compared with 2021, where a one-off benefit in volume was observed during the Route-to-market model transition," it said.

In line with the downtrading trend observed in the market, BAT Malaysia's value-for-money (VFM) brands, KYO and Rothmans, captured an additional one per cent market share.

Despite the contraction of the industry's overall share of the premium segment by one per cent during the year, BAT Malaysia's Dunhill brand secured growth of 1.1 per cent share in this segment, indicating the premium brand's strong foothold.

For FY22, the board of directors has declared a fourth interim dividend of 21 sen per ordinary share, amounting to RM60 million, payable on March 7, 2023, to shareholders.

For the fourth quarter (Q4) ended December 31, 2022, BAT Malaysia's net profit fell to RM61.73 million from RM71.46 million, while its revenue decreased to RM770.66 million from RM861.89 million.

BAT Malaysia managing director Nedal Salem said that despite the economic headwinds, the company are optimistic about the prospects for 2023.

Salem said that with the launch of its tobacco-heated product, glo, which hit the market in February 2023, BAT Malaysia can now offer a choice with reduced risk potential to adult Malaysian smokers.

"We are also encouraged by the new government's priority to implement economic reforms to stimulate growth and strengthen the foundations of the country.

"In the November 2022 Budget tabling, various measures were announced to reduce the levels of the black tobacco market, including introducing a single-entry point policy in the northern region, enhanced controls at landing points including private jetties and a special rewards scheme for enforcement to stop smuggling activities.

"We strongly encourage the new government to maintain these measures in the February 2023 Budget tabling while also exploring science and evidence-based regulations to legalise the vapour market," he said.

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2023-02-07 18:54 | Report Abuse

(吉隆坡7日讯)随着移民局表示所有与移民相关服务料在2025年回归该局后,将痛失重大移民局外包合约的MYEG服务(MYEG,0138,主板科技组)首当其冲,股价遭受重创,今早开盘即狂泻至跌停板价位,在沉重卖压下登热门股榜之冠。

15年最大跌幅
MYEG服务今日开盘即插水,狂泻30仙或31.41%,至65.5仙迎市,为2008年3月以来的15年来最大跌幅及跌至2020年9月杪以来最低价位。

该股较后稍微收窄跌幅,闭市报70仙,劲挫25.5仙或26.70%,为第六大下跌股,以10亿1536万零400股交投量热爆全场。

由于股价暴跌超过15%,MYEG服务的即日卖空(IDSS)及专属交易员单日卖空(PDT)被暂停,直至明天才恢复。

移民局总监拿督斯里凯鲁再米是在接受《新海峡时报》专访时指出,所有与移民局相关的事务,包括现在外包给MYEG服务的业务,预计会在2025年回归该局,包括更新与护照申请及签证申请,外籍员工签证申请与更新、女佣准证申请等都会由该局新的NIISe系统取代。

MYEG澄清:没和内部或移民局会议
MYEG服务今日针对《新海峡时报》该报道发文告澄清,公司并没有和内政部或移民局进行任何会议,以针对NIISe系统进行讨论。

“如果有任何重大信息,董事部将及时向大马交易所发布必要的公告。”

艾芬黄氏研究分析员指出,该消息大大影响了投资者情绪,并冲击MYEG服务长期收益前景,预计与移民相关服务的收入占公司总收入40至50%,包括外籍工人工作许可证的续签(占总收入10至15%)及其他辅助和商业服务,例如外籍工人保险的续签和外籍工人工作匹配(30至35%)。

政府在2020年5月宣布延长MYEG服务的合约3年至2023年5月,以管理外劳临时工作准证的在线更新。倘若依照移民局的计划,公司将失去该服务,使得公司长期收入减少20%。

在与多名同行交谈及看了主要承包商艾力斯(IRIS,0010,创业板科技组)的财报后,分析员认为,移民局要在2025年完成NIISe系统的部署是非常艰难的任务,该发展与部署可能会有所改变,这可能会为该公司和同行带来一些商机。

考虑到移民相关业务对营业额带来实质贡献,预计将影响投资者对MYEG服务的购兴,该行维持收益预测,但将评级从“买进”下调至“持有”,目标价也从1令吉23仙下调至93仙。不过,仍然有不少分析员对该股保持乐观看法和维持“买进”评级。

大华继显认为,MYEG服务在移民相关服务仍扮演着重要角色,加上外国劳工部份逐步归来、推出的Zetrix区块链可促进与中国的区域贸易、可能获得新政府合同、汽车驾驶执照测试模拟等催化剂。

逢低买入良机
该行认为,这是逢低买入该股的良机,维持“买入”评级,目标价为1令吉30仙。

另外,MYEG服务已采用资本管理政策,让股东可直接从其对大马和中国科技初创公司的长期和高价值投资中受益。首先,该公司分两次投资AGMO控股(AGMO,0258,创业板科技组)25.8%的股份,并且投资各种国内和中国的初创企业,这些投资价值或超过10亿令吉,到2025年可能会创造可观的市值收益。

MYEG服务也在去年11月21日开始自动驾驶测试和培训系统(e-Testing)的概念验证(POC),这将为公司带来每年5000万至6000万令吉的利润。但鉴于发布延迟,该行保守预测仅做出适度的贡献。

MIDF研究维持MYEG服务盈利预测与“买入”评级,将目标价从1令吉23仙下调至1令吉,新目标价是基于每股盈利5.4仙,本益比从20.9倍降低至19倍。

该行认为,政策风险可能会阻止投资者买进该股,尤其是考虑到移民相关服务对其收入的重大贡献。然而,该公司2022至2023财政年的稳定盈利预测、道路运输业务的稳定销售及NIISe和陆路交通局(JPJ)电子测试系统和区块链项目等举措的潜在新商机,可能会支撑股价。

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2022-07-23 14:18 | Report Abuse

分析:大华继显研究

目标价:16.05令吉

最新进展

英美烟草(BAT,4162,主板消费股)2022财年次季净利年增2.28%,至7324万9000令吉,并派息每股25仙。次季营业额报6亿3745万7000令吉,较去年同期增长6.99%。

首半年计,营业额仍微跌0.29%,至11亿5901万6000令吉;净利报1亿2553万7000令吉,跌6.82%。

英美烟草 BAT
行家建议

英美烟草2022财年次季核心净利7300万令吉,使首半年核心净利达1亿2600万令吉,占我们和市场全年预测的48%和49%,符合预期。

尽管次季销售按季强劲反弹,增长22.2%,主要是首季受到疫情影响。

但随着我国进入地方病阶段、重开国门、放宽限制,旅游业持续复苏将进一步提振销售,预计本财年剩余时间,净利将与次季不相上下。

该公司次季的市占率按季跌0.4个百分点至51.5%,主要是低端市场跌0.2个百分点至34.8%所致,高端市场则持续增长至62.1%,提振赚幅1.5个百分点至26.3%。

由于繁荣税的影响,英美烟草上半年的税率提高到30.4%。

另外,鉴于电子烟市场规模巨大,一旦合法化,我们认为尼古丁电子烟的贡献会很大,保守估计将占公司今明财年产品组合3%和10%,并已纳入盈利预测当中。

我们维持盈利预测、“买入”评级、及16.05令吉目标价。

英美烟草股价走势22/07/22

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2022-07-09 17:13 | Report Abuse

KUALA LUMPUR (July 9): The country’s economy is expected to have continued to strengthen in the second quarter of this year (2Q22) following the encouraging gross domestic product growth of 5% in the first quarter, including continued improvement in wholesale and retail trade, according to Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz.

According to him, the economy is gradually improving and has started to expand based on various indicators for May 2022.

To accelerate the recovery momentum, the Ministry of Finance has kick-started engagement sessions in an effort to establish measures that take into account the needs of various stakeholders, according to the minister.

“Budget 2023 will emphasise structural reforms and boosting economic resilience. With its theme of ‘Strengthening Recovery, Facilitating Reforms Towards Sustainability of Economic Resilience and Well-Being of Keluarga Malaysia’ (the Malaysian Family), the government will continue to focus on the well-being of the people, businesses and economy,” he said in a statement on Saturday (July 9).

Based on the latest developments, he said, the country is set to achieve the forecast growth of 5.3% to 6.3% in 2022, in line with the projections made by the International Monetary Fund (a 5.75% growth) and World Bank (5.5%).

Among the May 2022 indicators that pointed to an improvement in the country’s economy was a drop in the number of unemployed people to 637,700 from 649,300 in the preceding month, with the national unemployment rate remaining at 3.9%.

He also noted that labour market recovery continued to stabilise in May 2022 in tandem with higher demand for goods and services.

“This has also given more opportunities for businesses to generate revenue once more as reflected in recent retail and wholesale trade figures,” he said.

The finance minister also said that the Industrial Production Index for May was up by 4.1% year-on-year (y-o-y), driven by electrical and electronics products (up 15.5%).

“This was in line with manufacturing sales amounting to RM142 billion [in May], a 15.7% y-o-y increase,” Tengku Zafrul said.

The country’s trade performance has also remained resilient and maintained its growth momentum. Trade increased 33.6% y-o-y to to RM228.4 billion in May, the 16th consecutive month of double-digit growth since February 2021, he noted.

Moreover, he said, May 2022 data showed wholesale and retail trade recording the highest sales since 2013, growing 19.9% y-o-y to RM129.8 billion.

“This showed a recovery in domestic demand which continued to strengthen,” he added.

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2022-07-09 11:17 | Report Abuse

(吉隆坡8日讯)云顶大马(GENM,4715,主板消费产品服务组)虽未能在2022财政年首季重返获利,但分析员看好,国内疫情好转、国门重开、马币走软、云顶天城世界(Genting SkyWorlds)开业,及公积金特别提款等5大利好,有望在本财政年录得盈利,维持“买进”投资评级,目标价3令吉91仙。

该公司5月底公佈截至今年3月底的首季财报,仅将亏损收窄至近1.3亿令吉,且逊于市场及丰隆研究预期。

丰隆研究分析员今日在报告指出,云顶大马未能转亏为盈的最大原因,在于云顶名胜世界(RWG)供应与需求错置,即在变种病毒奥秘克戎(Omicron)肆虐时,加大业务运作。

“虽然如此,但还是有许多利好能在接下来的时间,带动云顶大马在本财政年复苏,这些利好包括疫情过渡至地方性流行病、国门重开、马币走软加大吸引国际遊客到访、云顶天城世界开业可吸引新消费群,及公积金特别提款可刺激休闲旅遊消费。”

截至今年3月底,云顶名胜世界已开放5200间酒店房间(占整体酒店房间1万零500间的一半容量),平均入住率达88%,而云顶大马表明,将会继续在次季加大诸如酒店、赌场及主题乐园的业务运作。

“据我们的管道查询,随着赌桌对赌客人数的限制解除,赌场客流量已增加,且相当鼓舞人心。撇开国门重开及放宽疫情限制,我们相信,奥秘克戎疫情趋缓有助鼓励遊客回归,加上公积金局4月的特别提款、开斋节长假及天城世界主题乐园完整季度贡献,相信云顶名胜世界次季的客流量将取得显着改善。”

分析员看好,云顶名胜世界的复苏动力可稳定持续至今年下半年,因更多酒店房间恢复运作,加上旅客加长度假天数,将能提振酒店营业额。

“截至今年6月21日,大马已达致全年到访遊客目标,即迎来200万遊客到访。虽然这仅佔2019年(疫情前)到访遊客人数的约17%,但我们认为这已相当鼓舞人心,毕竟现在仅是开放初期。”

丰隆研究认为,随着越来越多国家重开国门,接下来到访我国的遊客将进一步增加,且马币目前走贬也提振云顶名胜世界业务员,即外国遊客与大众赌客增加,因比起区域同业如新加坡,云顶名胜世界无疑是更为便宜的博彩与旅遊目的地。

“除了国际遊客,马币走软也让本地人倾向国内旅遊。”

财测不变
该行仍维持云顶大马财测不变,除了酒店及赌场业务改善,看好云顶天城世界开业,可吸引之前未有的穆斯林市场;穆斯林占我国总人口的63%。

“在云顶天城世界开业前,云顶名胜世界主要还是吸引非穆斯林赌客为主,随着这项新业务投运,我们相信,云顶大马可在下半年完全释放云顶天城世界的潜能,包括开放所有的景点,而随着这个主题乐园人流增加,料也能为云顶名胜世界其他业务带来溢出效应。”

大型资本开销周期结束
另一方面,分析员认为,云顶天城世界竣工也标示云顶大马大型资本开销周期结束,意即2022财政年或不会再有大型举债与筹资活动,且净利潜在复苏也能为公司带来稳定现金流。

“因此,这(业务恢复并创造现金流)也能改善净负债水平(截至今年3月底为68.9%),且现在时机正好,在升息周期大环境有助减缓财政负担。”

云顶大马首季虽亏损,但仍获丰隆研究维持“买进”投资建议,相信投资者将会正视云顶名胜世界前景转佳。

“我们还是喜欢云顶大马,主要看好在国门重开利好发酵,云顶名胜世界将是优先获利者,尤其新的主题乐园开业,能吸引各阶层人流。”

谈及目前股价是否还有上涨空间,分析员指出,以云顶大马目前的股价,投资者或更为关注估值会否太高,毕竟已接近疫情前水平(比2019年股价中值水平高出103.2%)。

“不过,我们要强调的是,该公司2019年的股价受到几个负面因素,比如赌场税从25%调高至35%,及斥资收购亏损的云顶帝国度假村(Genting Empire Resorts LLC)等影响,且云顶大马现在有云顶天城世界、美国及英国业务逐步改善,及云顶帝国度假村亏损收窄等利好。”

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2022-06-13 12:52 | Report Abuse

KUALA LUMPUR: Merger and acquisition (M&A) of Genting Bhd's 20.3 per cent-owned research and development (R&D) associate TauRx Pharmaceuticals Ltd could allow for faster monetisation versus initial public offering (IPO), RHB Research said.

The firm said while Genting did not comment on its strategy with regards to its TauRx stake, any option of value realisation or monetisation was definitely a positive after having invested in the firm since November 2012.

"For TauRx to IPO, it would need to first commercialise its lead investigative oral drug, HMTM, in 2023 and undertake listing in 2024 or later.

"Conversely, we think M&A or in-licensing agreements may allow for earlier monetisation of Genting's stake, given that large pharmaceutical firms may have M&A interest in TauRx in order to possess the world's only effective Alzheimer's treatment.

"As a plus, M&A could allow TauRx to leverage on such firms' resources to expedite HMTM speed to market," it said in a note today.

RHB Research said the HMTM drug would need to undergo 12 months of open-label trials – it could seek regulatory approvals for this Alzheimer's drug before the trial's conclusion.

RHB Research said TauRx could contribute RM1.3 billion-RM4.3 billion to Genting's financial year 2024 (FY24)-FY26 earnings, assuming a 10 per cent net margin.

"It could also fetch an upside of RM3.47-RM13.88 a share share based on 10x price to earnings ratio (P/E) on our base and bull cases for FY24 earnings," it said.

RHB said this could translates to hypothetical target price of RM9.84-RM20.25 for Genting.

"Because HMTM's path to market and TauRx's value remains uncertain, we elect not to include the latter in Genting's valuation for now," it added.

RHB Research has maintained its "Buy" call on Genting, with an unhanged target price of RM6.37.

"TauRx's value accretion aside, we believe Genting's entities' recoveries makes it an attractive value 'Buy' with significant upside.

"At the current share price, investors are essentially getting its non-listed assets (potentially 20 per cent of TauRx) for free. Key risks include a prolonged pandemic, decrease in luck factor, and regulatory risks," it said.

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2022-06-09 10:09 | Report Abuse

KUALA LUMPUR (June 9): RHB Investment Bank Bhd research has maintained its “Overweight” rating on the gaming sector and said while casino operators’ earnings generally underperformed estimates due to a slower-than-expected rebound, their recovery continues to progress forward, as countries transition towards living with Covid-19.

In a note on Thursday (June 9), the research house said the recovery in number forecast operators’ (NFOs) ticket sales seems to be slower than anticipated, but the worst should be over – given the end of movement restrictions and the resumption of economic activity.

RHB said Genting Malaysia Bhd’s (GenM) numbers fell short of expectations mainly due to lower-than-expected 1Q22 revenue, amid a high number of Covid-19 cases and the hold percentage from Malaysia.

It said Genting Bhd also disappointed, as GenM and its power segment’s underperformance outweighed the outperformance of Genting Plantations (MP, Sell, TP: RM7.35) and its oil & gas segments.

RHB said Magnum Bhd missed expectations, as its revenue fell short, at 20% of our full year forecast.

“The disappointing earnings were mainly due to: i) Softer- than-expected ticket sales, and ii) higher-than-expected prize payouts,” it said.

Meanwhile, it said Sports Toto Bhd outperformed, mainly due to the stronger-than-expected contribution from its UK motor dealership segment.

“This, in turn, was due to stronger-than-expected used car profit margins, fuelled by strong demand and tight supply,” it said.

“Post results, we trimmed GenM’s FY22-24F earnings by 10-3%, Genting’s by 13-2%, and Magnum’s by 30-15%.

“We lifted Sports Toto’s FY22 earnings by 3% on stronger motor sales and margins.

“Despite a disappointing 1Q22, we maintain our Overweight rating on the sector, as the casinos’ recovery is still on track and they should see better future earnings, given the reopening of borders and resumption of tourism activities in key markets in 2Q22,” it said.

RHB said the NFOs’ ticket sales recovery may be slower than expected, as some punters are likely financially worse off and may continue relying on illegal operators. Nevertheless, the NFOs’ earnings and dividends should continue to recover in the subsequent quarters along with the economic recovery.

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2022-06-09 10:08 | Report Abuse

KUALA LUMPUR (June 9): RHB Investment Bank Bhd research has maintained its “Overweight” rating on the gaming sector and said while casino operators’ earnings generally underperformed estimates due to a slower-than-expected rebound, their recovery continues to progress forward, as countries transition towards living with Covid-19.

In a note on Thursday (June 9), the research house said the recovery in number forecast operators’ (NFOs) ticket sales seems to be slower than anticipated, but the worst should be over – given the end of movement restrictions and the resumption of economic activity.

RHB said Genting Malaysia Bhd’s (GenM) numbers fell short of expectations mainly due to lower-than-expected 1Q22 revenue, amid a high number of Covid-19 cases and the hold percentage from Malaysia.

It said Genting Bhd also disappointed, as GenM and its power segment’s underperformance outweighed the outperformance of Genting Plantations (MP, Sell, TP: RM7.35) and its oil & gas segments.

RHB said Magnum Bhd missed expectations, as its revenue fell short, at 20% of our full year forecast.

“The disappointing earnings were mainly due to: i) Softer- than-expected ticket sales, and ii) higher-than-expected prize payouts,” it said.

Meanwhile, it said Sports Toto Bhd outperformed, mainly due to the stronger-than-expected contribution from its UK motor dealership segment.

“This, in turn, was due to stronger-than-expected used car profit margins, fuelled by strong demand and tight supply,” it said.

“Post results, we trimmed GenM’s FY22-24F earnings by 10-3%, Genting’s by 13-2%, and Magnum’s by 30-15%.

“We lifted Sports Toto’s FY22 earnings by 3% on stronger motor sales and margins.

“Despite a disappointing 1Q22, we maintain our Overweight rating on the sector, as the casinos’ recovery is still on track and they should see better future earnings, given the reopening of borders and resumption of tourism activities in key markets in 2Q22,” it said.

RHB said the NFOs’ ticket sales recovery may be slower than expected, as some punters are likely financially worse off and may continue relying on illegal operators. Nevertheless, the NFOs’ earnings and dividends should continue to recover in the subsequent quarters along with the economic recovery.

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2022-06-05 07:51 | Report Abuse

Even without the TauRx valuation,genb still deep undervalued

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2022-06-05 07:49 | Report Abuse

Earlier this week, Genting’s 20.3%-owned TauRx Pharmaceuticals said the initial phase three clinical trial data for its Alzheimer’s drug showed favourable results.

PETALING JAYA: The completion of clinical trials of an Alzheimer’s drug by Genting Bhd’s unit, TauRx Pharmaceuticals Ltd, will provide greater visibility to its path to profitability, according to analysts.

Earlier this week, Genting’s 20.3%-owned TauRx Pharmaceuticals said the initial phase three clinical trial data for its Alzheimer’s drug showed favourable results.

While TauRx said this did not represent positive top-line results for the clinical trial, analysts believe that it puts the drug in a favourable spot to receive the necessary regulatory approvals.

“If the trial shows positive top-line results, this could pave the way to accelerated regulatory review and approvals and the subsequent market launch of the drug, which could be by late-2023,” RHB Research said in a report yesterday.

Meanwhile, CGS-CIMB Research said the gaming group’s stake in TauRx may be worth RM848mil to RM2.23bil or 22 sen to 58 sen per share.

To recap, TauRx had been touted for an initial public offering (IPO) previously, but failed to meet its “coprimary endpoints” in its HMTM phase three trials in 2016. At the time, The Wall Street Journal had reported that TauRx’s possible Nasdaq IPO may have had a valuation of US$15bil (RM65.89bil).

In March 2018, according to DealStreetAsia, TauRx claimed it was worth about US$2.5bil (RM10.98bil).

More recently, the research firm noted that in its first quarter 2022 results, Dundee Corp, which owns a 3.7% stake in TauRx, had valued TauRx at US$949mil (RM4.17bil).

This is based on the pricing from its fully subscribed rights offering in November 2021.

“If we assume TauRx’s valuation ranges from US$949mil (RM4.17bil) to US$2.5bil (RM10.98bil), Genting’s stake in TauRx may be worth RM848mil to RM2.23bil,” it said.

The research firm said pending the final outcome of TauRx’s phase three clinical trial and regulatory approvals, it had “conservatively not ascribed any value to TauRx in its current sum-of-parts-based target price of RM6.95 for Genting, which is still derived after applying a 30% holding company discount. We keep our earnings forecasts and ‘add’ rating unchanged.

“Its financial year 2023 (FY23) forecast adjusted enterprise value (EV)/earnings before interest, taxes, depreciation and amortisation (Ebitda) of 6.9 times is 0.7 standard deviation below its 14-year mean, with decent FY22 to FY24 forecast yields of 2.9% to 4.2% per annum,” added the research firm.

The key potential rerating catalyst is full earnings recovery post-Covid-19.

The main downside risks, meanwhile, are the worse-than-expected Covid-19 impact and higher net losses from Resorts World Las Vegas.

Meanwhile, RHB Research has maintained a “buy” call on the stock for its attractive 6.4 times FY23 forecast EV/Ebitda valuation versus regional peers’ 11 times average.

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2022-01-10 15:57 | Report Abuse

◤全球大流行◢ Omicron来去都快? 科学家:大流行要终结了
https://www.chinapress.com.my/?p=2816520

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2022-01-10 15:57 | Report Abuse

◤全球大流行◢ Omicron来去都快? 科学家:大流行要终结了
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2021-11-05 21:26 | Report Abuse

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云顶高原,我来了! 人潮超乎想像
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2021-10-11 18:41 | Report Abuse

云顶高原,我来了! 人潮超乎想像
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2021-10-10 17:24 | Report Abuse

GENT will challenge year high next week