下个星期就 RM 0.50以上。。

RGB 什么时候去THAILAND 开 OFFICE ？

今年去到 RM0,80 可以吗 ？

Final draft of Thai casino entertainment complex bill to be ready in 4 weeks
https://www.thestar.com.my/aseanplus/aseanplus-news/2024/06/19/final-draft-of-thai-casino-entertainment-complex-bill-to-be-ready-in-4-weeks

以上的帖， 是从其他地方 POST 的。

• Favourable industry dynamics driven by the resurgence of the gaming sector post-pandemic and increased demand for gaming facilities.

Strong Financial
• The Company has a cash balance of RM185.5 mil (including other investments) with no bank borrowing on 31 March 2024.

• The cash per share is about 12.04 Sen compared to the net asset of the Company of 17 Sen. The Company has been in net cash position since 2015.

• Strong business cashflow with cash generated from operation for Q1 amounted to RM24.4 mil and for FY 2023 the cash generated from operation was RM123.81 mil.

The booming tourism industry and arrival of tourists is driving up the business of gaming resorts and gaming outlets operators. We understand the gaming industry is back to pre-pandemic level and all operators are operating at optimum capacity and looking at expanding their facilities and upgrading to newer EGM (electronic gaming machine). This demand augurs well for RGB.

The Company business in Philippines (its major market) is going to benefit from new casinos scheduled to open in the next few years as well as from the privatization of 41 casinos by the Philippines Gaming Regulator (PAGCOR). Do take note that on 30 May 2024 the Company had announced its subsidiary in Macau had secured a RM381 mil new order of gaming machines from a new Casino in Philippines for deliveries in FY 2024. RGB International Bhd (“RGB”), a leading casino machine supplier has been in the gaming industry for over 30 years. As international border is now reopened, and casino licenses have been rolling out extensively to boost economy, we believe RGB is poised for a growth in FY2023 and onwards.

Investment Merits
• Group successfully secured a RM381 million contract for a new casino in Philippines to be delivered in FY 2024 which will bolster its profit.

• Exclusive distributor for two main slot machines suppliers (Light & Wonder and Aristocrat) in the Philippines where the company hopes to benefit from the casinos scheduled to open in the next few years as well as from the privatization of 41 casinos by the Philippines gaming regulator (PAGCOR).

• Increasing Gross Profit margin to about 19.4%.

• Strong Balance Sheet with Net Asset per share of 17 Sen

• Cash balance of RM185.5 mil and cash per share of 12.04 Sen per share

• Gearing: Nil

• Net positive operating Cashflow of RM24.4 mil for 3 mths FY 2024 (RM123.8 mil FY 2023)

Conclusion

A share worth to buy in on weakness @42.5 Sen with huge potential upside of 41% to 69% with a valuation of 60.0 Sen to 72.0 Sen using PE 10 to PE 12.

Share Price RM0.425
Market Capital (RM): 658.0 million
Number of Share: 1.541 billion
EPS: 3.11 Sen (4 rolling qtrs.)
Estimated FY 2024 EPS: 6.0 Sen
P/E Ratio using FY 2024 Estimated EPS: 7.08
ROE (%): 18.29%
NTA/share: RM 0.17
Share Price range (1 Year): 25.5 Sen to 46 Sen

10 June 2024

RGB International Bhd (RGB) @ 42.5 Sen – A Gaming gem with valuation of 60 Sen to 72 Sen

Currently at 42.5 Sen it is trading at historical PE 10.81 based on CORE EPS of 3.93 Sen (audited EPS of 1.65 Sen for FY 2023 adding back all exceptional expenses per attached Excel Worksheet).

RGB at 42.5 Sen, presents an enticing investment opportunity with substantial upside potential. Our analysis suggests a conservative valuation range of 60 Sen to 72 Sen, reflecting a compelling 41% to 69% upside, contingent upon the Mr. Market's recognition of RGB's true value.

Valuation
Our valuation is underpinned by robust financial modelling, projecting an EPS of 6 Sen for FY 2024. This projection is supported by the recent securing of a significant contract worth RM381 million for the supply and delivery of Slot Machine Equipment in FY 2024. Based on a PE range of 10 to 12, our model suggests a fair valuation of 60 Sen to 72 Sen.

Financial Performance
RGB's Q1 FY 2024 results demonstrated a remarkable improvement over FY 2023, with a revenue of RM210 million and reported a PBT of RM25.276 mil and a PAT of RM22.005 million with EPS of 1.44 Sen. Compared to FY 2023 where the revenue was RM699 mil with PBT of RM32.79 mil (the adjusted core PBT after adding back the exceptional expenses was RM72.125 mil) and the PAT was RM34.0 mil (Core PAT = RM60.546 mil) with an EPS of 1.65 Sen (core EPS adding back exceptional items = 3.93 Sen).

Notably, the company reported no bank borrowings and maintains a healthy cash balance of RM185.5 million, indicative of its strong financial position. Additionally, RGB has consistently generated positive operating cash flow, with Q1 FY 2024 recording RM24.4 million.

Catalysts for Rerating
Several catalysts support our bullish outlook on RGB:
• Exceptional Q1 2024 results with significant growth compared to FY 2023. Q1 PAT of RM22.005 mil is 36.3% of FY 2023 Core PAT of RM60.546 per the excel worksheet attached.

• Securing a lucrative contract from Philippine Amusement and Gaming Corporation ("PAGCOR") for the supply and delivery of Slot Machine Equipment, valued at RM381 million.

• The anticipated positive contribution to earnings and net assets per share from the PAGCOR contract in FY 2024 commencing from Q3.

• At conservative net margin after tax of about 10% (we understand from investor briefing net margin range from 9% to 12% depending on order quantity), we estimated the impact after tax of the contract could be about RM38 million net profit given the Macau tax rate is 12%.

今天PESTECH有点量。

PESTECH 什么时候出好消息。。

投行目标价 RM0.66 。。 希望这几天可以稳稳 0.44 。。 下个星期 0.46 - 0.48

Result out, 还是亏钱，，

The company notes that at the opening, the casino establishment will have 281 gaming tables, 1,126 slot machines, and 134 electronic table games for both the mass and VIP markets.

明年第一个季度营业（酒店+ 赌场） ， 估计 今年7 - 9 月分公布另外一个赢的 PROJECT...

https://agbrief.com/news/philippines/02/04/2024/philippines-westside-city-project-to-open-main-hotel-casino-in-first-quarter-of-2025/

https://agbrief.com/news/philippines/02/04/2024/philippines-westside-city-project-to-open-main-hotel-casino-in-first-quarter-of-2025/

AWARDED 一个 PROJECT 价值 接近4亿。。 这个应该是开胃菜。 希望 7月份再公布多一个。

如果业绩维持这样 ， 长期股价可以去到 RM0.70 - 0.90

Got Divided/

RESULT OuT>.

RGB 有点量跌。。 业绩应该不理想

第一轮 ， 庄会卖出的价钱。 RM 0. 445 - 0.455. 希望熬的过。。 这个价位。

这个星期可以动到0.45吗 ？

Should be another good news announce soon direct from RGB FILIPINE

https://www.bursamalaysia.com/market_information/announcements/company_announcement/announcement_details?ann_id=3447196

终于看到晴天。。

RGB 应该是调整完毕。 希望这个星期突破 0.42

Pestech loses another appeal in Gemas-JB double track dispute

https://theedgemalaysia.com/node/710296

@kusatsu 我不知道有没有坏消息。。希望是没有 。 我们只能观察PESTECH 的量价。

高等法院驳回 PESTECH Technology Sdn. Bhd. 的禁令申请

与YTL 官司； PESTECH 败诉

很快会继续向 RM 0.42+ 区域迈进。。。。 希望下个星期站在 0.45。
阻力位：RM 0.405、RM 0.42、RM 0.435、RM 0.45 区域

https://www.nationthailand.com/thailand/economy/40036976

一个菲律宾就有 270亿的市场。 （ 60亿美金, 5年计算）. 泰国大概是它的5-7倍市场。

RGB 在 菲律宾市场蛮大的。而且他们也开始布局在泰国市场。 非常看好未来前景。 2023年 泰国旅客就有 2800万人。 如果， 每人平衡消费 RM 100.00 。 一年就是 天文数字。

Given the current momentum, the casino law could be ratified in 2024, with the first license tender following soon after. This swift process positions Thailand to potentially outpace Japan in opening Asia's next multi-billion dollar casino resor

泰国赌场法案 ， 即将落实。 RGB 有机会吗 ？

Thai parliamentary casino committee completes draft bill with 17% casino tax proposal

https://agbrief.com/news/18/03/2024/thai-parliamentary-casino-committee-completes-draft-bill-with-17-casino-tax-proposal/

看起来是丢票 ， 实际上是把票转去其它户口。。

大股东又转票去其他公司 。应该是差不多要结束下跌局势。

Lee adds, “Pestech is very big in energy transmission. Everyone is going into electric vehicles (EVs). Southeast Asia is a developing region with ongoing industrialisation needs for power. There’s also the big data requirements by data centres, where the buildings are not measured by square footage but by megawattage because the basis of a data centre is the power. If you agree that EV and big data will pick up in a big way, the need for electricity will definitely increase [bearing in mind that] energy transmission is a specialisation with margins that are [better] than [IJM’s] small construction margins.”

Truth be told, Pestech has built a niche for itself as the largest pure system service provider in rail electrification and signalling, and has a 20MW large-scale photovoltaic solar plant in Bavet City, Cambodia, which has a 21-year concession and levelised tariff of 7.6 US cents (34 sen) per kWh — higher than Malaysian rates of less than 20 sen per kWh for the latest large-scale solar (LSS) projects, according to IJM.

IJM is also looking at penetrating new markets and Pestech’s presence in some 20 countries, including Myanmar, Vietnam, Cambodia, Australia, the Philippines and China is compelling. IJM, meanwhile, has a presence in seven countries, including Argentina, China, India and the UK.

IJM explains foray into Pestech

https://theedgemalaysia.com/node/676966

泰國成立新眾議院委員會研究賭博合法的前景

https://zh.asgam.com/index.php/2023/10/30/thailand-establishes-new-house-committee-to-study-prospect-of-legal-casinos-zh/

RGB 今天 交易量变得非常大 。 在底部 交易量变大 ， 这仪表是什么 ？ 是庄离场 ？ 还是庄进场 ？

公司肯在这个季度派股息， 就仪表接下了一整年业绩还不错的。 在股价那么低的时候公布差业绩 ， 也是好事。 毕竟股价都已经进入冰点。

*RGB International (RGB MK/BUY/RM0.29/TP:RM0.46)*

_Kitchen Sinking Dragging Reported Earnings🚰_

🔹 *4Q23 result within expectations.* RGB reported a yoy weaker 4Q23 revenue of RM108.6m (-9% yoy, -36% qoq) and core net profit of RM13m (+39% yoy, -50% qoq). The QoQ weaker earnings are mainly due to lower SSM sales from 3Q23’s high base where there’s a bulk order delivered. 2023 record-high core profit of RM76m made up 100% of our forecast.

🔸 *Reported earnings slumped into huge losses due to impairment.* In 4Q23, RGB kitchen sink some of its aging trade receivables totalling RM35.1m. Management alluded that the impairments are merely conservative accounting practises and some of the debtors have been repaying the debts on schedule, which may allow writebacks of these impairments in upcoming quarters. More importantly, these impairments are non-cash items and does not affect core earnings.

🔹 *Declared 0.8sen interim dividend.* In 4Q23, RGB also declared an interim dividend of 0.8sen. This bring 2023 dividend to 2.0sen, which implies full-year dividend yield of 6.9%.

🔸 *Still well-positioned to capitalize on ASEAN jurisdiction’s booming gaming scene and exponential growth.* We retain our view that RGB is set to continue delivering meaningful earnings growth throughout 2024-25F. Key growth drivers arise from the Philippines’ mushrooming new IRs, friendly legislation such as higher slots capacity quotas, and supportive remote gaming policies.

🔹 *Deep-in-value financial matrixes solidify our investment thesis.* RGB’s bargain valuations of 4.6x 2024F PE (<2x ex-cash 2024F PE) and 1.2x 2024F book value offer tremendous potential capital upside. More importantly, RGB’s prospective net cash of RM175m-256m (36-53% of current market cap) is more than sufficient to support its minimum 30% dividend payout policy and lush yields of >6% in 2024-25F.

🔸 *Maintain BUY with unchanged target price of RM0.46,* which implies 7x 2024F PE, <2x 2024F ex-cash PE, and 3x 2024F EV/EBITDA. We believe there should be *potential knee-jerk selldown* reacting to the lackluster reported earnings, but we advocate investors to look beyond the non-cash impairments and *accumulate on weakness.*