Genting Berhad (3182) Listed Entity Value

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Total Value: RM 7.84 (Market Capitalisation of Listed Entity only) - share prices at 18 June 2021


Entity: Ownership (%) and Market Capitalisation and Exchange Rate = Value (RM Billion) at Share Price or Value per Genting share

GenS: 52.7% x SGD 10.678 bil x 3.09 = RM 17.388 bil (@ SGD0.885 or 88.5c) or RM4.48

GenM: 49.5% x MYR 17.636 bil = RM 8.730 bil (@ RM2.97) or RM2.25

GenP: 55.4% x MYR 6.461 bil = RM 3.579 bil (@ RM7.20) or RM0.923

Celularity: 10% x USD 1.7 bil x 4.14 = RM0.704 bil (*3Q July; assumes 10% only) or RM0.182

Number of Shares: 3.877 bil

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Most conservative method taking into account the market capitalisation of GenS GenM GenP only, while assigning ZERO value to Energy, Life Sciences, RWLV, Yokohama Japan Integrated Resort (bid) etc

* GenS makes up the bulk of GenT value and the value of GenS alone is RM4.48 per Genting share

IN 6 MONTHS I WILL BE SIPPING TEA ON TOP OF THE MOUNTAIN

IMAGINE WHERE YOU WILL BE AND IT SHALL BE SO

At RM9.99 I will hoot RM10

Hoot9e !!!

GENTING WILL TAKE EVERYONE TO THE SKIES AND BEYONDDDDD! FURTHER THAN JEFF BEZOS AND SPACE ORIGIN HA HA HA

The world moves in cycles - the seasons, economic cycle and recession (10 years), stock market cycle, commodities cycle...


1971 Genting Highlands Opens
2021 50 Years of History and Growth

2009 Global Financial Crisis
2020 Covid-19 Pandemic

2009 Year of the Ox (KLCI +44%)
2021 Year of the Ox

2009 Mar RM3.08 (low) to 2011 Nov RM11.98 (all time high)
2020 Nov RM2.95 (low) to 2022 RM ????

History always repeats itself

Years of downtrend will be replaced with years of uptrend

Genting will once again go on the Supercycle Superbull run in 2021 the Year of the Golden Ox


Sincerely,
EMSVSI

I can feel it my bones...

This is the last time...

Clear blue skies ahead...

Nothing left to hold it back...

GENTING TO THE SKIES AND BEYONDDDDD

Herd immunity is too small a term BILLISC...
It is now Global immunity

Hoot9e !!!

Recovery and Pandemic stocks are inversely related. Buying both will just dilute returns

The final dip before liftoff

GENTING TO THE SKIES AND BEYOND

Northport sets new monthly conventional cargo volume record in May
theedgemarkets.com
June 16, 2021 18:15 pm +08

KUALA LUMPUR (June 16): Northport (Malaysia) Bhd, an indirect subsidiary of MMC Group Bhd, recorded its highest ever monthly conventional cargo throughput in May, handling 1.02 million tonnes and beating previous record of 968,356 tonnes set in August 2013.

Northport chief executive officer Datuk Azman Shah Mohd Yusof attributed the achievement to a culmination of its transformation efforts in its conventional cargo operations.

"The efforts involved improving our operational efficiency at both our terminals, Northport and Southpoint, in Port Klang including optimisation of storage space and facilities, equipment rationalisation, renegotiation of contract with vendors, process improvement through system automation and digitalisation, data mining and analytics as well as promoting transformation through talent development and behavioural competencies among our employees," he said in a statement today.

Advertisement

Azman added that productivity and efficiency of conventional cargo handling at Northport have significantly improved with the use of state-of-the-art port equipment, information system and technology, as well as improvement in manpower skills, competencies and processes.

"All these measures have successfully helped us sail through choppy waters, amid the operational difficulties, manpower issues and challenges posed by the Covid-19 pandemic."

For the first five months of 2021, Northport handled a total of 4.1 million tonnes of conventional cargo, up 32% from the same period last year.

"The most significant contributors for the higher throughput were palm oil, grain and iron and steel products, which registered sharp growths of 80%, 61% and 29% respectively against the previous year," said Azman.

The higher conventional cargo volume handled by Northport was mainly contributed by the handling of bigger dry bulk vessels at its terminal. Northport is now able to offer vessel productivity of 10,000 dead weight tonnage per weather working day due to its improvement in processes and productivity.

“Going forward, we will centralise our container operations within one terminal and make space for conventional cargo business to grow in the other terminal. This will further improve our cargo handling productivity and create space for the construction of new facilities which will allow us to offer better productivity,” he added.

Northport’s net profit rose 25% to RM82 million in the financial year ended Dec 31, 2020 (FY20) from RM65 million in FY19, on higher revenue and enhanced operational efficiency. This was the best PAT performance since FY16. Revenue grew by a marginal 1% to RM664 million in FY20 from RM660 million in FY19.

MMC shares closed down one sen or 0.55% at RM1.81 today, bringing a market capitalisation of RM5.51 billion.

https://www.theedgemarkets.com/article/northport-sets-new-monthly-conventional-cargo-volume-record-may


Comments: there goes the goose that lays the golden eggs...

One must be able to see at least 3 months into the future...and it is clear looking at Israel, US, UK, Singapore, Australia...mankind will always prevail

BOUGHT THE FKN DIP

GENTING TO THE SKIES AND BEYOND

This is the final dip. With vaccines, new cases, and most importantly hospitalizations and deaths will drop and stay low. Mankind has won

GENTING TO THE SKIES AND BEYOND

Malaysia Covid-19 stats and vaccinations
https://graphics.reuters.com/world-coronavirus-tracker-and-maps/countries-and-territories/malaysia/

15 June 2021
Vaccinations: 215,876
Break 200k per day

The real question for the (past) profit chasers is...in Sept what will glove ASP's and share price be...ha ha ha

Like in previous MCO2.0 in Jan...the 'lockdown' was lifted far earlier...the decision always lies on the number of cases, ICU capacity, vaccinations

GloveBurnHand
CasinoDiamondHand

As it gets closer to when the board has to respond (15 July), share price can be expected to rise. SPB was trading at only a 5-6% discount to the offer price throughout the privatization exercise (even before the offer price revision to 6 and 6.30)...at 10% prop funds will be taking position

At RM9.99 I will hoot RM10.00

Hoot9e !!!

14 June 2021
Cases: 4,949
Vaccinations: 197,963

RERATING CATALYSTS:
Cases < 4k
Vaccinations > 200k
Soon we shall see the breakthrough and.....

GENTING TO THE SKIES AND BEYOND

Didn't manage to get any today...disappointed with the lack of negativity...hope they come back soon to provide laughs ha ha ha

S&P 500 ekes out another record close, posts third straight winning week
UPDATED FRI, JUN 11 20214:19 PM EDT

U.S. stocks rose slightly on Friday with the S&P 500 adding to its new record, as Wall Street wrapped up the week on a high note.

The S&P 500 climbed 0.2% to a fresh closing high of 4,247.44, a second record close in a row. The Nasdaq Composite advanced 0.4% to 14,069.42 with Apple, Microsoft and Netflix all registering gains. The Dow Jones Industrial Average gained 13.36 points to 34,479.60.

Full link: https://www.cnbc.com/2021/06/10/stock-market-futures-open-to-close-news.html

S&P 500 = recovery and cyclical stocks

MGM Resorts International
NYSE: MGM
43.21 USD +0.54 (1.27%)
Closed: 11 Jun, 7:46 pm GMT-4 ·Disclaimer

MGM China Holdings Ltd
HKG: 2282
12.42 HKD +0.36 (2.99%)
11 Jun, 4:08 pm GMT+8 ·Disclaimer


It's all coming back...Let the good times roll

Hoot9e !!!

BREAKING NEWS: Covid-19 (June 13) - Number of new cases drops to 5,304
Published 36 m ago Updated 23 m ago

COVID-19 | The number of new Covid-19 cases recorded in Malaysia fell to 5,304 infections today.

Aside from a similar number of 5,271 cases recorded on June 7 this is the lowest number of new cases since the 5,000 mark was breached on May 19.

Link: https://m.malaysiakini.com/news/578756

MIDF upgrade from 1.2 to 1.4 source:

MIDF Research expects port operators to perform well in FY21, revises up target prices for MMC Corp and Westports
theedgemarkets.com
June 03, 2021 11:48 am
Link: https://www.theedgemarkets.com/article/midf-research-expects-port-operators-perform-well-fy21-revises-target-prices-mmc-corp-and

Most importantly, the privatisation offer by Syed Mokhtar is RM2 per MMC share so you are saying that the analysts know more about the value of MMC than the owner for offering a higher price than their 'target price'...ha ha ha ha ha

You think the analysts know more or the owner knows more about the business and how much he can flip or relist it in an IPO

Before the privatisation announcement the Target Prices given were 1.2-1.6 (with MIDF for example upgrading MMC on 3 June 21 before the announcement of the SCR by Syed Mokhtar later on the same day...)

The reason given was "MIDF Research maintained a “buy” rating on MMC Corp with a higher target price of RM1.40 (from RM1.2) to account for the recent price hike." lol

MMC should be making an announcement on the appointment of a principal adviser soon (probably next week ie 14-18 June)

Every time I see a big bloc I get excited ha ha ha

In a few years (or maybe even next year 2022) the Port will be IPO

It will have an enterprise value of at least RM16 bil

If it is a strategic stake sale etc to China, then it would be double that at an EV/EBITDA = 20. MMC's ports straddle the most important maritime route in the world - Asia-Europe and in addition, the Straits of Malacca / Singapore is a highly strategic region for China's ambition (see One Belt One Road). The Chinese are major players and have been very active in port M&A's

For example of port M&A's and EV/EBITDA multiples and China's role, see https://port.today/drewry-chinese-port-investments/

Post removed.Why?

GENTING TO THE SKIES AND BEYOND

IJMPlant takeover offer RM3.10 per share. Current share price RM3.02 or 2.6% discount
IJMPlant NTA: RM1.63 (Takeover Price/Book ratio: 1.90)

MMC takeover offer RM2.00 per share. Current share price RM1.82 or 9% discount
MMC NTA: RM3.18 (Takeover Price/Book ratio: 0.63)

MMC revise offer RM2.50 !!!

Khairy: 60% of 2.2 million seniors who signed up for vaccination will have received first jab by mid-June
Wednesday, 09 Jun 2021: 2:33 PM MYT

PETALING JAYA: More than two million senior citizens have registered for the National Covid-19 Immunisation Programme and three out of every five would be vaccinated by June 15, says Khairy Jamaluddin.

The programme's coordinating minister said out of the 2, 256, 257 million senior citizens who have registered, 855, 124 have received their first dose of vaccine.

He noted that 436, 244 have received appointments up to mid-June.

“From this information, almost 60% of the elderly who have registered have either received their first dose or will receive their first dose by the middle of June.

Full article: https://www.thestar.com.my/news/nation/2021/06/09/covid-19-three-out-of-five-among-the-elderly-will-have-received-first-jab-by-mid-june-says-khairy

Comments: Senior citizens are at the highest risk and form the majority of Covid-19 deaths. With higher rollouts and herd immunity, rates can be expected to come down

BOUGHT THE FKN DIP

Hoot9e !!!

MMC's CSR is a categorized as a special situation. An investor be hard pressed to find a 10% return judging by Bursa's performance

Genting (3182) rerating catalysts:

a) Pent-up demand from revenge travel and gaming (Lifting of lockdowns - MY; UK, US)
b) Skyworlds and Resorts World Las Vegas
c) Celularity Inc listing (assume 10% holding only)
d) *Mashpee Wampanoag Tribe promissory notes USD426.3 mil write-back
e) Resorts World NYC expansion and full casino license bid
f) New York mobile sports betting bid (gamechanger - see DraftKings)
g) Japan Integrated Resort (IR) bid (GenS - 1 of 2 bids)
h) Resorts World Sentosa upgrading
i) *Genting Americas USD $500 mil insurance claim
j) Resorts World Hudson Valley
k) Plantation - CPO record high above RM4000
l) Energy - Brent crude oil USD 70++
m) Property - Cyclical sector in an upcycle
n) Life Sciences - Vast potential (see US biotech and genomics co's)
o) International borders reopen / travel bubbles / vaccine passports
p) WHO declares pandemic over

This billdoor33 also repent and bow to the true King of the Mountain, Genting

GENTING TO THE SKIES AND BEYOND

The bonus issue has no effect and is merely an 'academic' exercise

When FGV's privatisation failed (via general offer) share price went above offer price

In my opinion, MMC's price will not fall back to previous levels due to
1. Profit growth - MMC's business are in a multi-year growth phase due to economic expansion
2. upcoming MRT3 project
3. increasing dividends
4. the market awareness (retail, institutional, GLC funds) now of the deep value- it's Ports alone is worth many times the market cap of MMC, while other assets like the land values in Senai will only keep growing

Wait for the report from the independent advisor, and the date for the EGM, and get the media & news outlets to approach the major disinterested parties (ie shareholders who are not the Offerors) to seek for their opinion, which in the case of MMC, is Amanah Saham Bumiputera (ASB), which is administered by PNB. As stated earlier, on top of ESG and 'fairness' as well as minority shareholder rights in the spotlight, PNB also has a fiduciary duty to maximise returns for its ASB holders

As such, based on the most recent privatisation exercise(s), failed or otherwise, the minimum acceptable revised offer price (in my opinion) per MMC share is RM2.20 (which is 10% higher - similar to Cycle Carriage Bintang's (CCB) and Selangor Properties Bhd's (SPB) revised offers). Note: minimum

*in the CCB privatisation, there were reports from media & news outlets on the major disinterested shareholders' views that the offer price was too low

CCB raised it's offer price to rm2.4 which is close to book value in it's takeover bid in March 2021 (earlier in Nov 2019 via SCR (which failed) offer was rm2.20)

As mentioned earlier, the Port division alone is worth at minimum RM4 per MMC share at an EV/EBITDA of only 10 which will value the Port at RM 16 billion (the Chinese which are very active in Port M&A's are willing to pay an EV/EBITDA of 20 for way less strategically located ports - MMC's Ports which are placed along the Straits of Malacca/Singapore is some of, if not the most important waterway in global trade - Syed Mokhtar can flip the Ports at EV/EBITDA of 20 (which translates to RM8 per MMC share btw...) and he knows it). As stated earlier, MMC is truly the Deepest Value stock on the entire Bursa

The news of the Ports IPO that has been picked up by social media and in forum posts here etc, have mistakenly valued the Port in their attempts to value MMC. In the news, the USD1 bil figure that was quoted actually refers to funds that will be raised. In Malaysia, an IPO will usually consist of a public float of 25% of the enlarged share capital.
25% = USD1 bil
100% = USD 4 bil
Which again brings the Port's value to RM16 bil

*In a news article by Reuters in March 2015 (which is even earlier) for example, 30% of the Ports will be offered to cornerstone investors for USD1.5bil, so 100% will be circa USD4.5-5 bil link https://www.reuters.com/article/malaysia-malakoff-corp-ipo-idUKL3N0WJ3LG20150317

Now you see what I see

MMC Multimillionaire Maker Club :)

As mentioned earlier Selangor Properties Berhad (SPB) was taken private via SCR, where the initial offer price was 5.7, then revised to 6, then revised to 6.3 wherein the Proposed SCR was approved in the EGM. The Offerors my very well send out 'feelers' to the (major) non-interested parties, who may or may not revise the offer upwards depending on the feedback, which will also depend on the current share price etc

GENTING TO THE SKIES AND BEYOND

MMC intrinsic value is much higher. SM can afford 2.5 etc, increase and we all vote in favour and we say goodbye to the goose that lays the golden eggs, forever

Discussions here are taking into account a revision of the SCR offer price higher than the RM2 ie 2.2 etc

Here's to Kok Thay not privatising Genting ha ha ha

Privatization is via SCR not GO - there will be an EGM...disinterested parties cannot exceed 10% (if exceed the SCR fails), majority in numbers 75% in value etc...the offerors may (or may not) revise the offer price...in Selangor Properties Berhad's SCR, the final offer price was rm6.30, higher than original rm5.70 (~10%)

MMC OFFER PRICE RM 2.20 !!!