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*云顶大马(Genm)对在2015 年Mashpee Wampanoag Tribe 所发出的有息票据(interest bearing notes)做出18亿3400万令吉的一次性减值亏损(one-off impairment loss)。

*Mashpee Wampanoag Tribe是位於美国麻省南部Taunton市的印弟安部落赌城。

*云顶大马对Mashpee Wampanoag Tribe发行的票据进行投



*9M18 revenue 及 core net profit 分别为 74亿令吉 (+9%
YoY) 和12亿令吉 (+33% YoY) , 归功于云顶马来西亚的国内业务。


*由于提高了Bimini的运营效率,其美国和Bahamas业务部门的EBITDA增长至1,180万林吉( (+20% QoQ))。

*New Theme Park 和 Crockfords Hotels 平均房价上涨21% YoY 。

*访客到达云顶高原达到16m -73%是短途旅行者。云顶大马外国游客整体有增长,主要来自中国(同比增长18%)。

*假设 21世纪福克斯户外主题公园在1H19 不开放,访客到访增长预测将从之前的20%调整至5% ,FY19F-20F的盈利分别下调9%和10%。

RHB Analyst Alexander Chia 小结:
*Maintain BUY with a new MYR3.53 TP from MYR4.30. 

*While we assume the outdoor theme park will not open in the near term, we think Genting Malaysia’s existing and upcoming facilities under the GITP will continue to draw visitors.

*This, in turn, will contribute to higher gaming volume. As the overhang – with regards to the Mashpee promissory notes – has now been lifted, investors can now refocus on the group’s core business operations and upcoming new facilities. 

*The stock is currently undervalued, as it is trading at EV/EBITDA of 6.9x, below its 5-year average of 9.7x and regional peers average of 10.4x.

Consumer Cyclical | Gaming

同行比较 Peer comparison
*Based on our newly-derived TPs of MYR8.40 and MYR3.53 for Genting (GENT MK, BUY) and Genting Malaysia, the implied EV/EBITDAs are 6.4x and 8.4x. This suggests that the former is valued at a 24% discount to the latter.

*Based on Bloomberg data, Genting’s holding company discount has averaged 30% for the past five years. However, with the recent negative developments – ie the higher casino tax and termination of the MoA between Fox Entertainment and The Walt Disney Co, the holding company discount has narrowed to 25%.

*With that, we believe the compression in the holding company discount should persist moving forward, until there is more clarity on the aforementioned developments.

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By 享(23-1-19) 
进入股市就是要防止被“抢劫”, 独立思考, 因为,股价与股票的内在价值最终会取得平衡.
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