- Maintain BUY on Genting Malaysia Bhd (GenM), with an unchanged
RNAV-based fair value of RM4.30/share.
- GenM’s FY12 core earnings were in-line with our expectations
and consensus estimates. EBITDA of the group’s leisure and hospitality division
rose 4.7% to RM2.4bil in FY12, underpinned by stronger contributions from the
units in the UK and New York.
- Revenue of the leisure and hospitality division in
Malaysia inched up 1.3% to RM5.5bil in FY12, aided by a higher volume of
business which offset a low win-percentage. We understand that the volume of
business in the mass market and VIP segments rose by a single-digit percentage point
YoY each in FY12.
- The number of visitors to the highlands resort rose 3% to about
20.9mil in FY12 while casino patronage inched up 1ppt. High-rollers accounted
for 36.5% of the gaming revenue in FY12 versus 36% in FY11.
- Day-trippers accounted for 73% of GenM’s visitors in FY12.
The balance 27% of visitors were hotel guests.
- Malaysians accounted for about 63% of hotel guests at “Resorts
World Genting” in FY12, while Genting WorldCard members took up 70% of the
hotel rooms.
- EBITDA of the leisure and hospitality division in the UK improved
23% to RM195.4mil in FY12 from RM158.9mil in FY11 driven by an increase in
attendances and the volume of business.
- Attendances at the provincial and London casinos improved
2% each in FY12. The casinos in London enjoyed a 35% increase in business
volume in FY12, while the provincial casinos recorded a 3% expansion.
- On the back of a full-year impact, “Resorts World New York”
(RWNY) recorded an operational EBITDA of RM173.2mil in FY12 against RM23.6mil
in FY11. EBITDA margin was at 20.3% in FY12.
- RWNY achieved an average win of US$372/day in FY12, which
was significantly higher than the simple industry average of about US$241/day.
- In January 2013, RWNY’s average win was US$381/day before
softening to a range of US$330/day to US$432/day in the first three weeks of
February.
Source: AmeSecurities
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