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29-Sep-2010 08:41

Straits Times Index / STI to cross 3000 boosted by long-term investors

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DELHI SUPER MONKEY BUSINESS

Delhi deploys super monkey for Games security

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29-Sep-2010 08:39

Straits Times Index / STI to cross 3000 boosted by long-term investors

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she said in an interview ?

she is pro-Arts ?

she is wIllIng to sacrIfIes her nudIty ?

iPunter ( Date: 28-Sep-2010 21:41) Posted:

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28-Sep-2010 18:42

Straits Times Index / STI to cross 3000 boosted by long-term investors

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cOrrectIOn In OCTOBER 2010 ?

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28-Sep-2010 18:41

Straits Times Index / STI to cross 3000 boosted by long-term investors

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Tuesday: 28 SEP 2010 CLOSING

Stock	Previous	Last	$Chng	%Chng	Day Hi	Day Lo
STRAITS TIME IDX	3113.46	3097.35	-16.110	-0.5	3125.72	3091.55
MSCI SG FREE IDX	366.44	364.56	-1.880	-0.5	367.68	363.71
HANG SENG INDEX	22340.84	22109.95	-230.890	-1.0	22371.60	22091.13
MSCI HK IDX	11877.33	11735.30	-142.030	-1.2	11901.87	11731.94
FTSE BURSA KLCI	1464.71	1459.64	-5.070	-0.3	1465.47	1457.80
PSEi	4122.83	4123.95	+1.120	0.0	4124.18	4104.36
IDX COMPOSITE	3468.036	3472.707	+4.671	+0.1	3524.316	3455.501
THAILAND SET	962.47	959.27	-3.200	-0.3	965.88	954.16
ALL ORDINARIES	4722.166	4717.000	-5.166	-0.1	4728.500	4705.300
DJ INDU AVERAGE	10860.26	10812.04	-48.220	-0.4	10873.20	10809.62
KOSPI	1860.83	1855.97	-4.860	-0.3	1862.72	1852.52
NASDAQ COMPOSITE	2369.77	0.00	0.000	0.0	0.00	0.00
NASDAQ 100	2010.99	0.00	0.000	0.0	0.00	0.00
NIKKEI 225 INDEX	9603.14	9495.76	-107.380	-1.1	9553.91	9471.35
S&P 500 INDEX	1148.67	1142.16	-6.510	-0.6	1149.89	1141.98
XETRA DAX PF	6278.89	6282.67	+3.780	+0.1	6311.92	6201.60
SSE COMPOSITE	2627.96700	2611.35400	-16.613	-0.6	2625.32560	2607.01830
FTSE 100 INDEX	5573.42	5555.70	-17.720	-0.3	5573.42	5506.07
SZSE COMP IDX	1170.543	1163.317	-7.226	-0.6	1172.241	1160.881

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28-Sep-2010 18:38

Genting HK USD / Genting HK US$

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Traditionally

GENTING HK

has a GHOST BEAR

whIch cUstOmary rIdes On the back Of

ALL the WEAK BULLS

whenever there is any negatIve IssUe

Or whenever the main market sentIment is negatIve.

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28-Sep-2010 18:33

Genting HK USD / Genting HK US$

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thanks for the wake up call

epliew ( Date: 28-Sep-2010 18:29) Posted:

fall from 0.55 to 0.43 - better wake up !

pharoah88 ( Date: 28-Sep-2010 17:34) Posted:

Tuesday: 28 SEPTEMBER 2010 CLOSING

e Genting HK US$	S21	i	--	USD	0.430	-0.045	-9.5	140,615,000	2,351,000	0.430	0.435	1,772,000	0.475	0.475	0.480	0.425	M	--	SGX	S21	GENH.SI
GENTING BHD	3182	i	XD	MYR	9.880	+0.110	+1.1	6,975,600	2,000	9.850	9.880	85,400	9.760	9.770	9.960	9.690	--	--	KLS	3182	GENT.KL
GENTING MYS BHD	4715	i	XD	MYR	3.410	-0.080	-2.3	6,936,600	117,100	3.400	3.410	91,100	3.490	3.490	3.490	3.400	--	--	KLS	4715	GENM.KL
Genting SP	G13	i	--	SGD	1.950	-0.070	-3.5	169,089,000	2,466,000	1.950	1.960	3,485,000	2.000	2.020	2.020	1.930	M	--	SGX	G13	GENS.SI
GentingSMBLeCW120402	J2UW	i	--	SGD	0.225	-0.025	-10.0	5,045,000	30,000	0.225	0.245	40,000	0.245	0.250	0.245	0.225	M	--	SGX	J2UW	GNML_td.SI
GentingSMBLeCW130103	L2PW	i	--	SGD	0.185	-0.015	-7.5	280,000	100,000	0.140	0.190	30,000	0.190	0.200	0.190	0.185	--	--	SGX	L2PW	GNML_tm.SI
GentingSMBLeCW130104	L7KW	i	--	SGD	0.150	-0.010	-6.2	1,000	15,000	0.140	0.175	10,000	0.150	0.160	0.150	0.150	--	--	SGX	L7KW	GNML_tr.SI
GentingSMBLeCW130603	L0QW	i	--	SGD	0.245	-0.015	-5.8	92,000	2,000	0.245	0.260	65,000	0.260	0.260	0.260	0.245	M

as lOng as GENTING BERHAD Is rIsIng

GENTING TWINS cannOt fall fOr tOO lOng ?

dO the fUnds nEEd tO wIndOw dress on 30 SEP 2010 ?

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28-Sep-2010 18:28

Genting Sing / GenSp starts to move up again

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Are the CFD bId and Offer prIces qUOted

eXactly the SAME as the main shares ?

Or are the CFD prIces marked UP ?

what is the SPREAD Of the CFD bId and Offer prIces ?

eastcivic ( Date: 28-Sep-2010 18:17) Posted:

yes.... office is in raffles place.... i can't rem the building name but the building is directly opposite CIMB bank

pharoah88 ( Date: 28-Sep-2010 18:10) Posted:

dO they have an Office in Singapore

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28-Sep-2010 18:24

UniFiber System / UniFiber

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UniFiber (P30)
Day Hi	0.065	Last	0.055	Vol	81,532,000
Day Lo	0.055	$Chng	-0.010

Price	Trades	Volume	Sold to Buyer	Mid	Bought from Seller
0.055	1	230,000	0	0	230,000
0.060	202	75,502,000	75,133,000	0	369,000
0.065	5	5,700,000	1,500,000	0	4,200,000
TOTAL	208	81,432,000	76,633,000	0	4,799,000

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28-Sep-2010 18:22

UniFiber System / UniFiber

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Tuesday: 28 SEP 2010 CLOSING

prOfIt takIng day acrOss STI

17:05:04	0.055	230,000	Bought From Seller
16:55:49	0.060	30,000	Bought From Seller
16:29:43	0.060	1,000	Bought From Seller
16:24:08	0.060	150,000	Bought From Seller
16:22:50	0.060	20,000	Bought From Seller
16:22:06	0.060	14,306,000	Sold To Buyer
16:22:04	0.060	1,000,000	Sold To Buyer

16:16:01	0.060	3,111,000	Sold To Buyer
16:15:59	0.060	4,018,000	Sold To Buyer
16:15:43	0.060	2,600,000	Sold To Buyer

15:47:38

0.060

7,000,000

Sold To Buyer

14:53:39	0.060	6,000,000	Sold To Buyer
14:53:34	0.060	294,000	Sold To Buyer
14:53:33	0.060	6,000,000	Sold To Buyer

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28-Sep-2010 18:18

UniFiber System / UniFiber

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it seems to be RE-RATED by a nOtch

bUt whether it can mOve back tO S$0.110 is UNknOwn.

this cOUnter appears tO be cOntrOlled by sOmeOne ?

tanstg ( Date: 28-Sep-2010 18:07) Posted:

Do you think this counter is still hopeful?

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28-Sep-2010 18:10

Genting Sing / GenSp starts to move up again

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dO they have an Office in Singapore ?

eastcivic ( Date: 28-Sep-2010 18:02) Posted:

it is ok, i am fine.......

perhaps you can do me a favour, make some noise;complain regarding their charting tools..... because for their charts for forex are very very good..... sad to say, that is not the case for their CFDs.... see if you can get them to upgrade their charts for CFDs to the same level as their forex charts..... thanks! :D

cannotfind ( Date: 28-Sep-2010 17:54) Posted:

hey, there is a clause Name of Introducing Broker :

you sure you don't want?

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28-Sep-2010 18:03

Genting Sing / GenSp starts to move up again

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this mOment cOUld be delIberate shOw tImes

Thursday: 30 SEP 2010 wIll tell the sIgnal(s)

If there is nO clear sIgnal On Thursday: 30 SEP 2010 5:05pm

there is a new scrIpt tO be scrEEnEd

epliew ( Date: 28-Sep-2010 17:45) Posted:

Hi Expert,

bought from seller (x) sell to buyer

what are your thoughts on 119,825 3,958 45,306

pharoah88 ( Date: 28-Sep-2010 17:38) Posted:

Tuesday: 28 SEPTEMBER 2010 CLOSING

e Genting HK US$	S21	i	--	USD	0.430	-0.045	-9.5	140,615,000	2,351,000	0.430	0.435	1,772,000	0.475	0.475	0.480	0.425	M	--	SGX	S21	GENH.SI
GENTING BHD	3182	i	XD	MYR	9.880	+0.110	+1.1	6,975,600	2,000	9.850	9.880	85,400	9.760	9.770	9.960	9.690	--	--	KLS	3182	GENT.KL
GENTING MYS BHD	4715	i	XD	MYR	3.410	-0.080	-2.3	6,936,600	117,100	3.400	3.410	91,100	3.490	3.490	3.490	3.400	--	--	KLS	4715	GENM.KL
Genting SP	G13	i	--	SGD	1.950	-0.070	-3.5	169,089,000	2,466,000	1.950	1.960	3,485,000	2.000	2.020	2.020	1.930	M	--	SGX	G13	GENS.SI
GentingSMBLeCW120402	J2UW	i	--	SGD	0.225	-0.025	-10.0	5,045,000	30,000	0.225	0.245	40,000	0.245	0.250	0.245	0.225	M	--	SGX	J2UW	GNML_td.SI
GentingSMBLeCW130103	L2PW	i	--	SGD	0.185	-0.015	-7.5	280,000	100,000	0.140	0.190	30,000	0.190	0.200	0.190	0.185	--	--	SGX	L2PW	GNML_tm.SI
GentingSMBLeCW130104	L7KW	i	--	SGD	0.150	-0.010	-6.2	1,000	15,000	0.140	0.175	10,000	0.150	0.160	0.150	0.150	--	--	SGX	L7KW	GNML_tr.SI
GentingSMBLeCW130603	L0QW	i	--	SGD	0.245	-0.015	-5.8	92,000	2,000	0.245	0.260	65,000	0.260	0.260	0.260	0.245	M

as lOng as GENTING BERHAD Is rIsIng

GENTING TWINS cannOt fall fOr tOO lOng ?

dO the fUnds nEEd tO wIndOw dress on 30 SEP 2010 ?

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28-Sep-2010 17:55

User Research/Opinions / ~~~RUBBER~~~ TOP GLOVE + SUPERMAX

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Tuesday: 28 SEP 2010 CLOSING

TOP GLOVE CORP	7113	i	--	MYR	5.250	1,102,900	14,000	5.240	5.250	200	5.250	5.250	5.310	5.210	--	--	KLS	7113	TPGC.KL	--	--	--
TOP GLOVE-CW11	7113CB	i	--	MYR	0.155	235,200	200,000	0.145	0.155	34,700	0.155	0.155	0.155	0.150	--	--	KLS	7113CB	TPGC_ta.KL	--	--	--
TOP GLOVE-CW11B	7113CC	i	--	MYR	0.000	0	160,000	0.115	0.120	30,000	0.000	0.120	0.000	0.000	--

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28-Sep-2010 17:48

User Research/Opinions / UNISEM Warrant 9th August 2010

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Tuesday: 28 SEPTEMBER 2010 CLOSING

UNISEM (M) BHD	5005	i	--	MYR	1.900	+0.100	+5.6	10,919,200	43,800	1.900	1.910	27,100	1.800	1.800	1.900	1.780	--	--	KLS	5005	UNSM.KL	--	--	--
UNISEM (M)-WR	5005WR	i	--	MYR	0.000	0.000	0.0	0	0	0.000	0.000	0	0.000	0.445	0.000	0.000	--	--	KLS	5005WR	UNSMw_r.KL	--	--	--
UNISEM BHD-W15	5005WA	i	--	MYR	0.560	+0.015	+2.8	6,753,500	13,000	0.560	0.565	145,600	0.545	0.545	0.570	0.540	--	--	KLS	5005WA	UNSM_tb.KL	--	--	--
UNISEM-CW11A	5005CA	i	--	MYR	0.075	+0.015	+25.0	21,587,200	179,300	0.075	0.080	1,157,500	0.065	0.060	0.085	0.060	--	--	KLS	5005CA	UNSM_t.KL	--	--	--
UNISEM-CW11B	5005CB	i	--	MYR	0.150	+0.025	+20.0	275,100	900	0.145	0.150	174,900	0.145	0.125	0.150	0.145	--

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28-Sep-2010 17:43

User Research/Opinions / ******** GENTING SP ******** WARRATS ********

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Tuesday: 28 SEPTEMBER 2010 CLOSING

Tuesday: 28 SEPTEMBER 2010 CLOSING

e Genting HK US$	S21	i	--	USD	0.430	-0.045	-9.5	140,615,000	2,351,000	0.430	0.435	1,772,000	0.475	0.475	0.480	0.425	M	--	SGX	S21	GENH.SI
GENTING BHD	3182	i	XD	MYR	9.880	+0.110	+1.1	6,975,600	2,000	9.850	9.880	85,400	9.760	9.770	9.960	9.690	--	--	KLS	3182	GENT.KL
GENTING MYS BHD	4715	i	XD	MYR	3.410	-0.080	-2.3	6,936,600	117,100	3.400	3.410	91,100	3.490	3.490	3.490	3.400	--	--	KLS	4715	GENM.KL
Genting SP	G13	i	--	SGD	1.950	-0.070	-3.5	169,089,000	2,466,000	1.950	1.960	3,485,000	2.000	2.020	2.020	1.930	M	--	SGX	G13	GENS.SI
GentingSMBLeCW120402	J2UW	i	--	SGD	0.225	-0.025	-10.0	5,045,000	30,000	0.225	0.245	40,000	0.245	0.250	0.245	0.225	M	--	SGX	J2UW	GNML_td.SI
GentingSMBLeCW130103	L2PW	i	--	SGD	0.185	-0.015	-7.5	280,000	100,000	0.140	0.190	30,000	0.190	0.200	0.190	0.185	--	--	SGX	L2PW	GNML_tm.SI
GentingSMBLeCW130104	L7KW	i	--	SGD	0.150	-0.010	-6.2	1,000	15,000	0.140	0.175	10,000	0.150	0.160	0.150	0.150	--	--	SGX	L7KW	GNML_tr.SI
GentingSMBLeCW130603	L0QW	i	--	SGD	0.245	-0.015	-5.8	92,000	2,000	0.245	0.260	65,000	0.260	0.260	0.260	0.245	M

as lOng as GENTING BERHAD Is rIsIng

GENTING TWINS cannOt fall fOr tOO lOng ?

dO the fUnds nEEd tO wIndOw dress on 30 SEP 2010 ?

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28-Sep-2010 17:41

User Research/Opinions / ******** GENTING ******* BERHAD ********

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Tuesday: 28 SEPTEMBER 2010 CLOSING

e Genting HK US$	S21	i	--	USD	0.430	-0.045	-9.5	140,615,000	2,351,000	0.430	0.435	1,772,000	0.475	0.475	0.480	0.425	M	--	SGX	S21	GENH.SI
GENTING BHD	3182	i	XD	MYR	9.880	+0.110	+1.1	6,975,600	2,000	9.850	9.880	85,400	9.760	9.770	9.960	9.690	--	--	KLS	3182	GENT.KL
GENTING MYS BHD	4715	i	XD	MYR	3.410	-0.080	-2.3	6,936,600	117,100	3.400	3.410	91,100	3.490	3.490	3.490	3.400	--	--	KLS	4715	GENM.KL
Genting SP	G13	i	--	SGD	1.950	-0.070	-3.5	169,089,000	2,466,000	1.950	1.960	3,485,000	2.000	2.020	2.020	1.930	M	--	SGX	G13	GENS.SI
GentingSMBLeCW120402	J2UW	i	--	SGD	0.225	-0.025	-10.0	5,045,000	30,000	0.225	0.245	40,000	0.245	0.250	0.245	0.225	M	--	SGX	J2UW	GNML_td.SI
GentingSMBLeCW130103	L2PW	i	--	SGD	0.185	-0.015	-7.5	280,000	100,000	0.140	0.190	30,000	0.190	0.200	0.190	0.185	--	--	SGX	L2PW	GNML_tm.SI
GentingSMBLeCW130104	L7KW	i	--	SGD	0.150	-0.010	-6.2	1,000	15,000	0.140	0.175	10,000	0.150	0.160	0.150	0.150	--	--	SGX	L7KW	GNML_tr.SI
GentingSMBLeCW130603	L0QW	i	--	SGD	0.245	-0.015	-5.8	92,000	2,000	0.245	0.260	65,000	0.260	0.260	0.260	0.245	M

as lOng as GENTING BERHAD Is rIsIng

GENTING TWINS cannOt fall fOr tOO lOng ?

dO the fUnds nEEd tO wIndOw dress on 30 SEP 2010 ?

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28-Sep-2010 17:38

Genting Sing / GenSp starts to move up again

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x 0

Tuesday: 28 SEPTEMBER 2010 CLOSING

e Genting HK US$	S21	i	--	USD	0.430	-0.045	-9.5	140,615,000	2,351,000	0.430	0.435	1,772,000	0.475	0.475	0.480	0.425	M	--	SGX	S21	GENH.SI
GENTING BHD	3182	i	XD	MYR	9.880	+0.110	+1.1	6,975,600	2,000	9.850	9.880	85,400	9.760	9.770	9.960	9.690	--	--	KLS	3182	GENT.KL
GENTING MYS BHD	4715	i	XD	MYR	3.410	-0.080	-2.3	6,936,600	117,100	3.400	3.410	91,100	3.490	3.490	3.490	3.400	--	--	KLS	4715	GENM.KL
Genting SP	G13	i	--	SGD	1.950	-0.070	-3.5	169,089,000	2,466,000	1.950	1.960	3,485,000	2.000	2.020	2.020	1.930	M	--	SGX	G13	GENS.SI
GentingSMBLeCW120402	J2UW	i	--	SGD	0.225	-0.025	-10.0	5,045,000	30,000	0.225	0.245	40,000	0.245	0.250	0.245	0.225	M	--	SGX	J2UW	GNML_td.SI
GentingSMBLeCW130103	L2PW	i	--	SGD	0.185	-0.015	-7.5	280,000	100,000	0.140	0.190	30,000	0.190	0.200	0.190	0.185	--	--	SGX	L2PW	GNML_tm.SI
GentingSMBLeCW130104	L7KW	i	--	SGD	0.150	-0.010	-6.2	1,000	15,000	0.140	0.175	10,000	0.150	0.160	0.150	0.150	--	--	SGX	L7KW	GNML_tr.SI
GentingSMBLeCW130603	L0QW	i	--	SGD	0.245	-0.015	-5.8	92,000	2,000	0.245	0.260	65,000	0.260	0.260	0.260	0.245	M

as lOng as GENTING BERHAD Is rIsIng

GENTING TWINS cannOt fall fOr tOO lOng ?

dO the fUnds nEEd tO wIndOw dress on 30 SEP 2010 ?

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28-Sep-2010 17:34

Genting HK USD / Genting HK US$

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x 0

Tuesday: 28 SEPTEMBER 2010 CLOSING

e Genting HK US$	S21	i	--	USD	0.430	-0.045	-9.5	140,615,000	2,351,000	0.430	0.435	1,772,000	0.475	0.475	0.480	0.425	M	--	SGX	S21	GENH.SI
GENTING BHD	3182	i	XD	MYR	9.880	+0.110	+1.1	6,975,600	2,000	9.850	9.880	85,400	9.760	9.770	9.960	9.690	--	--	KLS	3182	GENT.KL
GENTING MYS BHD	4715	i	XD	MYR	3.410	-0.080	-2.3	6,936,600	117,100	3.400	3.410	91,100	3.490	3.490	3.490	3.400	--	--	KLS	4715	GENM.KL
Genting SP	G13	i	--	SGD	1.950	-0.070	-3.5	169,089,000	2,466,000	1.950	1.960	3,485,000	2.000	2.020	2.020	1.930	M	--	SGX	G13	GENS.SI
GentingSMBLeCW120402	J2UW	i	--	SGD	0.225	-0.025	-10.0	5,045,000	30,000	0.225	0.245	40,000	0.245	0.250	0.245	0.225	M	--	SGX	J2UW	GNML_td.SI
GentingSMBLeCW130103	L2PW	i	--	SGD	0.185	-0.015	-7.5	280,000	100,000	0.140	0.190	30,000	0.190	0.200	0.190	0.185	--	--	SGX	L2PW	GNML_tm.SI
GentingSMBLeCW130104	L7KW	i	--	SGD	0.150	-0.010	-6.2	1,000	15,000	0.140	0.175	10,000	0.150	0.160	0.150	0.150	--	--	SGX	L7KW	GNML_tr.SI
GentingSMBLeCW130603	L0QW	i	--	SGD	0.245	-0.015	-5.8	92,000	2,000	0.245	0.260	65,000	0.260	0.260	0.260	0.245	M

as lOng as GENTING BERHAD Is rIsIng

GENTING TWINS cannOt fall fOr tOO lOng ?

dO the fUnds nEEd tO wIndOw dress on 30 SEP 2010 ?

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28-Sep-2010 17:28

Genting HK USD / Genting HK US$

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x 0

dO yOU hOld GENTING BERHAD ?

It wIll bebefIt frOm EVERYTHING

regardless Of ANYTHING

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28-Sep-2010 17:25

Genting HK USD / Genting HK US$

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Moreover, Genting Hong Kong still has a very large but barely profitable cruise business. Will the company shunt this business to its parent or another company in the group as Genting Singapore did with Genting UK? Or, will it be its 50% stake in RWM that is eventually hived off elsewhere? With the Genting group’s history of asset-shuffling, it’s impossible to tell. Interestingly, the family of the late Lim Goh Tong owns a much larger proportion of Genting Hong Kong than Genting Singapore, 79.7% versus a deemed 51.7% stake in Genting Singapore through Genting Bhd.

Also, officials at Genting Hong Kong are clearly eager to promote the company, actively engaging investors through local securities firms. In fact, one local brokerage firm chartered a private jet to fly 10 fund managers to RWM for an overnight visit last week. And, if they liked what they saw, the positive buzz around Genting Hong Kong may well continue in the weeks ahead.

tradermonster ( Date: 28-Sep-2010 17:09) Posted:

THE NEXT GENTING SINGAPORE?

Source: Bloomberg

Genting Hong Kong hasn’t yet shed its concept stock image, and is still in the process of being “discovered” by the market. Formerly known as Star Cruises, the company has been trying to recast itself as an up-and-coming casino play in the vein of Genting Singapore. It owns a 50% stake in Resorts World Manila (RWM), which opened in August 2009 and is now apparently seeing its revenues surge.

The full cost of developing RWM is said to be just US$550 million, a fraction of the $6.5 billion that Genting Singapore spent here. Yet, when it is completed, the Manila property could dwarf what Genting Singapore has built on Sentosa. To date, only 213 tables and 1,200 slot machines are operational in Manila and the resort is 55% completed. This month, a third gaming floor will be commissioned, hosting an extra 40 to 50 tables.

RWM has already opened the Maxim’s Hotel, and will be completing the Crockfords Villas soon. In addition, some 30,000 sq m of retail space is being opened and a 1,500-seat theatre has been commissioned. The 712-room Remington Condotel will open in 1Q2011. “These ancillary facilities should meaningfully lift daily visitorship from the 6,500 to 7,000 presently,” says local research house UOB KayHian in a recent report.

By year-end, 300 tables and 1,300 slot machines will likely be up and running. RWM will have 2,000 tables and 7,000 slot machines when fully completed. Moreover, RWM is just across the highway from the soon-to-be-opened Ninoy Aquino International Airport’s new terminal. Genting Hong Kong is exploring the construction of a walkway connecting RWM to the airport with the airport authority, UOB Kay- Hian says.

For 1H2010, Genting Hong Kong reported Ebitda of US$50.5 million. According to the UOB KayHian report, Genting Hong Kong received about US$10 million in dividends from RWM. Assuming Genting Hong Kong achieves a similar Ebitda in 2H2010, its shares are now trading at a EV/Ebitda valuation of 42.6 times. But analysts say Genting Hong Kong’s management is actually guiding for a much higher Ebitda of US$156 million this year, rising to US$200 million in FY2011. That would put its FY2010 and FY2011 EV/Ebitda ratios at 27.6 and 21.5 times, respectively.

COMPETITION, ASSET SHUFFLING RISKS

On the face of it, the somewhat higher valuations of Genting Hong Kong’s shares versus Genting Singapore might be justified, given the former’s possibly stronger growth potential. But shareholders of Genting Hong Kong face many more unfathomable risks than those of Genting Singapore. For one thing, RWM faces more competition. According to UOB Kay- Hian, there are three other mega casinos in Manila Bay that are scheduled to start operating in 4Q2012.

Moreover, Genting Hong Kong still has a very large but barely profitable cruise business. Will the company shunt this business to its parent or another company in the group as Genting Singapore did with Genting UK? Or, will it be its 50% stake in RWM that is eventually hived off elsewhere? With the Genting group’s history of asset-shuffling, it’s impossible to tell. Interestingly, the family of the late Lim Goh Tong owns a much larger proportion of Genting Hong Kong than Genting Singapore, 79.7% versus a deemed 51.7% stake in Genting Singapore through Genting Bhd.

Also, officials at Genting Hong Kong are clearly eager to promote the company, actively engaging investors through local securities firms. In fact, one local brokerage firm chartered a private jet to fly 10 fund managers to RWM for an overnight visit last week. And, if they liked what they saw, the positive buzz around Genting Hong Kong may well continue in the weeks ahead.

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