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Genting Singapore buys Singapore Technologies Building for $146m

February 1st, 2011 | No Comments

Genting Singapore PLC says its wholly-owned subsidiary, Resorts World Properties, has agreed to purchase Singapore Technologies Building at 3 Lim Teck Kim Road for $146 million from Singapore Technologies Holdings.

Singapore Technologies Building is a 13-storey freehold office building with office space on the ground floor. The property has an existing gross floor area of 128,600 square feet and an approved plot ratio of 6.6 over its freehold site area of 1,802.5 square metres. The property also contains 135 car parking lots.

As the property is close to the Resorts World Sentosa, Genting Singapore plans to house its support departments for the integrated resort in that building.

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Stocks were flat at midday, Genting Singapore weighs

January 28th, 2011 | No Comments

Singapore stocks were flat at the midday on Friday, weighed by losses across regional bourses and in Genting Singapore’s (GENS.SI) shares.

By the midday break, the Straits Times Index (STI) <.FTSTI> was up 0.64 points at 3,220.47. The total value of shares traded in the morning session was $612 million, down from $838.8 million on Thursday.

Credit Suisse reiterates Genting at Outperform; $2.65 target

January 28th, 2011 | No Comments

Credit Suisse says it likes Genting Singapore (G13.SG) as a high beta and liquid proxy for the Singapore tourism sector. Cites “burgeoning tourist arrivals (projects 16% growth for 2011), positive GDP growth for Singapore and neighbouring Asian economies in 2011-12E and an active stock market.”

Genting Singapore says in talks to buy Singapore Tech building

January 20th, 2011 | No Comments

Casino operator Genting Singapore (GENS.SI) said that its subsidiary Resorts World Properties is in negotiations with Singapore Technologies to buy an office block.

The Business Times reported that Resorts World is expected to pay about $1,500 per square foot on the current net lettable area of 98,906 square feet or about $150 million.

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Genting Singapore PLC rated ‘buy’ by Phillip Securities

January 17th, 2011 | No Comments

Phillip Securities Research in a Jan 14 research report says: “Genting Singapore is an investment holding company for Resorts World Singapore (RWS). Genting principal activities include casino operations, operation and management of integrated resort, international sales and marketing services as well as IT application related services.

UOB KayHian cuts Genting Singapore to Sell

January 7th, 2011 | No Comments

UOB KayHian downgrades Genting Singapore (G13.SG) to Sell from Hold, but keeps the target price at $1.85.

The house reckons Genting’s gross gaming revenue peaked in October and it says 2011 will be “a ’no event’ year wherein there would be disappointments to hyped up expectations for legalisation and potential size of the junket market, and overseas opportunities (eg Japan).”

Genting Malaysia, partner exploring opportunities in Vietnam

December 21st, 2010 | No Comments

Genting Malaysia Bhd., a casino and hotel group, said it has been collaborating with a partner to explore for opportunities in Vietnam, according to a company statement today. The company was responding to media reports that the Genting group and Vina Capital has received government approval for a casino resort project in Hoi An city.

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Dec 21: Noble, Genting, GMG Global, Wilmar

December 21st, 2010 | No Comments

Singapore shares may open higher on Tuesday after the S&P 500 hit a two-year high overnight, continuing a steady upward march that investors believe will continue in 2011.

The following companies may have unusual price changes in Singapore trading today. Stock symbols are in parentheses, and share prices are from the previous close. Singapore’s Straits Times Index dropped 0.6% to 3,132.96.

Genting Singapore may consider dividends: Citi

December 10th, 2010 | No Comments

Genting Singapore (G13.SG) could be considering paying dividends as it is refinancing its $4.19 billion debt, says Citigroup, which has a Buy call with a $2.75 target.

According to Genting, the 7-year syndicated loan from 5 banks will give it more flexibility in using the funds.

Genting Singapore off 1.4%; Refinancing ignored

December 10th, 2010 | No Comments

Genting Singapore (G13.SG) is down 1.4% at $2.17 on light profit-taking after a sustained rise over the past 7 sessions.

The gaming group’s move to refinance $4.19 billion of loans doesn’t appear to have caught investors’ eye, despite being offered more favourable terms.

Dec 10: Genting, Tiger Air, Osim, Bio-Treat, SIA Engineering

December 10th, 2010 | No Comments

Singapore shares may open slightly higher on Friday after Wall Street edged up overnight, with the benchmark S&P 500 closing at a two-year high, a trend investors expect to continue through the rest of the year. Singapore’s benchmark Straits Times Index <.FTSTI> was up 0.23 percent on Thursday to 3,210.20 points. Here are some stocks to watch, say Bloomberg and Thomson Reuters.

Genting Singapore (GENS.SI) may be in focus as its Resorts World at Sentosa casino is seeking to borrow around $4.2 billion ($3.2 billion) to pay off an existing loan, Reuters basis point reported on Thursday.

Genting Singapore seeks $4.2b in refinancing

December 9th, 2010 | No Comments

Genting Singapore’s (GENS.SI) Resorts World at Sentosa casino is seeking to borrow around $4.2 billion to pay off an existing loan, Reuters basis point reported on Thursday.

The refinancing comprises a $3.5 billion seven-year amortising term loan and a revolving credit facility.

Genting Singapore charts show Buy indicator: UOB KayHian

December 8th, 2010 | No Comments

Genting Singapore (G13.SG) flat at $2.14 and is the most active stock so far with almost 66 million shares traded.

The stock has gained 12% since November’s $1.92 low, after sequentially lower 3Q results spurred concerns that competitor Marina Bay Sands’ ramp-up was eating into Resorts World Sentosa’s profits.

Genting companies up on DBS Vickers report

December 3rd, 2010 | No Comments

Shares of casino operators Genting Singapore <GENS.SI> and Genting Hong Kong <GENH.SI> rose on Friday after DBS Vickers said the Singapore gaming sector is poised for strong growth on the back of junkets and entry into new markets.

Genting Singapore shares rose as much as 2.5% and Genting HK gained as much as 3.6%.

Genting Singapore +0.5%; Technicals upbeat: AmFraser

December 2nd, 2010 | No Comments

Genting Singapore (G13.SG) +0.5% at $2.04 on modest volume, tracking broad market uptick.

While +4.6% to date from 2-month low of $1.95 set last week, stock still struggling to gain momentum as near-term catalysts lacking after strong rally since gaming group returned to profitability in 2Q10.

Genting Singapore off 1%; limited margin gain-Nomura

November 26th, 2010 | No Comments

Genting Singapore (G13.SG) off 1.0% at $2.00, surrendering part of 3.6% rebound over last 2 days, as prospect of further slowdown in earnings growth momentum still looms.

Stock down 11.4% since 3Q10 results released Nov. 11, showing net profit halved at $187.8 million vs 2Q10’s $396.5 million on lower revenue.

Genting Singapore off 2.9%; Support at $1.85

November 23rd, 2010 | No Comments

Genting Singapore (G13.SG) falls below $2.00 for first time since Oct. 8; shares last down 2.9% at $1.99.

Broad market weakness adding pressure to shares already reeling from lower-than-expected 3Q10 results unveiled almost 2 weeks ago.

“It’s starting to reflect a more realistic price. The stock has commanded a premium for too long. There has been no compelling reason to buy since the results came out,” says dealer at foreign brokerage; remains bullish on gaming group’s long-term prospects, suggests entering if price heads lower to around $1.80.

Clear near-term support on charts at $1.85 (Sep. 30 low). 3Q10 net profit halved at $187.8 million vs 2Q10’s $396.5 million as revenue down 24.0% at $744.0 million, implying rival Las Vegas Sands’ Marina Bay Sands gaining gaming market share in Singapore.

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Nov 18: STX OSV, GuocoLand, DBS, DMX, Genting, Hotel Properties

November 18th, 2010 | No Comments

Singapore shares may rise on Thursday, supported by news the government expects GDP to grow around 15% this year, which is at the higher end of previous expectations. The successful IPO of General Motors (GM.N) and hopes Ireland may soon find a solution to its debt woes are also likely to lift investor confidence.

The following companies may have unusual price changes in Singapore trading today, say Thomson Reuters and Bloomberg. Stock symbols are in parentheses, and share prices are from the previous close. The market was closed yesterday for a holiday. Singapore’s Straits Times Index fell 0.8% to 3,212.10.

Genting Singaporeâ€™s target price raised to $2.65 by Credit Suisse

November 12th, 2010 | No Comments

Credit Suisse raises Genting Singapore (G13.SG) target to $2.65 vs $1.68, implying 16% potential upside, keeps Outperform, according to Dow Jones.

Credit Suisse says company’s 3Q10 on-quarter drop in revenue, earnings following record 2Q10 (boosted by favourable luck) was no surprise, with Sentosa revenue down 15% on-quarter, EBITDA down to $347 million vs 2Q’s $503 million.

Lowers FY10 net profit by 52% to reflect translation loss of $339 million on U.K. disposal but raises FY11-FY12 net profit by 32%-37% “as we believe strong tourist arrivals, a robust economy, active property market and rising stock market will likely translate into stronger casino revenues.”

Adds, company provides high beta, liquid exposure to Singapore tourism, potential catalysts include seasonally strong results for next two quarters, potential licensing of junkets in 2011. Says alternatively, parent Genting (3182.KU) provides cheaper exposure to Genting Singapore.

Shares off 7.0% at $2.12.

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Genting Singapore slumps as earnings â€˜disappointâ€™

November 12th, 2010 | No Comments

Genting Singapore Plc, operator of one of two casinos in the city-state, fell the most in 14 months after the company posted third-quarter earnings that missed analyst estimates.

Genting declined as much as 9.2%, the biggest intraday drop since Sept. 10, 2009, to $2.07 and traded at $2.12 as of 2:23 p.m. in Singapore. Parent Genting Bhd. fell 3.2% to 10.26 ringgit in Kuala Lumpur.