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not so fast, Vin. Maybe when it is fully completed PLUS igaming must not be approved for NYC. RWNYC + RWLV should contribute at least 300mil adjusted ebitda. We have seen latest report showing US assets contributed ~280mil.
you can add one more question to the boss in the AGM - when is Genting going to list US assets and use the proceeds from listing to pare down the debt?
That's true Cheng. At the same time the complete takeover of GENM is a good optics and will bode well for the share price. We ultimately wants the share price to go up regardless of what. If business good but share price is low, that's useless for us too
That's a real concern Cheng. The owner plans with a generational timeline, which doesn't align with our goals. Considering the boss age, succession planning and laying the foundations for the next generation is more important to him than the share price or ratings of agencies. Those are only number on screen to him. But we depends on that for profit. This misalignment is a real concern
The way I see it, I think the share price will only increase if this event benefits the boss. Now, in what scenarios do the increase of share price benefits the boss?
one more trading day to go b4 it enters June, Gent can acquire more than 2% outstanding shares but cant acquire above 2.35 price, world cup season in US, and not forgetting Taurx HMTM may obtain approval from UK MHRA after 24 months since the first application in June 2024.
not easy to approve but not rejected yet, Vin. The investment in TauRx is a done deal, and it is now just a matter of when Genting will monetise it / at which price.
the last transacted price for TauRx - TORONTO, Sept. 26, 2024 (GLOBE NEWSWIRE) -- Dundee Corporation (TSX: DC.A) (the “Company” or “Dundee”) announced today that it has sold to a private investor 8,000 of the 1,015,008 shares it holds in TauRX Pharmaceuticals Ltd. (“TauRx”) at a price of US$125 per share for proceeds to the Company of US$1,000,000. The transaction remains subject to TauRx board approval. Following the completion of the transaction Dundee will continue to hold 1,007,008 TauRx shares.
Regarding Taurx, I'm surprised there are inventors who are willing to buy in now given the uncertainty around the approval of the drug. Even approval is granted, there is still uncertainty on the market uptake.
Probably due to the nature of the company, J. Products/services related to clinical services and diagnostic tools of a biotech company. As for uptake, it's kinda a sure thing :) rationale for that is due to its oral medication instead of the other 2 approved by MHRA - intravenous infusion, expensive and adverse events/side effects.
Thanks, Daniel. The win/unit per day for slots is really strong and table games ggr hold rate is ~15% within the last 3 weeks range. There's opportunity there as it can go up to 18% which will easily add another 1.5mil ggr. As is, the weekly ggr is ranging from 26mil to 28 mil. Avg of 27 mil per week means 1.4bil rev per year. That's really strong.
the weekly ggr data pointing to min usd170mil qtrly revenue contribution and usd34.5mil to usd52mil qtrly ebitda based on 20% to 30% range of ebitda margin. I hope the mgmt will put focus on providing the best experience and ramping up the table games as this is where the ggr and revenue can swing high and low based on the hold rate. After all, the table games tax rate is at 30% versus 56% for slots. looking forward to its potential based on Q3 performance which will be reported end of the y
Just calculate on the basis if keep buying in to average down since Genting ~ RM3+ & GenM ~ RM2.35 just 6 months ago. What is the % loss within 6 months ?
hi . cheng .. my fren attended AGM but I didn't ... he mentioned same as the article. gent maybe not going to buy genm anymore and won't Share buy back as well ... conclusion...
In future...need to pray guanying ma more than lkt ..
Genting share price is now lower (can even be lower in due course) than their previous mandatory general offer for GenM @ 2.35. We, Ikan Bilis, that hold on to the stocks or keep averaging down with high hopes have really been fully BBQ.
ooh got it. the sinchew article. There is a subtle meaning in the last 3 paragraphs, Vin. Currently, Genting integrates Genting Malaysia's finances into the group's balance sheet through a management agreement. However, with the progress of the New York project, and considering the exchange rate of approximately RM4 to 1 US dollar, New York's future performance will soon surpass that of Genting Highlands. "Since we do not have a management agreement for the New York project, once its performance surpasses that of Genting Highlands, Genting Group will no longer be able to integrate Genting Malaysia's financial statements according to guidelines, leading to very drastic changes in the entire balance sheet. Therefore, management must take action." However, he pointed out that it is fortunate that he already has less than 75% of Genting Malaysia's shares, which is a good thing. He has time to stop and rethink what can be done and has the ability to move the plan to the next stage within a year.
basically, he is bullish on RWNYC and if RWNYC earnings surpasses RWG, it may no longer be able to consolidate the financial statements according to guidelines; probably referring to accounting and taxation.
Cheng , let say if RWNY surpass genting malaysia... but the benefits will go to genm and not Gent right ..
genm seem like good bargain to collect since the dividend will be higher
that's not the case, Vin. They have to do something with the RWNYC structure if RWNYC earnings surpasses GenM/RWG. Its back to spin off RWNYC from GenM and whether to list it separately or park it directly under Gent?
will have to wait for Q3 results to determine RWNYC's potential. The weekly data pointing to estimate of usd150mil to usd200mil qtrly revenue for RWNYC.
赌王父子强强联手！云顶重磅砸800亿跨界房产，柔佛科技智慧城震撼登场
another mega project at Johor...
GEnting LKT very hardworking.... everywhere seeing him around ..
RWNY...GENS..
but share price still like shxt
need to borrow lot of money to develop such mega project. already spending a lot for NY casino, RWS 2.0. nt forgetting many assets are being locked down and not selling.
Agreed, Vin. A GDV of 80bil spanning an area of 930 hectares is implying ~ 35mil per acre. Building castle in the sky first. Lol, no pun intended. Well, it is just launching and no completion date. Can be 10 years can be 20 years or 30 years :) I guessed they are comparing the value of Johor Tech Smart City (the land and all the planned developments) against the value of similar development in Singapore. Orange to apple comparison. Singapore's land cost itself can go up to hundreds of millions per acre.
@cheng how do you interpret this part by the management?
Currently, Genting integrates Genting Malaysia's finances into the group's balance sheet through a management agreement. However, with the progress of the New York project, and considering the exchange rate of approximately RM4 to 1 US dollar, New York's future performance will soon surpass that of Genting Highlands. "Since we do not have a management agreement for the New York project, once its performance surpasses that of Genting Highlands, Genting Group will no longer be able to integrate Genting Malaysia's financial statements according to guidelines, leading to very drastic changes in the entire balance sheet. Therefore, management must take action."
RWNYC earnings surpasses RWG is just a matter of time, Daniel. It will happen. If you look at the current weekly data, it's pointing to usd150mil to usd200mil qtrly revenue; usd600mil to 800mil per year. This is based on ~240 tables and ~2500 slots for phase 1. The full upgrades by 2030 will have ~3x the current tables and slots. Which means the yearly revenue can go up to 1.8bil to 2.4bil. Let's not forget it is based on current hold rate ~15% instead of the common hold rate of ~18%.
The guidelines mentioned is probably related to accounting and taxation. Take action is probably related to where to "park" RWNYC. Genting Berhad owns 100% of RWLV and this model structure could be an option. Or list GenM's US assets separately. It doesn't matter which action pathway that mgmt chooses as long as it is the cheapest to execute and highest benefit in terms of paring down the debt, increasing shareholder returns instead of the owner.
According to the Gent management, their intentions were never to take over GenM but just to acquire (50%+1) share. What Gent wanted to do with such arrangement? Why did it overshot till 73.8%?
Lol, John. That's a good one. 75% is the min threshold to trigger delisting thru EGM, Daniel. Possible intention is to restructure/spinoff RWNYC out from GenM upon successful delisting. Unfortunately, could not get to the min 75%
Probably now Gent and GenM can form a new joint venture, thereafter inject RWLV and RWNYC into the new business entity and list it from there since Gent doesn’t intend to “privatise” GenM.
Wah, Vin. That seems a bit serious if your positions in Gent is causing you to be in this state. Not worth it, Vin. Please take good care of your health.
In my opinion just a excuses...ntg will political... boss ownself don't wan the price higher ... he already mentioned during agm... Invest like w.buffett.. maybe wait lkt 90yo...share price only will start moving
As I have said before guys, LKT goal is for his next generation. he doesn't careless if the price is low or undervalued or that he takes on high risk project.
haha. market doesn't trust what the Gent boss said. no effect on share price when launching such a big and huge project in Johor. take it with a pinch of salt knowing how the boss has tricked the shareholders all these years
got 2 main reason - 1st most of the genting followers already in and now stuck on high floor; 2nd many are worrying on the debt level in which getting higher and higher, doubt the execution power of genting to again borrow billion for such mega project
@ CK Absolutely correct. When business structured based on high borrowings (and getting higher and higher) unlike late TSLGT’s days (Cash rich and strong balance sheet), it is definitely heading in the wrong direction.
consumer sentiment weakens due to the middle east tension and lack of hot money in consumer sector, Vin. Most of the hot money are in tech and energy related sector.
Cheng , I don't think effect by middle east tension...look at suncon...or other stock .. will follow bull trend as well...
GENT seem like kena dengue....
I invest GENT since my son from crawling until now playing Nintendo switch with me ..share price plunge even lower .. Q2 will be ugly as well...since alot flight cancelled from china to Singapore due higher fuel cost ...
that's the impact of the middle east tension, Vin. crude oil price / jet fuel is trending down. crude oil price should be heading to lower eighties for the next 6 months if the MoU is sign off this week.
was reading the AGM presentation slides and the pre-AGM questions and answers. The responses from the mgmt gave me a feeling of "its everyone else's problem and not mine". Highly defensive, unwilling to concede strategic mistakes, and focused on reframing concerns from all the questions as temporary, non-cash and cyclical if you will.
lol, chunye low. please dont live and die with Genting. We can buy the weakness but do not hesitate to dump it if it fails to return 10% capital appreciation yearly :) The mgmt's response in AGM speaks a lot about the company's stance - reinvestment instead of distribution to shareholders. Basically, telling shareholders that debt/costs incurred today and benefits will arrive years later. In other words, TRUST? Lol, no pun intended.
additionally, the Kasturi block picture speaks a lot about the readiness. The offshore part (FLNG) looks good. The onshore part has a lot more work to be done - the extraction facilities shown in the picture are still at the early construction phase while transport pipeline from the extraction site to offshore is not visible yet .