CIMB Screw MSM-CA Warrant Holders :(

1. MSM-CA - Here we go again, CIMB manipulated the MSM share price by getting it price to settle at RM5.03 at last minute. With this MSM-CA settlement price to be settled at 0.1248. :( My cost on MSM-CA is at 0.125. My loss is at 0.0002 almost breakeven, think i will lose my brokerage fee as well. :( Small bruises. I have to avoid CWs for time being. :( As far as i know none of the CWs issuers are gentlemen enough to let the demand and supply to take it course just like HKSE. The worst being OSK, remember KNM case? SC needs to step in to do something here or regulate the MM from being manipulating the mother share to protect the CW holders else it is just an unfair game. Will boycott CWs for time being. Lucky it is just a small bruises from me.

2. MSM - I grab MSM at RM5.03 last minute by jumping queue and offering at a price of RM5.06. ^^ Hoping of jacking the price up last minute, LOL !! but the selling forces are just tremendous from MM. :( Hope i can recover some losses here that i incurred on MSM-CA. hng, what a coincident that you also grab the same price as me, we have something in common? I must say we both have a great brain that think alike. ha ha ^^

3. OSKPROP - Ex-dated price at RM1.05. Which mean the right OR would likely be around (1.28-1.05) * 10 = 2.30 to 3.00.

4. GENTING SP - Lucky me. LOL !!! Bought in S$1.23 last Friday and today garner 9sen at S$1.32. ^^ :)

5. To all newbies, please ask the expert here if you are in doubt or not sure pertaining to share investment. If you read this blog quietly and buy quietly, any losses incurred you have yourself to be blamed. Don't accuse anyone has mislead you for your action. We are here sharing our thought and exchanging information so that everyone would be benefited. Take responsibility on any penny that you invested in. Good Luck.

Genting Singapore earns S$188m in 3Q

SINGAPORE: Casino operator Genting Singapore earned a net profit of S$188 million in its third quarter.

The profit in the three months ended September 30 compares with a net loss of S$93 million a year earlier.

 

However, the third-quarter's profit is lower than the S$397 million it earned in the previous three months.

 

Total revenue in the third quarter jumped to S$744 million, compared with S$12 million for the same three-month period a year earlier.

 

But on a quarter-on-quarter comparison, revenue fell from S$979 million in the second quarter.

Genting said Resorts World Sentosa (RWS), home to a Universal Studios theme park, contributed about S$731 million to the third-quarter revenue.

It added that the integrated resort has seen strong demand since it opened in the first quarter of this year.

Going forward, Genting said RWS is well on track to meeting its 2010 visitor target.

Genting Singapore target to $2.45 /Golden Agri leads gains in palm oil firms

CIMB raises Genting Singapore (G13.SG) target to $2.45 from $1.88, reiterates Outperform, says Dow Jones.

 

“Together with a market leadership position, albeit a diminishing one, our estimates imply that Singapore’s overall gaming market could be worth about $6.3 billion-$7.5 billion by 2011-12, which is commendable given the short ramp-up period.”

Makes no changes to FY10-12 earnings projections, but sees potential upside from licensing of junket operators, RWS maintaining current market leadership over longer period.

"We continue to believe that Singapore, with its higher earnings growth prospects, superior EBITDA margins and stable regulatory framework deserves to trade at a premium to the Macau operators."

Adds, given recent sharp price outperformance, there are risks of short-term weakness, especially if quarterly earnings disappoint.

Shares of Singapore-listed palm oil firm Golden Agri-Resources rose 4.4% to $0.60 on Monday, on prospects for higher demand for palm oil amid concerns of a shortage of soy and corn crop in the U.S.

Over 78 million shares had changed hands by 0202 GMT.

The U.S. Department of Agriculture slashed its estimates for soybeans and corn crop by 2% and 4% respectively on Friday, due to warmer weather in August.

“The U.S. report about cutting its corn, soy crop estimates blew expectations. These are all substitutes for palm oil, so investors are turning more bullish and revisiting the sector again,” said a local trader.

Shares of Indofood Agri Resources climbed 3.9% to $2.38, with over 5 million shares changing hands.

D-Day for GenM on Tuesday

KUALA LUMPUR: Since the passing of Tan Sri Lim Goh Tong, the late founder of the Genting group, his son and successor Genting Bhd chairman and CEO Tan Sri Lim Kok Thay’s tenure has been marked by an internationalisation of the group.

In an age of globalisation, this internationalisation strategy has taken the Malaysian gaming giant to spread its wings from its comfortable casino base on the lofty peaks of Genting Highlands, Malaysia to the UK, Singapore and soon, the US.

 

After acquiring the UK casino assets in 2006, the group went on to open the high-profile Resorts World Sentosa integrated resort in Singapore on Feb 14 this year, and is now bidding for a racetrack casino in New York City.

 

One of the direct effects of this globalisation drive on equity investors is the key decision that has to be made by minority shareholders of Genting Malaysia Bhd in an EGM on Tuesday.

 

At the EGM, they will decide whether or not to approve Genting Malaysia’s proposed purchase of the UK casino operations from Genting Singapore plc.

 

Genting Singapore shareholders had approved the proposal at an EGM on Wednesday. The deal is set to cost Genting Malaysia £340 million (RM1.68 billion) for the assets that include 44 gaming licences in the UK as well as various properties.

 

Genting Malaysia’s major shareholder Genting Bhd and the parent group’s chairman and CEO, Kok Thay (who also holds a direct 0.28% stake in Genting Malaysia) would not be voting at the Genting Malaysia EGM.

 

Since they are deemed interested parties in the transaction, they would abstain from voting in accordance with stock exchange regulations. The decision thus rests on the larger minority shareholders which, for Genting Malaysia, means some pretty high-powered foreign institutional investors.

 

The top five such minority shareholders are International Value Advisers LLC (2.48%), Vanguard Group Inc (1.38%), Blackrock Fund Advisors (1.27%), Wintergreen Advisers LLC (0.78%) and First Pacific Advisors Inc (0.72%).

 

However, a look at Genting Singapore’s list of minority shareholders also shows some of the same names, such as Blackrock Fund Advisors (0.9%) and Vanguard Group (0.3%), among others.

 

Among the smaller minority shareholders, Fidelity Management & Research holds 0.04% in Genting Singapore and 0.17% in Genting Malaysia; while Credit Suisse Asset Management holds 0.02% in Genting Singapore and 0.14% in Genting Malaysia.

 

The UK casino operations to be transferred are housed under Nedby Ltd, Palomino Star Ltd, Palomino World Ltd and Genting International Enterprises (Singapore) Pte Ltd.

 

Critics have voiced that it is yet another related-party transaction within the gaming group. They also lament that the deal does not create much value for the Malaysian arm and will deplete its cash pile.

 

The knee-jerk market reaction then was to bid down Genting Malaysia’s share price, which fell 12 sen to RM2.62 on July 2, a day after the proposal was first announced. Conversely, Genting Singapore’s share price rose as investors there welcomed the sale.

 

However, Genting Malaysia’s share price has bounced back sharply over the last week, gaining 12% in the past five trading days alone. The stock closed at RM3.07 yesterday, up 3 sen or 1%.

 

UK casinos seen as unexciting for Genting Malaysia

An analyst at a large brokerage-backed research house said on both a price-to-earnings ratio (PER) and enterprise value-to-Ebitda (EV/Ebitda) basis, the UK casino operations looked more expensive than Genting Malaysia’s total business.

 

Acquiring the UK casino operations would bring down Genting Malaysia’s overall valuation numbers, he said.

 

In the letter to minority shareholders dated Aug 9, RHB Investment Bank Bhd (RHB IB), the independent adviser for the proposal, said at market close on Aug 2 and based on consensus estimated FY2011 earnings, Genting Malaysia had an EV/Ebitda of 6.1 times and a PER of 12.9 times.

 

Based on the purchase price of £340 million, the valuation for the UK casino operations on EV/Ebitda basis was 11.2 times, with a PER of 25 times, according to the report.

 

Some analysts also said for the medium term, not much growth would be expected for the UK casino market.

 

Two analysts that The Edge Financial Daily spoke to said separately that among the major dampeners to growth was a smoking ban in enclosed public places that came into effect on July 1, 2007 across the UK. This has been blamed by the industry for reducing revenue.

 

At the same time, growth would be hurt by the uncertain outlook of the UK economy over the next several years, a two-year civil servants pay freeze expected to last well into 2012, and the value-added tax (equivalent to the proposed GST in Malaysia) that has returned to 17.5% effective Jan 1 this year from a temporary reduction to 15% on Dec 1, 2008.

 

Nonetheless, RHB IB recommended shareholders to vote in favour of the proposal.

 

Relating to the EV/Ebitda valuation, the independent adviser said: “Although the implied 2011 EV/Ebitda is above the average EV/Ebitda multiples of comparable companies, we do take into consideration that the proposed acquisition involves the acquisition of a controlling stake in the acquiree group.”

 

RHB IB had calculated an average EV/Ebitda of 9.3 times and an average PER of 19.8 times on a list of 15 comparable companies.

 

The adviser added: “We note that the purchase consideration is fair as the EV/Ebitda multiple implied by the purchase consideration for the proposed acquisition of 11.2 times is within the average EV/Ebitda multiple of comparable listed companies after applying a 20% to 30% control premium of between 11.2 and 12.1 times.”

 

According to an industry source, one reason for the transaction is that the UK casino business is a better fit for Genting Malaysia, while Genting Singapore is focused on getting up to speed and watching the competition with the Las Vegas Sands group that owns the Marina Bay Sands casino.

 

Genting Malaysia’s casino business is a likely better fit for the UK casino landscape in terms of clientele and type of operations, as compared with the integrated resort-style Genting Singapore operations.

 

Moreover, Genting’s entry into the UK casino market was initially based on the premise that the UK government would be liberalising the industry and would allow the construction of similar Las Vegas-style “super casinos” as promised by the administration of former prime minister Tony Blair.

 

However, the idea did not materialise under the Gordon Brown leadership, the industry source added.

 

Tuesday EGM ‘a tougher sell’

The proposed sale of the UK casinos to Genting Malaysia will make Genting Singapore a pure integrated resort play, and strengthen its balance sheet to face competition from Marina Bay Sands and other regional casinos.

 

With the proliferation of new casinos across Asia and the aggressive branding and expansion of Macau as the region’s premier gaming destination, Resorts World Sentosa will need to constantly reinvest and upgrade itself to attract more regional gamblers and high-rollers.

 

Resorts World Singapore will thus face an increasingly competitive environment, to which its Universal Studios theme park — the only one in Southeast Asia — is a big added attraction for the integrated resort.

 

This is much unlike the casino operations in Resorts World Genting, which operates as a monopoly, and caters more to the local crowd with less reinvestment needed.

 

How minority shareholders in Genting Malaysia will decide on Tuesday remains to be seen, but the approval in Malaysia “is a tougher sell” compared to Singapore, said an observer.

 

That key decision could well decide how the wider Genting group plans the next step of its internationalisation strategy.

Genting Singapore swings to Q2 profit

Bravo !!! started to generate profit already. :)

Genting Singapore Plc reported second-quarter profit of S$396.5 million (US$291 million) compared with a loss a year earlier as its new casino resort in Singapore “made an impact” in its first full quarter of operations.

Revenue surged to S$979.3 million in the three months to June 30 compared with S$120.1 million a year ago, according to a filing to the Singapore stock exchange today.

Earnings before interest, tax, depreciation and amortization, or Ebitda, were US$513.9 million, with margins of 52 percent, the statement said.

Singapore overturned a 40-year ban on casinos in 2005 to spur economic growth.

Genting’s US$4.7 billion Resorts World Sentosa opened on February 14 and features Southeast Asia’s only Universal Studios theme park.

Billionaire Sheldon Adelson’s Las Vegas Sands Corp opened its rival US$5.5 billion Marina Bay Sands casino resort in Singapore’s financial district in April.

The group’s Ebitda figure was “way above our S$244 million and consensus forecasts, which we think was S$220 million,” Aaron Fischer, a casinos analyst at CLSA Ltd in Hong Kong, wrote in an e-mail.

“With such a strong set of results, our fair value for the stock will likely be revised to at least S$1.50,” Fischer wrote.

Genting Singapore, controlled by Malaysia’s Genting Bhd, is the second-best performer on the Straits Times Index over the past 12 months, surging about 50 per cent compared with the benchmark’s 14 per cent gain.

The shares ended at S$1.28 today before the results announcement, compared to their record close of S$1.30 in December. Fischer’s target price for the stock is S$1.30, according to Bloomberg data. - Bloomberg

Genting Malaysia

· The Case Against The Acquisition

· The Case For The Acquistion

Genting Malaysia Bhd (GenM) is acquiring Genting Singapore PLC’s casino operations in the UK (Genting UK) for £340 million (RM1.67 billion) cash.

Genting UK’s operations consist of four companies — Nedby Ltd, Palomino Star Ltd, Palomino World Ltd and Genting International Enterprises (Singapore) Pte Ltd. The acquisition was in line with its strategy to grow its core businesses of leisure, hospitality and entertainment internationally, beyond Malaysia.

Genting UK’s operations have the largest number of casino properties in the UK with 44 casino properties, including five located in London. They come with established gaming brands such as Crockfords, Colony Club, Maxims, Circus, The Palm Beach and Mint.

As at Dec 31, 2009, the four companies had a total revenue of £194.1 million and a net profit of £6.7 million. This means, at the acquisition price of £340 million, the transaction is priced at a historical price-to-earnings ratio (PER) of 51 times. The four companies had collective net assets of £288.9 million as at March 31, 2010, implying an acquisition price-to-book ratio of 1.2 times.

A quick look at GENTING SP

The result for GEN SP 1Q has just been announced yesterday.

I have briefly glanced through the GEN SP financial statements for the 1Q ended March 2010. Lets briefly works out the figures :-

1Q Revenue = S$460 millions

1Q Gross profit = S$180 millions

Est. 1Q Net profit = S$82 millions (Omit the impairment loss on intangible assets and comprehensive loss for time being)

Let’s forecast that the coming growth would remain unchanged for the rest of the Qs.

So, just simply multiply the figures above by 4, that will work out as bellows :-

Full year Est. Net profit = S$82 X 4 = S$328 millions

Total number of issued share = 12,161,880,457

EPS = 328/12161 = 0.027sen

PE = 1/0.027 = 37sen (wow, relatively high!!!)

If you were to factor the impairment loss in, the figure is damn ugly for GEN SP but impairment loss is something worked out base on market value, the accuracy is always questionable. So, over the long run this impairment loss will be recovered over time no matter how either by ways of external or internal sources. Giving the brand name of “GENTING”, recoverable of impairment loss within a year or two is just that easy.

If the forecast figures are what were turned out to be, then, GEN SP 1Q result is indeed a moderate figures overall. Also note that this 3 months quarterly earnings is not a full Q as its actual operation only started on 14 February 2010.

Lets assume the full operation is what it should work out for eventually, then, the calculation will have improved a lot as follows:-

Assuming 1Q 82million profit cover only half of 1Q, then rightfully this figure will need to multiply 2.
Estimated 1Q net profit = 82 x 2 = S$164 millions

Full year Est. Net profit = S$164 x 4 = S$656 millions

EPS = 656/12161 = 0.054sen

PE = 1/0.054 = 18.52sen (wow, this is far much better !!)

***********************************************************************************

Genting Singapore reports 12-fold loss in Q1


Genting Singapore, which operates one of the city-state’s two mega casinos, reported its losses rose 12-fold in the three months to March, hurt by impairment losses on its UK casino operations.


Genting Singapore, a unit of Malaysia’s Genting Bhd, reported late on Thursday a net loss of S$396 million (US$286.5 million) for the first quarter, widening from S$32 million a year ago.


Resorts World at Sentosa, its US$4.8 billion Singapore casino resort which opened on February 14, achieved earnings before interest, tax, depreciation and amortisation (EBITDA) of S$109 million.


Resorts World is being opened in stages and currently comprises a casino, four hotels, a few restaurants and shops, and a Universal Studios theme park. When fully completed, the complex will have another two hotels, spas and a maritime park with one of the world’s largest aquaria.


Rival Marina Bay Sands, owned by U.S. casino firm Las Vegas Sands, opened partially on April 27.


Las Vegas Sands CEO Sheldon Adelson has said he expects the US$5.5 billion Singapore property to generate EBITDA of over US$1 billion in its first full year of operations. -- Reuters

Flash Genting Singapore reports net loss of S$277.56m for FY2009

Last year is bygone, will need to see how it fare in the coming Q.......

KUALA LUMPUR: Genting Singapore plc posted net losses of S$277.56 million (RM 669 million) in the financial year ended Dec 31, 2009 versus S$124.80 million a year ago due to losses in derivative financial instruments, higher pre-operating expenses and lower contribution from its UK casino operations.
It told the Singapore Exchange today that consolidated revenue was S$491.2 million in FY2009 compared to S$630.7 million in 2008. The reduction is mainly due to a decrease of S$141.8 million in revenue from the group’s UK casino operations.
It added revenue from the UK casino operations were depressed by lower business volumes. The reduction was further exacerbated by the weakening of the sterling pound against the Singapore dollar.
Genting Singapore's loss before taxation increased from S$148.5 million in the previous financial year to S$265.7 million in the current financial year.
This was mainly due to:
a) Fair value loss on derivative financial instruments in the current financial year of S$108.3 million arising mainly from the valuation of the conversion option embedded in the group’s convertible bonds as compared to a fair value gain of S$37.2 million recognised in 2008;
b) Increase in pre-operating expenses incurred for the integrated resort in Singapore of S$103.4 million. The higher pre-operating costs is mainly in relation to staff costs incurred as the integrated resort begins to accelerate its recruitment, training, sales and marketing programs prior to its launch;
c) Lower interest income of S$3.8 million for the current financial year compared against S$13.2 million in 2008;
d) Share of losses from jointly controlled entities of S$8.9 million;
e) The estimated one-third share of after tax profits of the international betting division, which was disposed by the group in 2007. The group had on March 22, 2007 completed the disposal of its 50% interest in international betting operations for a cash consideration of S$3.3 million.

Remain Positive on Genting Singapore

Me too remain positive on Genting Singapore, in fact is a good time to accumulate more, the lower the better. This for one for sure will never go holland. How many time you get to have such an opportunity to buy at current low price ? Valuation may seem unattractive but what will you see in 3 years time ? You think it still worth at S$1 ? Human are just too funny, we chase when the price are high, no one dare buying when it is dirt cheap. Plan your entry level keep buying in stages to fulfill your investment for GSP and lock it in for at least 3 years. This is short term pain but long term gain. When you buy stock, you buy for future business prospective, if you think GSP will never fail you in 3 years time to come, you buy with confident just like me. We are not dealing with speculative stock, we are in serious investment and a longterm engagement with a quality stock. So, what do you foresee in 3 years time ? Won't you think it is far more better than betting on a non-quality and potatoes chip ? The share price practically rely on future earnings, 1Q result would likely to review it capability and potential future earnings. We will be able to picture GSP in a better position come May 2010 where 1Q result expected to be announced then. I have no worry at all, in fact planning more entry level with GSP, hope to capture the best price while at the same time enjoying the bargin. Good luck. 

Genting Singapore hits 5-month low


Shares of Genting Singapore Plc, which has just opened its casino in the city-state, fell to its lowest level in five months on concern valuations have become unattractive following recent gains.
“While we remain positive on the group’s business model, valuations are very demanding,” said Melvyn Boey, an analyst at Bank of America’s Merrill Lynch in Singapore. -- Bloomberg

Genting SP's Licence has been issued. !!

Finally a license has been granted, likely to spur some share price movement here.. :)
Laughing All The Way To Bank !!!!!!

SINGAPORE, Feb 8 (Reuters) - Genting Singapore requested a trading halt on Monday pending an announcement, following the granting of a casino license by the city-state's regulator over the weekend.
The Straits Times newspaper reported on Monday that Genting, a unit of Malaysia's Genting Bhd , has told staff and tenants the casino and Universal Studios theme park at its Resorts World at Sentosa casino-resort will open this week. (Reporting by Kevin Lim and Harry Suhartono; Editing by Lincoln Feast) ((kevin.lim@thomsonreuters.com; +65 6403 5663; Reuters Messaging: kevin.lim.reuters.com@reuters.net)) ((If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com)) Keywords: GENTING SINGAPORE/



SINGAPORE, Feb 6 (Reuters) - Singapore's Casino Regulatory Authority said on Saturday it had issued a licence for Resorts World Sentosa (RWS), operated by Genting Singapore PLC .
RWS is one of two casinos which will start operation in Singapore this year. (Reporting by Harry Suhartono; Editing by Nick Macfie) ((harry.suhartono@thomsonreuters.com; +65 6403 5658; Reuters Messaging: harry.suhartono.reuters.com@reuters.net)
((If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com)) Keywords: SINGAPORE CASINO/GENTING

Genting upgraded to 'buy'

Read the snippet news below :-

Genting upgraded to 'buy' at Maybank

Genting Bhd, Southeast Asia’s largest publicly-traded casino operator, was upgraded to “buy” from “hold” at Maybank Investment Bank Bhd on optimism its Resorts World Sentosa project in Singapore “will pull in the crowds” and boost its earnings.


Maybank also raised the company’s share price estimate to RM8.85 from RM7.08. -- Bloomberg
 
Upgrade from hold to buy from RM7.08 to RM8.85. Just get the different between the two prices (8.85 – 7.08), a RM1.77 upgraded and is 25% increase in price. What does this mean ?


It means GSP/Resorts World Sentosa can boost Genting earning by 25% assuming RM7.08 is fully value price. Wow !!

What do we expect from GENTING SP in 4 years time ??

While reading the report below, somehow there is some excitement when the report mentioning the growth in 4 years (the estimated revenue grow from $3billion this year to $6 billion in 2013), a double grow in revenue in just 4 years !!! that represent a 25% growth on every year which i think is a healthy growth. Isn't it ?

Assuming below…..

1st year (2010) = USD$3b = S$4.25b
EPS = 4.25b/10.2b = 41.67sen
Take 5sen PE, the Fair value(FV) = 0.4167 X 5 = S$2.08

2nd year (2011) = S$4.25b X 25% = S$1.06b + S$4.25b = S$5.31b
EPS = 5.31b/10.2b = 52.06sen
FV = S$2.60

3rd year (2012) = S$5.65b + S$1.06b = S$6.71b (Note: for easy calculation just take 1.06b as 25% growth)
EPS = 6.71b/10.2b = 65.78sen
FV = S$3.28

4th year (2013) = S$6.71b + S$1.06b = S$7.77b
EPS = 7.77b/10.2b = 76.18sen
FV = S$3.80

Do you think Genting SP will work out in according to above perfection ??
Even if profit stagnant with S$4.25b a year, you still get a FV of S$2.08, worth buying ??



Latest news below :-

Singapore’s First Casino ‘Ready’ to Open, Awaits Gaming License

Jan. 18 (Bloomberg) -- Genting Singapore Plc is ready to start operating Singapore’s first legal casino as soon as the city state’s government issues its gaming license, the company said today.

Genting Singapore’s stock added as much as 4 percent this morning on speculation gambling may begin at the company’s Resorts World Sentosa complex as soon as February’s Chinese New Year holiday.

“We are ready,” Robin Goh, a spokesman for Resorts World, said. “We can open the casino as soon as we have the license.”

Four hotels and 10 restaurants within the $4.5 billion Sentosa island complex will begin accepting guests from Jan. 20. A Universal Studios theme park in the complex is also waiting for a license to operate, and will open as soon as that is issued, Goh said.

A second casino resort, the Marina Bay Sands, being built by Las Vegas Sands Corp., will open later after encountering construction delays. Singapore announced in April 2005 it was overturning a ban on casinos that had been in place since independence. Resorts World and Marina Bay are the only two casino developments approved so far.

“We believe they, Resorts World, will get their gaming license before Chinese New Year,” Aaron Fischer, a gaming analyst at CLSA Asia Pacific Markets in Hong Kong, said in a telephone interview. “We expect gaming revenues to be bigger. There is a huge gaming market in Southeast Asia.”

In a report published last month, CLSA Asia Pacific Markets said it estimates Resorts World’s gaming revenue to rise from $2.5 billion this year to $3.8 billion by 2013. The Singapore casino market will generate $3 billion in revenue this year, growing to $6 billion in 2013, CLSA said in the report.

Genting Singapore gained 3.2 percent to S$1.29 as of 2:30 p.m. in Singapore. The stock climbed 200 percent in the past year, compared with a 67 percent gain for the benchmark Straits Times Index.

Genting SP a steal at current price ????

Everyone know Genting Resorts World Sentaso is starting its debut sometime in January 2010. Lets do some "lazy" calculation by working out the projection earning that it may bring in in year 2010. Of cource one just don't swallow what i bring to you here, it may all just turn out to be a crab for goodness sake. Again do you homework and find out all facts by yourself, no one you can really trust when come to real $$$ and invesment. I wish to mention here, the figure that i work out here is an estimation and largely possible a fictitious figure because as told before i am just a lazy guy. Trust at your own risk.

Assuming........

Fund raising of S$1.63b through RI of 2.04b shares at S$0.80 has just been concluded.

Let say this represent 25% of total share issued of GSP. Which mean 2.04b x 5 will give new total share issued of = 10.2b shares. Just take it as good for now, just too lazy to find out... :(

Estimated revenue for year 2010 is USD3b, this represent S$4.25b+-. Take the whole revenue as net profit...:) who knows ?? the figure might be higher.... :)

That will give us, an estimated EPS of 4.25b/10.2b = 41.67sen.......

Lets talk about PE, at current price GSP is trading a PE of 1.17/0.4167 = 2.8sen...

WOW, believe it or not, so low ???? Basing the industry gambling PE say.... 5sen is the worst i can think off, that will represent a fair value of S$2.08.... almost can deliver double of investment at current price. Guys, don't believe me this is just work out from imagination. If you choose to believe, at current price is a steal..... :)

FYI, i took in 2 batches of GSP at price of S$0.70 and S$1.11 respectively, also exercised partial of RI.

Recent News of GSP :-

Malaysian gambling concern Genting Bhd. is on track for a partial opening of its Singapore casino-resort by Christmas, stealing the lead on a competing project by Sheldon Adelson's Las Vegas Sands Corp.
Officially, Genting hasn't strayed from its target date of early 2010 for the opening of its US$4.4 billion Resorts World on the holiday island of Sentosa. But despite its cautious public projections, the developer has quietly been preparing for an earlier ramp-up, and a consensus is emerging among market-watchers that Resorts World will open ahead of Sands' Marina Bay Sands project in the heart of Singapore's business district.
Beating Sands to opening day would allow Resorts World to capitalize on the excitement around Singapore's long-awaited entry into gambling. Singapore's government for decades resisted allowing casinos, but reversed that policy in 2005. Morgan Stanley estimates Singapore's gambling industry could generate between US$3 billion and US$3.7 billion of revenue in its first year of operation.
Singapore's casinos are also well-placed to tap a deep reservoir of interest in Southeast Asia, and could take business from Macau casinos.
An earlier opening by Genting would be a setback for Sands, which won approval from Singapore's government to open a casino six months ahead of Genting and had for years been widely expected to open as Singapore's first casino.
Under Singapore law, local residents will be required to pay an entrance fee of 100 Singapore dollars (US$72) per casino visit or an annual membership fee of S$2,000 for each casino. That gives whoever opens shop first a chance to stake out a strong position in the marketplace, according to Praveen Choudhary, a Morgan Stanley analyst.
A spokesperson for the Sands' Marina Bay Sands project declined to comment on Resorts World's timetable, but maintained its stated position that the Marina Bay project was "targeting to open" in the first quarter of 2010, though with only about 1,000 of its 2,600 hotel rooms ready, as well as most of the convention center, the casino and up to half of the retail shops completed. "The rest of the attractions will open progressively throughout the year," the spokesperson said.
Since Sands won its bid in May 2006, construction delays and high-level management changes have bedeviled the ambitious $5 billion project. As the credit crunch threatened Sands' financial health last fall, Mr. Adelson issued several news releases to reaffirm the company's commitment to the Singapore project.
One particularly challenging feature of the Sands project is its SkyPark, a 7,000-ton cantilevered floating garden that perches atop the project's three 55-story hotel towers. Sands says the public observation deck will be longer horizontally than the Eiffel Tower is tall.
In its official statements, Genting is delicate about the timing. Lim Soon Hua, who is marketing Resorts World in four mainland Chinese cities as well as Taipei and Hong Kong, said in an interview Wednesday in Hong Kong that the project was "moving very fast," with rollercoasters and rides at the casino project's Universal Studios project undergoing testing.
"We are on time, and [Sands has] said that they are delayed," Mr. Lim said. "As to which will be first, that's the $100,000 question—no one knows yet." But, he added that anyone who went and "took a look" would see the difference.
Over the summer, Genting announced a three-day charity benefit concert for mid-December at Resorts World, which analysts say indicates a late 2009 "soft opening" of the casino-resort.
Aaron Fischer, who covers the Asian casino business for CLSA Asia-Pacific Markets, said he believed Genting "is well on track for a late December opening," though he expected the opening to be restricted to high-rollers and loyal Genting clients ahead of grand opening in mid-February 2010.
Genting, which has a gambling monopoly in its home market of Malaysia, bought a 3.2% stake in MGM Mirage Inc. in June.