Ace up your sleeve: Genting Singapore bets on core earnings recovery
VIP business to pick up the slack.
According to CIMB, on closer analysis of core earnings over the last few quarters, Genting Singapore's 3Q13 performance was actually suppressed by additional provisioning and backdated charges at the EBITDA level. Adjusting for this, core earnings have actually recovered to 1Q12 levels.
The VIP business is the driver for this recovery and this segment seems to be broadening.
Here's more:
Despite the structural issues of credit and outstanding receivables, VIP debt collection has been healthier, exceeding S$400m over the last three quarters which again represents a recovery to 1Q12 levels.
We therefore believe that 4Q13 and 1Q14 are poised to surprise on the upside after its earnings have bottomed and came in below consensus for most of FY13.
The pressure is up for ThaiBev as protests turn deadly in Thailand
Other Singapore firms also threatened.
According to OSK, violence in Bangkok turned deadly over the weekend as anti-government protesters rallied up their campaign and mobilised thousands to oust embattled government of Prime Minister Yingluck Sinawatra.
Here's more from OSK:
Fierce fighting overnight on Saturday which continued on Sunday left four people dead and at least 103 people injured with the central bank warning the unrest is negatively affecting the economy. SGX-listed companies with exposure to Thailand may see an impact.
Thai Bev (Unrated), which is the largest and most prominent Thai play listed on the SGX, will likely see continued pressure on the stock, having fallen by 10% in the past two weeks.
Another company with sizeable contributions from Thailand is instant coffee maker Super Group, which sees about 20% of revenue from the kingdom.
This continued protest may also affect King Wan, the M&E player which is looking to list its associate KTIS Thai Industry Sugar in Thailand by next February.
CapitaMalls Asia's Westgate and Bedok Mall slated to open this week
Santa will come early this Christmas.
Two malls by CapitaMalls Asia are set to open in Singapore this December.
Westgate, a family and lifestyle mall located in Jurong East, will open its doors to shoppers on 2 December 2013. It will assemble an exciting array of fashion, lifestyle and F&B offerings under one roof, bringing brands that used to be the exclusive domain of shopping malls in town to the west of Singapore.
The seven-storey mall from Basement 2 to Level 5 houses more than 250 brands over a net lettable area of 410,000 square feet, similar to Raffles City Singapore’s retail area.
It is strategically located in the heart of the up-and-coming Jurong Gateway precinct, and is the only development with direct connections to both the Jurong East MRT and bus interchanges.
Meanwhile, Bedok Mall, the first major shopping mall in Bedok located right in the heart of the town centre, will be welcoming shoppers on 3 December 2013 with a series of festive promotions and activities.
The 220,000-square foot mall – about the size of Junction 8 – has about 200 shops spread across three floors from Basement 2 to Level 1. All units have been leased ahead of the mall’s opening.
Basement 2 of the mall will house everyday essentials, including FairPrice Finest, Popular, Home-Fix, Japan Home, Guardian and Watsons.
This level has also assembled an array of quick bites to serve shoppers on the go, such as Gong Cha, Ho Kee Bao, Hong Kong Sheng Kee Dessert, Hot Star Large Fried Chicken, Smoothie King and Yoshinoya.
Technics Oil & Gas disappoints with S$8.6m loss in 4Q 2013
Resulting in record S$9.9m loss for FY2013.
Technics Oil & Gas posted a S$8.6m loss in 4Q and a record S$9.9m loss for FY13, which OSK-DMG came in below than its already lowered estimates.
The research firm cautioned that the negative FY13 EBITDA may hamper its ability to borrow or issue notes, which is crucial building its new capital-intensive asset-leasing business.
The loss also resulted from a still-weak core fabrication business amid a glut in global yard space and dearth of new orders, added OSK-DMG.
