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Flash Note - Genting (REDUCE, maintain) - A hint of optimism, expect better 2H




Affin Hwang Investment Bank Bhd


21 Feb 2013





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Full year FY12 core net profit of S$665m is inline with expectations Against a backdrop of strong rolling chip volumes (+50% yoy; +40% qoq) and theoretical win percentage (of 3%), management grew 4QFY12 core net profit by 27.1% qoq to S$169.7m (-35.6% yoy). This brings full year FY12 core net profit to S$665.2m (-35.2% yoy) – inline with Affin and street estimates. 4QFY12 core net profit rose 27% qoq on record high rolling chip volumes We estimate 4QFY12 rolling chip volume surged 40% qoq and 50% yoy to S$17.9bn (the highest since 1QFY11) with the return of mainland Chinese punters. Coupled with a theoretical win of 3%, 4QFY12 core net profit rose 27.1% yoy to S$169.7m. Yoy, core net profit fell 35.6% as 4QFY11 was an exceptionally lucky quarter with win percentage of 4% (a 1ppt drop in win rates). Importantly, non-gaming revenue and profit rose by almost 20% yoy as visitors continue to frequent both Universal Studios Singapore and the Oceanarium.

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