GentingSP

GentingSP: Results generally in-line with consensus. 4Q rev at $788.5m of which RWS contributed $775.2m, EBITDA at $385.6m. 4Q net profit down 150.3m due to loss from discontinued operations, excluding which would have been a positive $91.7m...

Updates revealed through the conference call revealed significant improvement in VIP segment which grew 40%qoq and VIP accounting for 60% of the gaming rev mix, largely driven by credit extended to VIPs. RWS also has an estimated higher mkt share 54%-58% than MBS…

Other segments on a quarter basis, theme park USS reported avg ticket sales of 8,300 per day in 4Q up 11% from 7500 in 3Q and the Battlestar Galactica attraction has re-opened . Hotel occupancy rose to 79% from 71% and avg room rates were higher at $294 over $250...

Further plans include attractions of Journey to Madagascar and Transformers by year-end and a maritime museum, marine life park and 2 new luxury hotels adding 450 rooms from 2H11 to 2012. As of FY2010, co has $3.5b of debt and approx $9.1b in assets. Mixed calls from analysts, Deutsche maintains Buy TP$2.43, GS maintains Conviction Sell at $1.70, prefers parent Genting Bhd. Macq at Underperform, TP$1.83, Citi maintains Buy TP$2.40. JPM maintains Neutral with TPS$2.15.