Genting HK

Genting HK: good set of FY11 results, inline to above expectations.
Revenue came in at US$515.5m (+28.9% YoY) with a record net profit of US$182.2m (+120.5% YoY).

The higher revenue was mainly due to a 42.6% YoY increase in gaming revenue on Star Cruises operations, as well as a 7.3% increase in capacity days.
Operating margin was higher at 13%, vs to 9% in FY10, boosted by the increase in gaming revenue in FY11.
Nevertheless, operating cost on a per Capacity Days basis rose higher by 13.9%, due to higher fuel cost, payroll, and port charges. Average fuel cost rose by 28.1% in FY11.

Norwegian Cruise Line (NCL)'s EBITDA came in at US$506.0m, +24.9% YoY. NCL would look forward to the delivery of 2 new ships in 1H13 and 1H14 respectively.

Travellers, which operates the Resorts World Manila, reported revenue of US$659.3m (+85.3% YoY), EBITDA of US$214.4m (+110.2% YoY) and net profit of US$111.9m (+57.2% YoY). EBITDA margin came in at 35.0% vs 28.7% yoy. RWM is now working on Phase 2 of expansion to construct a 112k sm convention centre (expected completion in 2013), and additional luxury hotels over the next 2 years.

KE Research maintains Buy rating, to adjust previous US$0.45 TP post analyst briefing.
UOBK yday downgraded from Buy to Hold, but raised TP from US$0.33to US$0.36.