Saturday, February 21, 2009

增加圣淘沙IR投资额 云顶股价在新马齐跌

吉隆坡讯)云顶(Genting)在新加坡的圣淘沙名胜世界投资额增加6亿新元,将影响到今年的盈利后,股价昨天在吉隆坡股市下跌4仙至3.58令吉。
  
云顶国际(Genting International)前天说,它的综合渡假胜地的投资额将从60亿元增加至65亿9000万元,将对今年的盈利产生重大的冲击。
  
马来亚投资银行在昨天的报告中说,由于环球经济衰退,云顶现在预计来自新加坡项目的内部回收率(internal rate of return),将从之前的15%降低至介于13到14%。
  
马来亚投资银行已将云顶的目标价格从4.80令吉降低到4.30令吉。
  
云顶国际前天说,新加坡的赌场将如期在2010年初开张,至今该项目已发出超过45亿新元的建筑合同。
  
在新加坡上市的云顶国际的股价昨天也下跌半分或1.2%,至42新分。
  
云顶国际第四季持续蒙受净亏,但净亏幅度进一步缩小,归功于英国赌场没有注销减记,这对下周公佈的云顶全年业绩有正面作用。
  
联昌研究指出,英国子公司云顶史坦利去年第四季,没作资产减记是一项正面发展,此公司去年第三季出现1亿零80万新元的一次过商誉减记,扩大母公司云顶国际的净亏损水平。
  
云顶国际尽管去年第四季出现亏损,但分析员认为这不会为母公司云顶的第四季財报,带来一次过减损项目,对云顶的净利表现而言是利好效应。
  
达证券將一些营运收入项目,重新列为云顶核心盈利项目,因此上调2008財政年核心盈利至13亿令吉,较早前为11亿令吉,全年净利作9亿7020万令吉。

Source

Singapore: Genting Narrows Net Loss To $125m

SINGAPORE: Genting International said Thursday (19 Feb) its full-year net loss narrowed to $124.8 million from $381.4 million, but warned that it will be incurring substantial costs for the Resorts World at Sentosa (RWS) development.
It also said the development is expected to have a 'significant impact' on earnings this financial year.
The group assured investors yesterday that financing for the integrated resort (IR) 'is in place' after it obtained a $4 billion credit facility last April.

Genting, which is also the largest casino operator in Britain, saw its revenue fall 14% to $643.8 million.

The company took a hit from its casino operations in Britain, where a slowing economy and a weakening pound against the Singapore dollar took their toll.

The group also experienced lower business volumes due to the global economic slowdown.

The slowdown is likely to have a material impact on disposable income, which will adversely affect its British operations, it said.

The group absorbed $100.8 million in impairment losses on intangible assets, mainly due to the general economic slowdown in Britain and the rest of the world.

Key expenses were also up, with administrative expenses rising 22% to $42.5 million.

Other operating expenses more than doubled from $15.2 million to $32.7 million.

Loss per share was 1.3 cents, down from 5.08 cents, while net asset value stood at 28.41 cents as of 31 Dec, down from 35.29 cents a year earlier.

Genting shares closed at 42.5 cents Thursday ahead of the earnings announcement, down half a cent. It has lost about 34% since a high of 64.5 cents last June.

No dividend was recommended for the year.

Source

Friday, February 20, 2009

Genting International released its FY08 results yesterday

Genting International released its FY08 results yesterday. The group reported a net loss of S$124.8m versus a net loss of S$381.5m in the previous year. Lower earnings were attributed to Genting’s UK casino operations which had been adversely affected by the weaker Pound against the Singapore dollar, as well as lower business volumes.

The company also added that the cost of building a casino in theme park in Singapore has increased to S$6.6bn from S$6bn and will have a significant impact on 2009 earnings. We expect the stock to face downward pressure going forward due to the absence of any near term positive catalysts.

Source

Thursday, February 19, 2009

Resorts World at Sentosa to top out first hotel this month

SINGAPORE: Resorts World at Sentosa will top out its first hotel, Maxims Tower, by the end of this month.

The structural completion of the 11-storey hotel marks yet another major milestone in the development of the integrated resort, which remains on track for a soft opening in the first quarter of 2010.

Maxims Tower will open with three other hotels - Hotel Michael, Festive Hotel and Hard Rock Hotel - as well as the casino, Le Vie Theatre, a 7,300-seat Grand Ballroom, and Universal Studios Singapore.

Installation of ride equipment for the many attractions at Universal Studios Singapore has also begun, with testing and commissioning of the attractions scheduled to begin in October 2009.

Source

Genting to invest more

GENTING International, which is building the Resorts World at Sentosa (RWS), is to invest another $590 million in the integrated resort which is due to open in early 2010.

The extra funds to be pumped in by the company, which is part of Malaysian gaming conglomerate Genting Berhad, will bring its total investment in RWS to $6.59 billion, up from $6 billion, it said in a statement to the Singapore Exchange on Thursday.

Genting said the extra investments were required because of further changes made last year aimed at increasing the appeal of the IR project.

'In the course of the past year, changes have been made to the design and architecture of the integrated resort to substantially improve its entertainment and fun offerings, including enhancements to its casino and Universal Studios Singapore,' said Genting.

'Improvements were made to the quality of interiors as well as foot traffic accessibility to retail and dining outlets.'

The group, which managed to narrow its full-year losses, said it will be incurring substantial costs on the Sentosa IR, and this is expected to have a 'significant impact'on its earnings this financial year.

Capital expenditure before the resort's opening is projected to be less than $6 billion, and hence, the additional investments will be funded by operating cash flows from the IR when it opens.

The group also assured investors that financing for the IR 'is in place', after obtaining a $4 billion credit facility in April last year.

To prepare for the IR's opening in 2010, the group 'will be incurring significant pre-opening costs as it accelerates its human resource recruitment, training and sales and marketing programmes for the integrated resort', it added.

As at the end of last year, RWS has awarded and committed more than $4.5 billion of the $6.59 billion project costs.

The resort will feature four hotels, a 7,300-seat ballroom, as well as the first Universal Studios in South-east Asia.

Genting, also the largest casino operator, reported a full-year net loss of $124.8 million, 67 per cent lower than the $381.45 million of losses chalked up in 2007.

Revenue slipped 14 per cent to $643.8 million, down from $751.65 million in 2007, mainly due to lower revenue from the group's casino operations in Britain on the back of a weakening pound against the Singapore dollar.

Source

圣淘沙名胜世界追加近6亿元预算

预计在明年第一季开放部分设施的圣淘沙名胜世界,为了进一步完善建筑设计和增添设施,决定增加投资预算,使它的预算从原来的60亿元,增加到65亿9000万元。
  
圣淘沙名胜世界总裁陈启德,昨天通过越洋电话接受区域媒体访问时指出,增加投资预算主要是为了增添设施,不完全是因为建筑成本增加。
  
他指出,新添的投资主要花费在资助设在圣淘沙名胜世界前的单轨列车站、改善度假胜地内的行人设施以及增添度假胜地内环球影城的节目内容。
  
他透露,工程在2007年4月启动以来,建筑材料成本确实提高不少,以钢铁为例,2007年每公吨为800元,去年增加至每公吨1800元。

近来建筑费用调低不少
  
另一方面,受金融危机影响,近月建筑费用调低不少。他表示,建筑费用降低的工程,主要是过去两个月发出的建筑合同。
  
截至去年12月底为止,圣淘沙名胜世界已发出总值45亿元的建筑合同。目前,它已发出约七成的建筑合同。
  
圣淘沙名胜世界的文告说,新增的5亿9000万元投资将以明年营业后所获得的流动资金支付。去年4月,它取得40亿元的贷款;在开业时,估计资本开支将少于60亿元。
  
陈启德表示,虽然经济衰退促使近月入境游客人数持续减少,但相信这不会对圣淘沙名胜世界造成太大的影响。

他认为区域旅客将减少长途旅游,改作短程旅行,因此有信心圣淘沙名胜世界一旦开放,就能吸引区域旅客,特别是来自上海、广州的中国游客。至于本地游客,他相信也会慕名而来。
  
本月底,该度假胜地内的第一家旅馆“美星豪华酒店”将完成主要的建筑架构工程。这座11层楼高的豪华酒店预订明年第一季,随其他设施如赌场、Le Vie剧院、拥有7600个座席的大宴会厅、新加坡环球影城及另外三家酒店一同开放,迎接首批到访的游客。
  
圣淘沙名胜世界为上市公司云顶国际间接拥有的独资子公司。
  
云顶国际截至去年底的全年亏损,减少了67%,共为1亿2480万元。
  
集团营收减少14%,共为6亿4383万元,税前亏损减少65%,共为1亿4847万元。每股亏损1.38分,净资产值28.41分。

Source

新科电子再获圣淘沙名胜世界680万元合同

新科工程(ST Engineering)旗下的新科电子(ST Electronics)再获圣淘沙名胜世界有关提供一个综合保安系统、一个资讯科技基础设施系统,以及一个停车场指引和付款系统合同。
  

新合同价值680万元,加上去年12月所获得的另一相关合同,公司已共获得圣淘沙名胜世界总值9280万元的合同。



Source

Tuesday, February 17, 2009

China may raise tax on imports of refined zinc

HONG KONG/SINGAPORE, Feb 17 (Reuters) - China may raise a tax on imports of refined zinc to 5 percent from 3 percent, smelter officials and traders said on Tuesday, a move that may be bearish for prices and put it at loggerheads with its trading partners.

The duties, which smelter officials say are intended to support domestic smelters and allow them to benefit from restocking by China's State Reserves Bureau, could be a sign that Beijing is toning down its policies to open up trade and limit the headlong expansion of the metals sector.

"The Chinese government seems to be changing policy towards metals, away from encouraging cutbacks to one where it wants to maintain production and preserve employment," said Gayle Berry, an analyst at Barclay Capital in London.

"That's bearish for metals -- China needs to cut production and these new policies are not good news for prices."

She said the tax changes, which may go into force as early as March, may even misfire and create an even bigger headache for smelters in the longer term.

Beijing is also expected to reinstate a 5 percent tax on imports of primary aluminium that it had cancelled two years ago from March 1 to support aluminium smelters. [ID:nHKG242414]

Zinc prices in China, the world's top producer of the metal, have stayed higher than the cost of imports after the SRB bought 59,000 tonnes of refined zinc from seven smelters last month as part of Beijing's plan to support smelters at a time of anaemic demand.

The SRB had also bought 290,000 tonnes of aluminium from eight smelters in December, boosting domestic prices.

"China only imports a tiny amount of aluminium. The tax will support Shanghai Futures Exchange prices, but that will also encourage smelters to restart production," Berry said.

Trade data on Tuesday showed China imported about 25,000 tonnes of unwrought aluminium in January, just 2.5 percent of the country's output of over 1 million tonnes a month.

Berry estimated that higher aluminium prices in Shanghai since the start of the year may have encouraged a million tonnes of idled or new capacity to be fired up.

"There is a low probability that these (moves) will go through. Chinese imports and exports have dropped significantly and with volumes at these levels, it would be difficult for the government to impose new taxes," said Wan Ling, an aluminium analyst at CRU.

"PROTECTIONISM" CHARGE

Traders said the proposal could leave China open to accusations of protectionism, especially after it lambasted the United States for a "Buy American" clause in the $787 billion plan to jump-start the world's biggest economy passed on Friday.

"China is big but it is part of the global market," a trader at an international trading house said.
"The Chinese started complaining of U.S. protectionism. If they start increasing import duties on everything, there's going to be a trade war."

China's official Xinhua news agency has slammed the "Buy American" requirement of the U.S. economic stimulus package, saying in a commentary that trade protectionism is a "poison" that will harm poor countries. [ID:nPEK84246]

"History and economic theory show that in facing a financial crisis, trade protectionism is not a way out, but rather could become just the poison that worsens global economic hardships," Xinhua said, in response to the passing of the U.S. plan.

William Adams, an analyst at BaseMetals.com, reckons China's actions aren't really protectionism.

"The SRB is buying metals to support domestic smelters. That is their aim rather than to make money for smelters in other countries. The problem is that if they keep domestic prices up even if they maintain the barriers, metal will continue to flow in."

Source

Tuesday, February 10, 2009

应付未来激增客流量 圣淘沙岛将兴建缆道系统

发展集团探讨在圣淘沙岛内兴建缆道系统,应付未来岛上激增的客流量。
  

这是继本报较早前独家报道的自动走道(travellator)建造工程后,另一个改善圣淘沙岛上交通的计划。
  

该集团日前公开招标,邀请承包商就圣淘沙缆道系统(Sentosa Cableway)的设计与建造计划,提供全面的咨询服务,包括研究整个系统的建筑、土木与结构设计、机械与电子工程及建筑工料估算等。
  

有关咨询也包括研究不同建筑部件,如塔架、车站和维修站的发展和采购工作。
  

招标工作分两个阶段进行,只有获选进入第二阶段的顾问公司才可参与投标。参与者需有至少10年的建筑发展工程咨询与管理经验,以及曾负责过至少五项建筑费各超过3000万元的工程。
  

有关招标将在本月10日截止。圣淘沙集团受询时不愿进一步透露详情,但据可靠消息透露,这个新的缆道系统并非是要取代现有衔接新加坡本岛和圣淘沙的缆车服务。它将建在岛内,主要是要应付圣淘沙岛上日益繁忙的客流量,把路面上的部分交通量转移到“空中”。
  

探讨中的其中一个缆车站可能设在综合度假胜地名胜世界外,较靠近高尔夫球场那一端。另一头可能设在西乐索炮台(Fort Siloso)附近。长远的计划不排除把缆道进一步连接到本岛的可能性。
  

本报去年底曾报道,圣淘沙集团计划在今年中,动工兴建跨海的木板走道(boardwalk)来连接怡丰城(VivoCity)和圣淘沙岛,为游客提供多一个登岛的管道。
  

新木板走道将建在现有圣淘沙汽车大桥旁,上面将装置类似樟宜机场内的电动走道,走累了的游客可站着被送上岛。走道沿途也会设零售和小吃店,让游客在有遮荫设施的木板走道上一边享用美食和购物,一边轻松漫步到岛上。
  

目前圣淘沙岛上汽车和巴士车流量相当繁忙,相信在明年初名胜世界启用后,交通情况更紧张,因此当局正积极探讨如何改善岛上的路面交通。
  

圣淘沙每年的游人多达620万人次,名胜世界综合度假胜地建成后,游人会倍增,预计到了2015年登岛游客将增至1500万人次。
  

目前约三成的游人是使用圣淘沙捷运系统(Sentosa Express)登岛,开车入岛的游客不到25%,另外20%乘坐缆车,其余则搭乘圣淘沙短程巴士和游览巴士。
  

据了解,当局担心在名胜世界启用后,乘客量日益攀高,捷运系统恐怕不胜负荷,无法应付日后的需求,因此探讨增设多一个交通管道。
  

缆道服务究竟如何运作,目前还不具体,但受访的旅游业者认为,如果是缆车的话,行驶速度一般较缓慢,纯粹作为另一个交通工具,恐怕无法有效舒缓人潮。全国旅行社协会(NATAS)总裁邱武侯受访时说:“假如它的车厢比较大或有别于现有的系统,又或者建设缆车的用意是要让游客从高空观光游览圣淘沙,那就另当别论。”  
  

他认为,增设自动走道是个较为有效的交通模式,“若自动走道可运送大批游人入岛,旅游巴士就不用上岛,可在怡丰城让游客下车,游人登岛后可改用其他交通工具,这么一来,就可减少岛上旅游巴士的数量”。
  

邱武侯也认为,有了自动走道后,当局应考虑限制人们开车上岛,“或许可在本岛设较多停车处,让游人把车子停放在本岛,然后使用自动走道登岛”。
  

全国旅协入境旅游主席陈绍棠表示:“目前还不清楚缆车的具体设计,难以评论它的用处,现在捷运系统主要是直线贯穿圣淘沙岛,若建缆车的话,可能是要把交通设备向‘横’发展,照顾岛上各个景点的交通需求。”
  

他建议当局提升捷运系统,进一步提高车厢的载客量,以应付日益增加的需求。
  

另外,当局据说也正探讨把现有的短程巴士服务扩展到市区,以方便游客直接从乌节路和滨海湾一带乘坐巴士到圣淘沙。目前这类橙色短程巴士仅从港湾巴士转换站出发。
  

圣淘沙集团也探讨延长短程巴士的川行时间,考虑24小时运作,方便留宿游客进出圣淘沙。



Source
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