Singapore Company Focus

Genting Singapore
Bloomberg: GENS SP | Reuters: GENS.SI

DBS Group Research Equity 13 Aug 2010

Striking A Gold Mine

BUY S$1.28 STI : 2,927.04
Price Target : 12-Month S$ 2.00 (Prev S$ 1.60) • Stellar 2Q10 results, beating our already above-consensus
Reason for Report : 2Q10 Results forecast by 33%
Potential Catalyst: Faster ramp-up, award of junket license, lower than • 2H10 could match 1H10, as operations ramp up; potential
expected cannibalisation by MBS
wildcard from entry of junkets.
Analyst
• Increase FY10-12F earnings by 30-70%; valuation is
Singapore Research Team +65 6533 9688
undemanding at 11x 2011 EV/EBITDA, similar to peers.
• Maintain BUY, TP raised to S$2.00 (from S$1.60), based on
Price Relative sum-of-parts.
S$
Trumping expectations. 2Q10 net profit came in at S$397m
R elative Index
1.40 438

1.20 388 (2Q09: S$30m net loss; 1Q10: S$107m net profit, ex-
1.00
338

288
exceptionals), driven by RWS’ full quarter contribution (adjusted
0.80
238 EBITDA: S$504m vs 1Q10’s S$109m, based on first 45 days).
RWS’ still enjoyed 1 month of “monopoly” prior to MBS’
0.60
188
0.40 138

0.20 88
opening, along with above average VIP win percentage, which
2006 2007 2008 2009 2010
led to higher VIP/grind mix of 60:40 vs 1Q10’s 50:50. Foreigners
Genting S ingapore (LHS ) R elative S TI INDE X (R HS )
constituted ~2/3 of casino patrons (mainly from Malaysia,
Indonesia, China, and India). Average table count has risen to
Forecasts and Valuation 380 (1Q10: 300), comprising 100 VIP and 280 mass tables. Daily
net win per table was comparable to Macau, while slots
FY Dec (S$ m) 2009A 2010F 2011F 2012F
~US$500 (Macau: US$200). EBITDA margin (on normalized win
Turnover 491 3,844 4,859 5,728
rate & net revenue after rebates) was ~52% (1Q10: 48%, ex-
EBITDA 63 1,243 1,609 1,899
Pre-tax Profit (266) 799 1,120 1,422 pre-opening cost), boosted by higher-margin direct VIPs.
Net Profit (278) 663 930 1,181
Net Pft (Pre Ex.) (39) 663 930 1,181 Operations ramping up. RWS has opened up Maxims Platinum
EPS (S cts) (2.3) 5.5 7.6 9.7 and Crocksford Premium (VIP) along with Ladies Club on the
EPS Pre Ex. (S cts) (0.3) 5.5 7.6 9.7 mass gaming floor, raising table count to 410. Management is
EPS Gth Pre Ex (%) (709) (1,793) 40 27
targeting 450 tables and 1500-1600 slots (1200 currently) by
Diluted EPS (S cts) (2.2) 5.5 7.7 9.4
Net DPS (S cts) 0.0 0.0 0.0 0.0 end-10. After chalking up 3m visitor arrivals in 2Q10 (20-30k
BV Per Share (S cts) 34.0 45.2 52.9 62.6 daily to casino), RWS has raised its 2010 target to 15m from
PE (X) nm 23.5 16.7 13.2 13m. Seasonally stronger 2H10 should be boosted by the F-1
PE Pre Ex. (X) nm 23.5 16.7 13.2
P/Cash Flow (X) nm 17.5 13.0 10.8
race and Youth Olympic Games.
EV/EBITDA (X) 262.1 14.0 10.6 8.2 Raising FY10-12F earnings further by 30-70%, on faster ramp-
Net Div Yield (%) 0.0 0.0 0.0 0.0
P/Book Value (X) 3.8 2.8 2.4 2.0 up, higher VIP daily net win per table (US$24k from US$20k),
Net Debt/Equity (X) 0.2 0.3 0.2 0.0 delay in entry of junket (to 2011), and stronger EBITDA margins.
ROAE (%) (8.1) 13.8 15.6 16.8 Our TP is lifted to S$2.00 (from S$1.60), based on sum-of-parts.
Earnings Rev (%): 70.2 52.1 29.7
Correspondingly, we increase Genting Bhd’s FY10-12F earnings
Consensus EPS (S cts): 3.3 5.4 7.3 estimates by 15-21% and TP to RM10.80 (from RM9.40), based
on sum-of-parts. Maintain BUY on both.
ICB Industry : Consumer Services
At A Glance
ICB Sector: Travel & Leisure
Principal Business: Owns Resorts World at Sentosaand Genting Issued Capital (m shrs) 12,171
Stanley in UK Mkt. Cap (S$m/US$m) 15,579 / 11,443
Major Shareholders
Source of all data: Company, DBS Vickers, Bloomberg
Genting (%) 51.7
Free Float (%) 48.3
Avg. Daily Vol.(‘000) 96,602

www.dbsvickers.com
Refer to important disclosures at the end of this report
ed: JS / sa: JC
 Company Focus
Genting Singapore

Non-gaming operations picking up. Contribution to revenue
has inched up to c. 10-15% in 2Q10 (1Q10: <10%).
Universal Studios has turned cashflow positive with daily
average ticket sales of 7k (vs 5k in May) and spending of
S$84. Management is targeting to increase its daily
maximum capacity to 10-12k by Jan-11 and 18-20k by
Jan-12 (vs ~8k currently). As for the hotels, 2Q10
occupancy rate was 70% (2-3 days average stay) while
average room rate was S$263 (comparable to sector).
Average number of rooms opened was slightly above
1000 (1300 currently) and should reach 1500 by end-10.
Construction for Phase 2 (West Zone) started two weeks
ago (capex: S$600-700m). The Marine Life Park is
expected to be opened progressively by 2Q11, along with
the Maritime Xperiential Museum and additional 500
rooms at the Equarius Hotel and Spa Villas.
UK operations hit by weaker GBP. 2Q10 revenue fell 3% y-
o-y, 6% q-o-q to S$105m despite higher business volume.
Adjusted EBITDA also fell by 25% y-o-y, 45% q-o-q as
margin contracted to 9% (2Q09: 11%, 1Q10: 15%) with
higher bad debts written off.
The proposed disposal of Genting UK to Genting Malaysia
(GENM) should be positive as it will reduce the drag on
GENS’ resources, allow management to focus on RWS,
and seek new investments where it can scale its IR
experience. GENS is due to hold its EGM on 18 Aug 2010
while GENM on 24 Aug 2010 to seek for shareholders’
approval.

Figure 1: Results summary

FYE Dec (RMm) % chg % chg
2Q10 2Q09 1Q10 qoq yoy Remarks
Total Turnover 979.3 120.1 460.4 >100% >100%
GBP-SGD depreciation, but stronger
UK 105.9 109.1 113.0 -6.3% -3.0%
business volume
Full quarter contribution vs 1Q10's first 45
RWS 861.7 - 334.0 >100% >100% days, higher than average VIP win
percentage
Others 11.7 11.0 13.4 -12.5% 6.6%
Less: COGS (465.3) (104.9) (335.5) 38.7% >100%
Adjusted EBITDA 514.0 15.3 124.9 >100% >100%
UK 9.1 12.1 16.7 -45.5% -25.0%
RWS 503.5 - 108.9 >100% >100%
Others 1.3 3.2 (0.7) n.m. -57.9%
Less: Depreciation (86.3) (8.6) (26.8) >100% >100% RWS full quarter impact
EBIT (Operating Profit) 431.1 6.6 148.8 >100% >100%
Net interest (41.3) (13.9) (22.1) 86.6% >100%
Interest Expense (42.6) (14.4) (23.4) 82.4% >100% RWS full quarter impact
Interest Income 1.3 0.6 1.2 5.1% >100%
1Q10 include S$478m impairment on
Exceptional Items (0.0) (20.6) (503.7) -100.0% -99.9%
investment in Genting UK
Associates/ Jointly controlled entity 0.1 (20.7) (0.9) n.m. n.m.
Pre-tax Profit 389.9 (48.5) (377.9) n.m. n.m.
Less: Taxation 6.6 (2.2) (18.4) n.m. n.m.
Effective Tax Rate (%) 0.0 0.0 0.0 -65.1% -62.2%
Profit After Tax 396.5 (50.7) (396.3) n.m. n.m.
Minority interest - - - - -
Net Profit 396.5 (50.7) (396.3) n.m. n.m.
Net profit (ex-exceptionals) 396.6 (30.1) 107.4 n.m. >100%

EBITDA margin (%) 52% 13% 27%

UK 9% 11% 15% Higher debts written off
RWS full quarter impact, higher than
RWS 58% - 33% average VIP win percentage, Universal
Studios already broken-even
Source: Company, DBS Vickers

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 Company Focus
Genting Singapore

Figure 2: Revised sum-of-parts

S$ m S$/share % SOP
NPV of RWS 24,822.2 2.04 104%
Net proceeds from disposal of UK operations 688.8 0.06 3%
Pacific Lottery Club 1.0 0.00 0%
Rank Group 108.3 0.01 0%
25,620.3
Net Cash/(Debt) (1,946.8) (0.16) -8%
Interest savings (assume debt repayment with
155.0 0.01 1%
proceeds from disposal of Genting UK)
Sum-of-parts 23,828.5 1.96 100%
No of shares (m) 12,161.9
Sum-of-parts/share (S$) 1.96

RWS - Discounted cashflows (S$m) 2010 2011 2012 2013 2014 2015
EBIT 1,054.9 1,365.8 1,660.3 2,035.6 2,392.1 2,636.8
Less : Tax on EBIT (179.3) (232.2) (282.3) (346.0) (406.7) (448.3)
875.6 1,133.6 1,378.1 1,689.5 1,985.5 2,188.6
Add : Depreciation & non-cash items 175.0 220.0 220.0 220.0 220.0 220.0
Operating Cashflow (After-tax) 1,050.6 1,353.6 1,598.1 1,909.5 2,205.5 2,408.6
Less: Chg in Working Capital (210.1) (270.7) (319.6) (381.9) (441.1) (481.7)
Less: Capex (2,200.0) (1,000.0) (200.0) (200.0) (200.0) (200.0)
(1,359.6) 82.9 1,078.4 1,327.6 1,564.4 1,726.9
Terminal Value 35,099.4
FCFF (S$m) (1,359.6) 82.9 1,078.4 1,327.6 1,564.4 36,826.3

PV (1,258.1) 71.0 854.5 973.4 1,061.4 23,120.0

Key Assumptions

Total Gross Revenue, before

commissions/rebates (S$m) 3,334.0 4,332.1 5,201.8 3,334.0 3,334.0 3,334.0
Total Net Revenue (S$m) 2,632.0 3,389.0 4,027.0 2,632.0 2,632.0 2,632.0
Total EBITDA (S$m) 1,259.9 1,585.8 1,880.3 1,259.9 1,259.9 1,259.9
EBITDA margin (on gross revenue) 38% 37% 36% 36% 36% 36%
EBITDA margin (on net revenue) 48% 47% 47% 46% 46% 46%

Casino revenue (US$m) 2,042.4 2,533.4 2,974.3 3,445.1 4,001.3 4,391.1

- VIP 1,156.3 1,445.1 1,682.7 1,934.6 2,226.2 2,405.2
- Grind 635.8 806.4 952.8 1,111.7 1,304.0 1,436.3
- Slots 250.3 282.0 338.8 398.8 471.1 549.7
Daily net win 6.4 7.9 9.3 10.8 12.5 13.7

Distribution 100% 100% 100% 100% 100% 100%

- VIP 57% 57% 57% 56% 56% 55%
- Grind 31% 32% 32% 32% 33% 33%
- Slots 12% 11% 11% 12% 12% 13%

VIP gaming
- Junket 0% 30% 60% 60% 60% 60%
- In-house 100% 70% 40% 40% 40% 40%
No of tables 400 493 565 640 715 750
- VIP 132 163 186 211 236 248
- Mass 268 330 379 429 479 503
No of slots 1,371 1,500 1,750 2,000 2,250 2,500
Daily net win per table (US$) 12,275 12,524 12,780 13,041 13,527 14,033
Daily net win per slot (US$) 500 515 530 546 574 602

Cost (US$m)
Gaming tax % (including 7% GST)
- VIP 12% 12% 12% 12% 12% 12%
- Grind 21% 21% 21% 21% 21% 21%
Junket commission (% of rolling chip) 1.5% 1.5% 1.5% 1.5% 1.5% 1.5%
Rebates for in-house VIP (% of rolling chip) 1.2% 1.2% 1.2% 1.2% 1.2% 1.2%
No of staff 10,000 10,000 10,000 10,000 10,000 10,000
Average wage 2,020 2,323 2,671 3,072 3,533 4,063
Growth % YOY 15% 15% 15% 15% 15%

Other overheads (% of sales) 5% 5% 5% 5% 5% 5%

Non-gaming revenue (S$m) 544.0 871.5 1,138.9 1,418.9 1,554.7 1,704.0

% of total revenue 16% 20% 22% 23% 22% 22%
No of visitors to USS (m) 2.7 4.9 6.1 7.6 8.0 8.4
Average ticket price (S$) 70 74 77 81 85 89
Hotel ARR (S$/room-night) 260 273 287 301 316 332
Occupancy rate (%) 80% 85% 90% 90% 90% 90%
Source: Company, DBS Vickers

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 Company Focus
Genting Singapore

Income Statement (S$ m) Balance Sheet (S$ m)

FY Dec 2009A 2010F 2011F 2012F FY Dec 2009A 2010F 2011F 2012F
Turnover 491 3,844 4,859 5,728 Net Fixed Assets 4,538 6,321 6,858 6,751
Cost of Goods Sold (419) (2,592) (3,241) (3,821) Invts in Associates & JVs 46 37 28 19
Gross Profit 72 1,252 1,618 1,908 Other LT Assets 1,409 1,409 1,409 1,409
Other Opng (Exp)/Inc (38) (217) (262) (258) Cash & ST Invts 2,851 2,418 2,400 3,238
Operating Profit 34 1,034 1,356 1,650 Inventory 13 26 32 38
Other Non Opg (Exp)/Inc 0 0 0 0 Debtors 127 214 256 286
Associates & JV Inc (9) (9) (9) (9) Other Current Assets 73 144 144 144
Net Interest (Exp)/Inc (52) (226) (227) (219) Total Assets 9,058 10,568 11,128 11,886
Exceptional Gain/(Loss) (238) 0 0 0
Pre-tax Profit (266) 799 1,120 1,422 ST Debt 97 97 97 97
Tax (12) (136) (190) (242) Other Current Liab 714 786 853 955
Minority Interest 0 0 0 0 LT Debt 3,654 4,185 3,748 3,223
Preference Dividend 0 0 0 0 Other LT Liabilities 458 0 0 0
Net Profit (278) 663 930 1,181 Shareholder’s Equity 4,134 5,501 6,430 7,611
Net Profit before Except. (39) 663 930 1,181 Minority Interests 0 0 0 0
EBITDA 63 1,243 1,609 1,899 Total Cap. & Liab. 9,058 10,568 11,128 11,886

Sales Gth (%) (23.7) 682.6 26.4 17.9 Non-Cash Wkg. Capital (500) (402) (421) (487)
EBITDA Gth (%) (17.6) 1,878.6 29.5 18.0 Net Cash/(Debt) (900) (1,864) (1,444) (81)
Opg Profit Gth (%) (1.8) 2,935.1 31.0 21.7
Net Profit Gth (%) 122.4 (339.0) 40.1 27.0
Effective Tax Rate (%) N/A 17.0 17.0 17.0
Cash Flow Statement (S$ m) Rates & Ratio
FY Dec 2009A 2010F 2011F 2012F FY Dec 2009A 2010F 2011F 2012F
Pre-Tax Profit (266) 799 1,120 1,422 Gross Margins (%) 14.6 32.6 33.3 33.3
Dep. & Amort. 38 217 262 258 Opg Profit Margin (%) 6.9 26.9 27.9 28.8
Tax Paid (8) (136) (190) (242) Net Profit Margin (%) (56.5) 17.3 19.1 20.6
Assoc. & JV Inc/(loss) 9 9 9 9 ROAE (%) (8.1) 13.8 15.6 16.8
Chg in Wkg.Cap. (32) 147 19 66 ROA (%) (4.0) 6.8 8.6 10.3
Other Operating CF 190 0 0 0 ROCE (%) 0.5 9.5 11.2 12.9
Net Operating CF (69) 1,036 1,220 1,513 Div Payout Ratio (%) N/A 0.0 0.0 0.0
Capital Exp.(net) (1,994) (2,000) (800) (150) Net Interest Cover (x) 0.6 4.6 6.0 7.5
Other Invts.(net) 0 0 0 0 Asset Turnover (x) 0.1 0.4 0.4 0.5
Invts in Assoc. & JV 0 0 0 0 Debtors Turn (avg days) 94.1 16.2 17.6 17.3
Div from Assoc & JV 0 0 0 0 Creditors Turn (avg days) 370.2 101.8 100.4 92.6
Other Investing CF (5) 0 0 0 Inventory Turn (avg days) 8.2 3.0 3.6 3.6
Net Investing CF (1,999) (2,000) (800) (150) Current Ratio (x) 3.8 3.2 3.0 3.5
Div Paid 0 0 0 0 Quick Ratio (x) 3.7 3.0 2.8 3.4
Chg in Gross Debt 2,419 531 (437) (525) Net Debt/Equity (X) 0.2 0.3 0.2 0.0
Capital Issues 1,510 0 0 0 Net Debt/Equity ex MI (X) 0.2 0.3 0.2 0.0
Other Financing CF (102) 0 0 0 Capex to Debt (%) 53.2 46.7 20.8 4.5
Net Financing CF 3,828 531 (437) (525) Z-Score (X) 0.0 0.0 0.0 0.0
Net Cashflow 1,760 (433) (17) 838 N. Cash/(Debt)PS (S cts) (7.4) (15.3) (11.9) (0.7)
Opg CFPS (S cts) (0.3) 7.3 9.9 11.9
Free CFPS (S cts) (17.0) (7.9) 3.5 11.2
Quarterly / Interim Income Statement (S$ m) Segmental Breakdown / Key Assumptions
FY Dec 3Q2009 4Q2009 1Q2010 2Q2010 FY Dec 2009A 2010F 2011F 2012F
Turnover 141 125 460 979 Revenues (S$ m)
Cost of Goods Sold (101) (123) (336) (465) UK 448 467 484 484
Gross Profit 40 2 125 514 Singapore 0 3,334 4,332 5,202
Other Oper. (Exp)/Inc (11) (13) 20 (87) Others 43 43 43 43
Operating Profit 29 (11) 145 427
Other Non Opg (Exp)/Inc 1 1 2 2
Associates & JV Inc (1) 13 (1) 0 Total 491 3,844 4,859 5,728
Net Interest (Exp)/Inc (13) (12) (22) (41) Operating Profit (S$ m)
Exceptional Gain/(Loss) (101) (94) (504) 0 UK 23 4 5 5
Pre-tax Profit (84) (103) (378) 390 Singapore (130) 1,055 1,366 1,660
Tax (9) 1 (18) 7 Others 141 (25) (15) (15)
Minority Interest 0 0 0 0
Net Profit (93) (102) (396) 397
Net profit bef Except. 8 (7) 108 398 Total 34 1,034 1,356 1,650
EBITDA 39 15 175 518 Operating Profit Margins (%)
UK 5.1 1.0 1.0 1.0
Sales Gth (%) 17.1 (11.2) 268.4 112.7 Singapore N/A 31.6 31.5 31.9
EBITDA Gth (%) (823.6) (61.5) 1,067.0 196.3 Others 328.5 (58.2) (34.9) (34.9)
Opg Profit Gth (%) 513.9 (138.7) (1,410.2) 195.0
Net Profit Gth (%) 84.3 8.9 289.7 (200.1)
Gross Margins (%) 28.3 1.5 27.1 52.5 Total 6.9 26.9 27.9 28.8
Opg Profit Margins (%) 20.3 (8.8) 31.4 43.6
Net Profit Margins (%) (66.3) (81.4) (86.1) 40.5

Source: Company, DBS Vickers

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 Company Focus
Genting Singapore

DBSV recommendations are based an Absolute Total Return* Rating system, defined as follows:
STRONG BUY (>20% total return over the next 3 months, with identifiable share price catalysts within this time frame)
BUY (>15% total return over the next 12 months for small caps, >10% for large caps)
HOLD (-10% to +15% total return over the next 12 months for small caps, -10% to +10% for large caps)
FULLY VALUED (negative total return i.e. > -10% over the next 12 months)
SELL (negative total return of > -20% over the next 3 months, with identifiable catalysts within this time frame)

Share price appreciation + dividends

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COMPANY-SPECIFIC / REGULATORY DISCLOSURES

1. DBS Vickers Securities (Singapore) Pte Ltd and its subsidiaries do not have a proprietary position in the mentioned
company as of 11-Aug-2010
2. DBS Bank Ltd has been appointed as the designated market maker of structured warrant(s) for Genting Singapore issued
by DBS Bank Ltd.
3. DBSVR, DBSVS, DBS Bank Ltd and/or other affiliates of DBS Vickers Securities (USA) Inc ("DBSVUSA"), a U.S.-registered
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4. Compensation for investment banking services:
i. DBSVR, DBSVS, DBS Bank Ltd and/or other affiliates of DBSVUSA have received compensation, within the past 12
months, and within the next 3 months receive or intends to seek compensation for investment banking services
from the Genting Singapore.
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obtain further information, including any clarification on disclosures in this disclaimer, or to effect a transaction in
any security discussed in this document should contact DBSVUSA exclusively.

Page 5
 Company Focus
Genting Singapore

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qualified, professional, institutional or sophisticated investors as defined in the laws and regulations of such
jurisdictions.

DBS Vickers Research (Singapore) Pte Ltd – 8 Cross Street, #02-01 PWC Building, Singapore 048424
Tel. 65-6533 9688
Company Regn. No. 198600295W

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