对于分析能力不好的新手来说，
更应该多阅读不同投行的资料分析，
很多时候基础就是这样磨炼回来的。
资料来源：RHB+全哥资料整合
*云顶大马（Genm）对在2015 年Mashpee Wampanoag Tribe 所发出的有息票据（interest bearing notes）做出18亿3400万令吉的一次性减值亏损（one-off impairment loss）。
*Mashpee Wampanoag Tribe是位於美国麻省南部Taunton市的印弟安部落赌城。
*云顶大马对Mashpee Wampanoag Tribe发行的票据进行投
资，以融资该部落在美国马萨诸塞州Taunton综合博彩度
假村的发展。有关项目目前停滞不前，仍待进一法律程序
发展/及政府有关部门的行动。
*不排除恢复的可能性，因为管理层目前正在与部落进行谈判。
*股票处于低估，EV/EBITDA为6.9倍，而同业平均为10.4倍。
*9M18 revenue 及 core net profit 分别为 74亿令吉 (+9%
YoY) 和12亿令吉 (+33% YoY) ， 归功于云顶马来西亚的国内业务。
*海外业务的总收入因汇率走软而下跌。
*由于提高了Bimini的运营效率，其美国和Bahamas业务部门的EBITDA增长至1,180万林吉（ (+20% QoQ)）。
*New Theme Park 和 Crockfords Hotels 平均房价上涨21% YoY 。
*访客到达云顶高原达到16m -73%是短途旅行者。云顶大马外国游客整体有增长，主要来自中国（同比增长18%）。
*假设 21世纪福克斯户外主题公园在1H19 不开放，访客到访增长预测将从之前的20%调整至5% ，FY19F-20F的盈利分别下调9％和10％。
*Maintain BUY with a new MYR3.53 TP from MYR4.30.
*While we assume the outdoor theme park will not open in the near term, we think Genting Malaysia’s existing and upcoming facilities under the GITP will continue to draw visitors.
*This, in turn, will contribute to higher gaming volume. As the overhang – with regards to the Mashpee promissory notes – has now been lifted, investors can now refocus on the group’s core business operations and upcoming new facilities.
*The stock is currently undervalued, as it is trading at EV/EBITDA of 6.9x, below its 5-year average of 9.7x and regional peers average of 10.4x.
Consumer Cyclical | Gaming
同行比较 Peer comparison
*Based on our newly-derived TPs of MYR8.40 and MYR3.53 for Genting (GENT MK, BUY) and Genting Malaysia, the implied EV/EBITDAs are 6.4x and 8.4x. This suggests that the former is valued at a 24% discount to the latter.
*Based on Bloomberg data, Genting’s holding company discount has averaged 30% for the past five years. However, with the recent negative developments – ie the higher casino tax and termination of the MoA between Fox Entertainment and The Walt Disney Co, the holding company discount has narrowed to 25%.
*With that, we believe the compression in the holding company discount should persist moving forward, until there is more clarity on the aforementioned developments.
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v(￣︶￣)y Just Do It~
By 全哥分享(23-1-19)
进入股市就是要防止被“抢劫”， 独立思考， 因为，股价与股票的内在价值最终会取得平衡.
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