What to do.. adamant to overseas expansion. Lower dividend propose by GenM also due to conserve capital for New York need US5 billion and Thailand US3 billion if successful bid.. sell all underperformed overseas assets and maintain GenM and GenS while diversify more stable revenue like green energy and power and plantations better.. if enter those with limited license less competition..

Confirmed GenM bidding for Thailand? Agreed with Ricardo and hopefully Mr. Tan will change the idea of Thailand. Should not repeat Kien Huat Realty-Empire mistake. He should focus on RWLV with the new BODs as q4fy24 performance for RWLV should be addressed; hopefully a cyclical thing instead of structural. It took one and half year to ramp up to FY2023 performance and softened starting second half of 2024.

I will not discount the possibility, Sebastian. Reducing the dividend payout is a huge blow to income portfolio for many :( A typical 40% market crash stress test simulated last year based on 5.00 is almost there in 8 months time; 3.00 if you will. I was thinking ok market price is now 4.00, lets start buying in batches until 3.00. Within a blink of an eye, its almost there after 2 batches.

Thailand casino is bad for genting lar in my view. It is only 2 scenarios. 1. New competition eat up South East Market share. 2. Genting win the thailand casino, market share maintain but operating cost increase.... that why people sell off...Dato Tan should either Win Thai casino and close Genm or choose not to win and compete fairly for market shares....

Reported loss this time is mainly due to foreign exchange loss on interest payments. That means debt in USd must be huge. How much debt compared to its income in U.S.? How come U.S. income not enough to cover?

It is disappointing to see GenT's dividend being reduced, Kenny. It is what it is and market has adjusted accordingly to the new yield. Not so much on debt and interest payment in my opinion, Kenny. Higher cogs is the culprit. If you slice it down further to revenue and ebitda (before interest payment and the t, d & a), US segment's margin is lower qoq (q3fy24 and q4fy24) and yoy (FY23 and FY24). q4fy24 ebitda margins is pretty low; single digit if you will. Quarterly ebitda is typically hovering around lower range of 2bil and q4 recorded ~1.7bil ebitda. Higher cost/expenses lower down the ebitda as much as the forex loss if you will.

Cheng, why I see is the financial report from GENM where there is huge finance cost of RM164.6m and Share of results in associates of (RM61.9m). This is believed to be the loss from US business. They have to remove this business to stay profit again.

Q3 finance cost is higher at 200M, Kenny. As for the share of results in associates, Q4 loss is indeed higher than Q3 but yoy overall difference is ~10mil. If you look at ebitda margins, it has dropped from mid twenties to mid tens comparing Q3 and Q4. US segment is being hit by higher cost/expenses in Q4. No idea whether its seasonal/cyclical (short term) or it is structural (long term).

agreed, Vin. The new RWLV BODs have to get their hands on the deck asap or it will start reporting lbitda. At this juncture, revenue wise is ok but ebitda dipped pretty significant. Feels like higher expenses and inefficient operation. No idea on any changes to the security/compliance factors as a result of strengthening the AML policies; RWLV responded to NGC back in early Dec which means they would have put in place some of the corrective actions.

From past records Genting doing well in Malaysia as monopoly business while Singapore due to one out of 2 licenses (Olipogoly business model). Overseas expansion especially tough competition and high tax like UK don't seem have growth. US if get the New York one out of 3 licenses perhaps could be game changes but may increase debt level too b4 operation start.. US5 bilion.

The first step to cut dividend consider a good choice... 1 sen dividend they reduce can save around 38m for genting... And as for genm... 1 sen around 57m...
Recently genm save 266m for the dividend..
Second step should share buy back...

Look back few years ago...
When gens share price around 0.78...
MGM interested to takeover gens...
But now gens 0.705... They might interest too???
https://www.straitstimes.com/business/companies-markets/genting-singapore-draws-takeover-interest-from-mgm-resorts

That's right, Vin. One of the reason I sold off GenM earlier is when there's news circulating that GenM could be bidding for Thailand. Thailand + NYC expansion is too much though timing wise could be few years apart. Lets not forget that GenM MY segment requires capex for improvement in years to come too. Its a bit far fetching.

Both genting share price below NTA... especially Genting...
Quite attractive..
The price convert to usd around
0.74 usd....
I hope any tycoon can takeover genting at 1.00-1.20usd :-)

The new CEO could be part of a transition phase before another Lim family takes over, Vin. Typical succession planning and could be in 5 to 10 years time assuming he can rise above the occasion. He is now in charge of GenP :)

recession can help too, Jiashen. I saw some news article in the US circulating recently of possible recession and sin stock tends to do well during recession. more than 1000 counters down today :) Looks like I will be able to get the 3.00 batch very soon.

The earliest update for HMTM could be in Apr, Jiashen. The UK marketing authorization approval by UK MHRA and thereafter, NICE to provide guidelines for the use of new medicines/treatments within NHS (for use in hospitals) upon approval by UK MHRA. You can click on the link below for the last update back in Dec'24 by NICE; pending UK MHRA if you will. Scroll down to the bottom of the page in the link. https://www.nice.org.uk/guidance/indevelopment/gid-ta11379

Ok, thanks Eddy. I thought it was just a plan / Taurx's intention to file for marketing authorization with FDA for US market but yet to do so. If they can't get approval from UK MHRA, it is unlikely they will get approval from FDA and EMA.

Higher cost/expenses can lead to lower ebitda, Vin. I am not sure whether did Genting put in actions to strengthens the AML policies (security/systems) before Dec'24 that could add on to the cost/expenses. Higher marketing expenses, a shift between gaming and non-gaming revenue can impact the margins though revenue numbers remain the same and the usual operating cost factors are the few factors that could also contribute to the numbers.

What I did to compute similar conclusion of RWLV performance was to use Genting's US segment number to minus off the US segment number from GenM. That gives me a rough overview of RWLV performance; single digit margins performance. It is double digit close to 20% historically.

Thats right, Vin. I am not sure whether its cyclical or structural as shared few days back. And makes sense to have a CFO there as they may ended up reporting lbitda instead of ebitda if they didnt manage it well. So, US segment is struggling while MY and SG segment is strong. The margins for MY and SG is between 30% to 40%. Within US segment, GenM US segment ebitda margins dipped to mid tens range in Q4 compared to mid to high twenties range.

You are welcome, Vin. The big names of IR operators or Genting's peers are LVS and Wynn. Genting's ebitda margins is comparable to their peers on the surface at 30%+ range; thanks to MY and SG segment. US segment is the undercurrent for Genting that has to be sorted out asap based on Q4'24 performance. Wynn's US segment ebitda margins is close to 30%.