Genting - Are you ready to place your bets?

Genting - Are you ready to place your bets?
Genting "GENT" (pronounced as https://www.youtube.com/watch?v=gF4sUlYTPh0, definitely not pronounced using the Queen’s English otherwise will sound like you need to use the Gent.) is a household name mainly known for their leisure themeparks, casinos, cruise, plantation, and property.  To understand Genting, one would need to take a look at Genting Singapore (GENS), Genting Malaysia (GENM) and Genting Plantation (GENP).
You will find a lot of pictures and charts in this note. They say a picture tells a thousand words. Much easier to understand IMO.
For GENT the following 4 catalysts to drive the share price. Namely. 1) Turnaround in GENS, 2) The launch of Twenty Century Theme Park at Genting Highlands Malaysia, 3) TauRx, the potential blockbuster drug getting FDA approval. 4) GENP's leverage to CPO.
Catalyst 1. We expect GENS to turnaround. This following the recent 1Q results which saw GGR stabilizing as of 1Q16 while bad debt provision has stayed flat at 35%.


The share price of GENS has started to stabilized too.  Earnings expectations already all time low!

If tourist arrival start to improve,  the gaming and theme park of GENS will improve.

Catalyst 2. We move on to 52.9% owned GENM which operates the highland theme park.  This was what it look like in the good old days of 90s.

Come 2017, the theme park should be ready and look like this...

That’s right folks. Twenty Century Fox is opening a theme park in partneship with Genting Highlands. This is part of Genting Integrated Tourism Plan (GITP). For GITP, GENM is spending a total MYR8.1 bn and 2.3bn in capex for phase 1 and 2 respectively. In the past, the local theme park is big ROIC generator.


As someone who hasn’t been to the highland for ages, I can’t hide the excitement. Haha.
The theme park is expected to be ready by end 2017. Management however has hinted July 2017 to the investment community.  For the latest photos on their status, please refer to http://www.themeparx.com/20th-century-fox-world-malaysia/
20th Century Fox World Genting Theme Park Rides
• Rio
• Ice Age
• Titanic
• Life of Pi
• Planet of the Apes
• Alien vs. Predator
• Night at the Museum

As the theme park is being build as we speak, the financial numbers for GENM is of course not exciting. For 2016, GENM’s revenue will be driven by its UK business.  The recent Brexit should not affect much on its UK operation. DB estimated about c1% decline in  core profit for every 10% depeciation in the pound. UK assets comprises 19% of GENM of total assets in the form of casino property.


Similar to GENS, GENM’s earnings has already bottomed, how low can it go?


“History doesn't repeat itself but it often rhymes,”  Mark Twain
The timeline on GENS from start construction to finish/opening of thempark and share price during the same period. I believe the same could happen for GENM.

Catalyst 3. TauRx may provide a blockbuster boost for Genting’s valuation. Its initial investment of MYR450m or USD150m could be worth RM15b if TauRx goes for IPO listing. This would add RM10.4b or 40% to the sum of parts of Genting.
TauRx, founded by Claude Wischik is involved in Alzeheimer research. Its biggest backers include Genting, Singapore Temasek and little known Dundee Corp.

http://www.thestar.com.my/business/business-news/2016/01/07/taurx-boost-for-genting/
http://www.bloomberg.com/news/articles/2016-03-17/a-30-year-quest-for-an-alzheimer-s-remedy-nears-the-finish-line
When the Star and bloomberg news reported about this drug. The investors reaction was bullish and share price of Genting soared from MYR7.00 to MYR9.90 in 3 months.

To follow TauRx. https://twitter.com/hashtag/TauRx?src=hash
The excitement in TauRx is clearly reflected in the share price of Dundee Corp which has rallied some 58%  YTD. http://www.investing.com/equities/dundee-corp
The key date to watch will be around 27 July 2016 where the company will present results from its third phase of human trial on its experiemental Alzheimer’s drug known as LMTX.
Meanwhile, we can see insiders buying Genting.
http://www.bursamalaysia.com/market/listed-companies/company-announcements/5135433
DEALINGS IN LISTED SECURITIES (CHAPTER 14 OF LISTING REQUIREMENTS) : DEALINGS OUTSIDE CLOSED PERIOD

GENTING BERHAD

Type	Announcement
Subject	DEALINGS IN LISTED SECURITIES (CHAPTER 14 OF LISTING REQUIREMENTS) DEALINGS OUTSIDE CLOSED PERIOD
Description	Pursuant to Paragraph 14.09(a) of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad, we set out below details of the dealings in the Company's securities by a Principal Officer.
Name of Principal Officer : Tan Kong Han Date of Dealing Consideration per Share Number of Shares % of Issued Share Capital Transaction 24 June 2016 RM7.88 30,000 0.0008 Acquisition 27 June 2016 RM7.84013 30,000 0.0008 Acquisition Remarks : The percentages are computed based on the total number of issued and paid-up share capital of the Company excluding a total of 26,220,000 shares bought back by the Company and retained as treasury shares as at 24 June 2016 and 27 June 2016 respectively. Profile Mr. Kong Han Tan has been Deputy Chief Executive Officer of Genting Plantations Berhad since December 2010. Mr. Tan served as President and Chief Operating Officer of Genting Berhad. Mr. Tan served as the Group Chief Operating Officer of Tanjong PLC from March 2003 to June 2007. Mr. Tan has more than 13 years of working experience with an Investment Bank in Malaysia. He has been a Director of TauRx Pharmaceuticals Ltd., since November 20, 2012. He was called to the English Bar (Lincoln's Inn) in 1989 and the Malaysian Bar in 1990. He holds Bachelor of Arts degree in Economics and Law from Cambridge in 1988.

OMG!, insider buying ahead of clinical phase 3 trials.. a signal of confidence?
Catalyst 4. GENP is a company involved in crude palm oil (CPO) production. It has fairly young mature estates with good FFB and CPO volume growth. It also has a property development arm. It is leverage to CPO price movement.



GENP earnings and price has bottomed?


Valuations of GENT



So are you ready to place your bets?

Fyi Investors’ chips are already rolling into Genting.

Resorts World Las Vegas took a big step forward

Resorts World Las Vegas took a big step forward today when Nevada gaming officials gave a key regulatory approval to the $4 billion project.

The Nevada Gaming Commission unanimously signed off on a series of applications from Genting Group, the Malaysian company that’s developing the resort on the north end of the Las Vegas Strip.

The approvals given to Genting, which received the blessing of the Gaming Control Board two weeks ago, included findings of suitability for various executives and corporate entities. They mark the most significant public progress on the project since it held an elaborate ceremonial groundbreaking a year ago.

Construction of the Chinese-themed Resorts World should start in earnest sometime in the last three months of this year, with site activity beginning to ramp up this summer. The resort is expected to be finished in early 2019.

Resorts World was previously expected to open in 2018.

Gerald Gardner, the project’s general counsel, said Genting officials have been focused on improving and refining their plans. He has said previously that issues with the Chinese economy and Malaysian currency impacted the timeline.

“This is an extremely deliberative and thorough company when it comes to evaluating markets, when it comes to getting it right in terms of design and construction,” Gardner said today.

When it opens, Resorts World plans to offer a hotel with more than 3,000 rooms, a 150,000-square-foot casino and a nightclub, among other features.

One element highlighted today by Gardner was a “celestial sphere” feature in the front entrance atrium that will be able to display selfies from guests. The area will also include a Chinese garden, Gardner said.

Gardner, a former chief of staff to Gov. Brian Sandoval, said Resorts World intends to attract a large number of Chinese customers but indicated it should be well positioned toward domestic patrons as well.

The resort will create about 5,000 direct construction jobs and will have some 3,000 employees when it opens, Gardner said.

Resorts World is being built on the site where the Stardust stood until it was imploded. Boyd Gaming Corp. started to develop a new resort there called Echelon but abandoned the project amid the recession.

Genting is using partially built Echelon structures to build Resorts World.

Resorts World is the first Las Vegas project being developed by Genting, which already has established itself as an international hospitality powerhouse with properties in such locations as Malaysia, Singapore and the United Kingdom.

Genting also has a casino in New York — Resorts World New York City — and has a hand in another planned casino in Massachusetts.

Beyond hospitality, Genting’s other business interests include oil palm plantations, power generation and oil and gas exploration.

Genting - A Closer Look At TauRx

Genting’s share price has moved up by over 20% over the past two months. We believe this is due to speculation on the potential listing of its 21%-owned pharmaceutical unit TauRx as well as the return of foreign interest, given its high foreign shareholdings level of approximately 50%. At current levels, we believe upside is limited. Maintain NEUTRAL with our TP revised to MYR9.08 (from MYR8.00, 2% downside).

TauRx a giant in the making? TauRx Pharmaceuticals (TauRx) plans to present results from its third phase of human trials on its experimental Alzheimer’s drug known as LMTX by Jul 2016. According to preliminaryresearch results published in the Journal of Alzheimer’s Disease, patients whotook its LMTX treatment had better cognitive scores than those who did not receive it. Should the results prove to be favourable, the Wall Street Journal reported that the group would file for an IPO with an indicative market capitalisation of USD15bn.

Impact on Genting. While we acknowledge that the market potential for TauRx could be massive, with more than 40m Alzheimer’s patients estimated worldwide, we highlight that there were about 123 experimental Alzheimer’s medicines that had failed to commence commercial production between 1998 and 2014. Based on our channel checks, Genting has invested USD120m for its existing 21% stake in TauRx. Should the IPO materialise, the value of Genting’s stake in TauRx could blloon to over USD2.2bn (assuming its 21% stake would be diluted to 15% post-IPO). This could potentially translate into value accretion of MYR2.30-2.50 per share in Genting. We have yet to factor this into our valuation, pending the confirmation of results from its latest trials. Las Vegas to open in 2018. The proposed USD4bn Resorts World Las Vegas (RWLV) recently received the green light from the Clark County commissioners to proceed with construction. The site office and parking garages are currently being constructed and would be completed by mid-2016. Management highlighted that the public tender on the work packages would soon be called, with physical construction works likely to begin in 2H16. We reiterate our view that phase one of the project would open earliest by mid-2018. Although nearterm earnings-accretion is unlikely, RWLV could, in the long run, help to address investors’ perception of the group being a holding company.

Maintain NEUTRAL. We raise our TP to MYR9.08 (from MYR8.00), factoring in our latest valuation on its listed subsidiaries and pegging a revised discount of 15% (from 25%). This is to reflect improved market sentiment amidst te return of foreign institutions (as evidenced by YTD net inflows of MYR1.6bn by foreignthe limited downside, we maintain our NEUTRAL call. The upside risk to our call would be clinical results of LMTX proving favourable, while key downside risks include further delays for RWLV and unsuccessful clinical trials.

Source: RHB Research - 29 Mar 2016

 

 

TauRx估值上看620億‧雲頂受外資追捧

（吉隆坡21日訊）雲頂（GENTING，3182，主板貿服組）近期深獲投資者追捧，安聯星展研究相信在主要子公司均欠缺催化劑之際，市場酷愛雲頂或與該公司持股20.7%、估值謠傳上看150億美元（約620億令吉）的新加坡TauRx藥劑公司有關。

 

安聯星展指出，TauRx新發明的阿爾茨海默氏病（AD，也稱老人癡呆症）藥物——LMTX，最早可能在今年7月公佈最終人體測試結果，初期研究顯示LMTX對於治療AD有正面影響。

 

“若LMTX通過測試階段，TauRx則有望一如市場早前估計般，在明年啟動上市計劃，市場早前估計TauRx的估值上看150億美元。以此價值作準，雲頂的每股重估淨資產值（RNAV）可能從目前的9令吉40仙，大增至12令吉37仙。”

但是，若藥物測試持續無法取得突破，TauRx的市值可能被大幅拉低。無論如何，安聯星展目前尚未把TauRx的潛在價值納入估值計算。

據瞭解，雲頂至今在TauRx的投資額估計為1億2千萬美元。

 

雲頂新加坡仍謹慎

博彩業務方面，安聯星展對雲頂新加坡（GENS）的看法依然謹慎，原因是豪賭客業務仍充滿挑戰；不過，另一家博彩臂膀——雲頂大馬（GENM，4715，主板貿服組）展望則相對受看好，原因是雲頂綜合旅遊計劃（GITP）可望成為盈利催化劑。

無論如何，由於GITP投資額已倍增至104億令吉，安聯星展不排除計劃延遲啟用的可能性。

該行還補充，雲頂截至去年6月的外資持股比例高達47%，因此可能深受外資流的影響；值得一提的是，雲頂股價近期水漲船高，正好與外資重新湧入馬股趨勢相吻合。

 

目標價上調

由於投資環境改善，安聯星展研究決定把控股公司折價調低至15%，雲頂目標價因此獲上調至8令吉零5仙，投資評級則維持在“守住”不變。

雲頂今日以9令吉50仙收市，漲18仙。（星洲日報／財經‧報導：李三宇）

RESORTS WORLD GENTING TO SUBSTANTIALLY EXPAND AND ADD NEW FACILITIES

http://disclosure.bursamalaysia.com/FileAccess/apbursaweb/download?id=71261&name=EA_GA_ATTACHMENTS

KUALA LUMPUR, 23 February 2016 – Genting Malaysia Berhad ("GENM" or "The Group") announces that it will be significantly expanding and adding new facilities under the Genting Integrated Tourism Plan ("GITP"). This will increase the total capital investment from RM5 billion as announced earlier to an estimated RM10.38 billion.
 GITP, a major 10-year master plan launched in December 2013 for the redevelopment and transformation of Resorts World Genting ("RWG"), the internationally-acclaimed integrated resort, is currently being carried out in phases. It will offer an extensive and wide array of new and exciting entertainment options, unique to visitors from across the region.


The capital investment under Phase 1 of the GITP will increase from RM4 billion to RM8.11 billion. Under this phase, the first-ever world class branded Twentieth Century Fox World theme park will see a substantial increase in investment with more spectacular, thrilling and state-of-the-art rides than previously announced. Total investment in the Twentieth Century Fox World theme park is expected to exceed RM2 billion. With the engagement of some of the best talent in the Hollywood movie-industry to help in the design of the park, this is targeted to become a unique and compelling world-class theme park.

Meanwhile the indoor theme park will undergo a major transformation turning into a unique themed entertainment attraction offering a total of 18 rides from the existing nine, providing a new and enjoyable entertainment for both young and old alike.

Another attraction is the Sky Avenue which is poised to become the latest lifestyle mall at the Resort. With its unique position as a shopping destination situated 6,000 feet above sea level, it will complement the Group’s plan to achieve its vision of attracting 30 million visitors to the Resort by year 2020.

Sky Avenue will transcend the sense of being a mere shopping destination, into the realm of a unique lifestyle experience. This vibrant shopping and dining landmark covers a gross floor area of close to a million square feet. One of the attractive features of the mall is that it is designed with open air decks that form a perfect platform for cafes and al fresco dining. With a stunning view of the Twentieth Century Fox World and an array of restaurants, its immense dining piazza offers a relaxed and inviting ambiance that’s just perfect for al fresco dining with family and friends. These exciting additions will serve to create a shopping and dining experience that will distinguish RWG from other resorts in the region.

Further complementing the Group’s expansion plans is the Genting Premium Outlets which will be operated at the mid-hill under the Genting umbrella. Supporting infrastructure and facilities will be enhanced and expanded to facilitate increase in visitation and to ease accessibility to RWG. This includes an additional 8,000 car park bays, bringing the total parking bays to about 18,000. The new high-speed cable car system will be able to carry up to twice the passenger capacity of the current system from the mid-hill to the hilltop.

The expansion plans also include a substantial increase in staff accommodation to cater for an additional 7,000 new job opportunities at the Resort as well as new power sub-stations and water treatment plants to cater for future growth demands.

Phase 2 of the development which is estimated to cost over RM2 billion will see the construction of additional luxury hotels at RWG, as well as an enviable new world-class show arena with a seating capacity of up to 10,000. These developments to be undertaken over the next few years, will progress in tandem with the dynamic economic environment and market demands. The Group is cognizant of the constant need to keep on adapting to the changes in consumer preferences and remains committed to further enhancing service and quality of guest experiences at RWG.

Meanwhile, the construction and development works for GITP are progressing well. Its first offering - the new 1,300-room First World Hotel Tower 3 – has been fully operational since June 2015. Other GITP attractions and facilities are expected to be opened in stages from the second half of 2016. Once completed, the Group anticipates that the GITP would elevate RWG’s position as a major tourism attraction and the destination of choice in the region.
About Genting Malaysia
  Genting Malaysia is one of the leading leisure and hospitality corporations in the world. Listed on Bursa Malaysia with approximately RM24 billion in market capitalisation, Genting Malaysia owns and operates major properties including Resorts World Genting, Resorts World Casino New York City, Resorts World Bimini, Resorts World Birmingham and other casinos in the United Kingdom.

Resorts World Genting is a premier leisure and entertainment resort in Malaysia. It is equipped with over 9,000 rooms spread across 6 hotels, theme parks and entertainment attractions, dining and retail outlets, international shows and business convention facilities. The Group has embarked on a 10-year master plan to reinvigorate and transform Resorts World Genting under the Genting Integrated Tourism Plan. This includes the development of the world’s first Twentieth Century Fox World theme park. Its first offering - the new 1,300-room First World Hotel Tower 3 - was fully opened in June 2015. First World Hotel is now the "World’s Largest Hotel", as recognised by Guinness World Records. The other attractions and facilities under the Genting Integrated Tourism Plan are expected to be opened in stages from the second half of 2016.

In Malaysia, Genting Malaysia also owns and operates Resorts World Kijal in Terengganu and Resorts World Langkawi in Langkawi.

In the United Kingdom, Genting Malaysia is one of the largest casino operators and a leading innovator in the provision of high quality customer-focused gaming. It operates 6 casinos in London and 36 casinos in the UK provinces. The Group’s latest property, Resorts World Birmingham, was opened in October 2015.

In the United States of America, Genting Malaysia operates Resorts World Casino New York City, the first and only video gaming machine facility in New York City, at the site of Aqueduct Racetrack. As a premier entertainment hub, Resorts World Casino New York City offers the ultimate gaming and entertainment experience, with electronic gaming machines, shows, events and culinary delights.

In the Bahamas, the Group operates Resorts World Bimini, which features a casino, villas, other accommodations, restaurants and bars, resort amenities and the largest marina in the Bahamas.

Genting Malaysia is a member of the Genting Group, one of Asia’s leading and best-managed multinationals. The Genting Group is led by Tan Sri Lim Kok Thay, a visionary entrepreneur who has established Resorts World branded properties in Malaysia, Singapore, the Philippines, the United States, the Bahamas, the United Kingdom and soon in South Korea, as well as spearheading global investments in oil palm plantations, power generation, oil & gas, property development, cruise, biotechnology and other industries.

For more information, visit http://www.gentingmalaysia.com or contact ir.genm@genting.com.

For information on the major properties of Genting Malaysia

Resorts World Genting, visit www.rwgenting.com

Genting Casinos UK Limited, visit www.gentingcasinos.co.uk

Resorts World Casino New York City, visit www.rwnewyork.com

Resorts World Birmingham, visit www.resortsworldbirmingham.co.uk

Resorts World Bimini, visit www.rwbimini.com

Genting Malaysia - Doubling Up On GITP

Genting Malaysia surprised the market by doubling the allocation for its GITP to MYR10.4bn. While we continue to believe that this would help to spur visitation interests to its flagship Genting Highlands in the long run, we are wary of the series of delays in the proposed timeline to complete the project. As such, we maintain our NEUTRAL stance with our SOPbased TP fine-tuned to MYR4.46 (from MYR4.18, 2% upside).

GITP revamped. The announced budget increase in Genting Integrated Tourism Plan (GITP) caught us by surprise, as the group assured investors during last quarter’s briefing that the capex allocation remained unchanged at MYR5bn. Management explained that the revised budget will help to expand current as well as introduce new facilities. Although details are scant at this juncture, we understand that Phase 1 of the revamped GITP will now cost MYR8bn-8.4bn. This includes the proposed 20thCentury Fox outdoor theme park (which will now cost over MYR2bn vis-à-vis MYR1bn previously), revamping of its indoor theme park, construction of new staff accommodationsand investments in new supporting infrastructure. Phase 2 of the development will cost over MYR2bn and involve the construction of new luxury hotels as well as a new show arena. While we continue to believe that this would help to spur visitation interest to its flagship Genting Highlands in the long run, we are wary of the series of delays in the proposed timeline of completion. Funding,however, should not be an issue given its current net gearing of 0.01x and annual operating cash flow of over MYR2bn-MYR2.5bn.

Potential hike in gaming taxes. There has been speculation that the Malaysian Government could soon re-visit a potential hike in gaming taxes to help boost the nation’s coffers. We estimate that every 1% hike in casino tax could potentially erode Genting Malaysia’s earnings by 2.5-3%. Risks. Key risks include fluctuations in luck factor, prolonged losses at Resorts World Bimini and a potential hike in casino taxes.

Maintain NEUTRAL. We make no major changes to our earnings forecasts. We fine-tune our TP to MYR4.46 (from MYR4.18) as we updated our SOP components to reflect its latest net cash balance as well as the market value of its 17.8% stake in Genting Hong Kong (678 HK, NR) . Given the limited upside, we maintain our NEUTRAL call.










DCF valuation. We assume an annual capex allocation of MYR2bn for FY16F-18F (from MYR850m-MYR1.5bn previously) before tapering off to MYR1.0bn-1.5bn pa in the foreseeable future as the group looks to fully roll out the revised Phase 1 of its GITP over the next two to three years. We peg a terminal growth rate of 1.5% (from 1.0%) as visitation interest could be rejuvenated in the long run upon the progressive opening of its new gaming and entertainment facilities under the GITP. We also re-jigged our WACC to 8.3% (from 8.7%), taking into account higher debt weightage to fund for its revised MYR10.4bn GITP. In deriving our TP of MYR4.46, we have also imputed its latest net cash position and effective stake of 17.8% in Genting Hong Kong (678 HK, NR).

Gaming - Looking To A Better 2016

We still like gaming stocks for their attractive valuations, being the market laggards in the past 2-3 years. GENTING looks fairly attractive for its deep valuation, which trades at 41% discount to its SoP valuation while BJTOTO is at multiple-year’s low of 11x earnings multiples with one of the best yields at 7%-8%. We expect a better year in 2016 for the players in anticipation of recovery in business volume and luck factors. In all, we continue to prefer NFO players over casino operators given the formers’ supernormal dividend yields of 6%-8% while for the latter, GENTING especially is affected by the lacklustre performance from GENS. We maintain our OVERWEIGHT rating for the sector while BJTOTO remains our TOP PICK.
Still OVERWEIGHT on valuations. Except Genting Malaysia Bhd (GENM, UP; TP: RM4.26), all gaming stocks saw another lacklustre year in 2015 with share prices contracting 7%-19% over the year after the 11%-14% decline in 2014. This was mainly attributable to the GST as well as their non-shariah status while foreign funds also have little interest in the sector. However, this sector offers deep value like Genting Bhd (GENTING, OP; TP: RM8.52) and attractive yields such as Berjaya Sports Toto Bhd (BJTOTO, OP; TP: RM3.56) and Magnum Bhd (MAGNUM, OP; TP: RM2.93). GENTING is now trading at c.41% discount to SoP valuation, which could be a sign of bottoming out given its 10-year average discount of 30%. On the other hand, NFO players, such as BJTOTO are trading at their multi-year’s lows even after we trimmed their earnings estimates recently. BJTOTO continues to be our TOP PICK for the sector for its dividend yield and defensive earnings. OVERWEIGHT for the sector maintained.
NFO: it is always about valuation and yield. We trimmed BJTOTO and MAGNUM earnings recently as we were too bullish on ticket sales even after adjusting for the 6% GST. As such, we see little earnings risk for now unless there is a big swing in luck factor to the downside. Post earnings revision, valuations for both stocks remain undemanding at 11x-14x earnings multiples. This is especially so for BJTOTO as it is trading at its multiple-year’s lows. Given that the gaming sector is highly regulated and matured, earnings prospect remains unexciting and we expect ticket sales to grow at 2%-3% annually with their usual 20 extra special draws each year while the luck factor is the determining factor for bottom line. However, one should also look into the attractive yields that are as high as 6%-8% which is among the highest on Bursa Malaysia.
Casino: GENM is the focus in 2016. With Phase 1 of Genting Integrated Tourism Plan (GITP) in its final leg of completion in 2H 2016, GENM is likely be the focus as the 10-year RM5b revamping program is a major catalyst to Resorts World Genting. The prime attraction will be the first full-scale 20th Century Theme Park, which will be ready by end-2016/early-2017, and will definitely change the image of RWG as the new face of holiday theme park destination in the region with its cool climate as part of the selling point. Although we are not certain if RWG is allowed to expand its casino floor, all the new addons should help to bring in more footfalls, which could help to boost casino traffic. Meanwhile, there is no development from Japan regarding the liberalisation of the gaming industry there while the construction of Resorts World Jeju is on track to open progressively from 2017 and to complete by 2019. In Singapore, Resorts World Sentosa lost its market leader status to its sole rival Marina Bay Sand for the third consecutive quarters with the market share for VIP rolling chip volume falling further to 40% in 3Q15 from 47% in 2Q15. This was mainly attributable to the sharp decline in Chinese VIP arrivals. As such, Genting Singapore plc (GENS, Not Rated) has switched its focus to the mass market since three quarters ago.
Looking to a better 2016. Generally, gaming companies had a bad year in 2015 given the slowdown in business volume coupled with the absorption of GST. In addition, the luck factor was also not in their favour. As such, we expect a better 2016 for the players with expectations of recovery of business volume and the normalisation of luck factor. Earnings of BJTOTO, GENTING and GENM were badly hit in 2015, with the abovementioned expectations, we could see a moderate improvement in 2016 which we estimate 10%/10%/17% earnings growth for them, respectively. On the other hand, MAGNUM will be the only gaming stock to post flattish earnings growth of <1% in 2016 as it is the only company with earnings growth of <2% in 2015. Operationally, GENM could continue to enjoy stable earnings on the resilient RWG’s earnings while the North American operations, especially RWNYC should be able to drive the US-based earnings higher while RWB’s new 300-room luxury hotel is expected to reduce its operating loss and break even in 2H15. However, the UK operations could continue to see tougher times due to its VIP-centric nature. Meanwhile, GENS’ prospects remain challenging given the decline of visitor arrivals from the high-roller segment from China.
Source: Kenanga Research - 6 Jan 2016

雲頂傷風

中國打噴嚏，全球就感冒。對一些受到中國反腐敗等政策打擊的領域來說，這句話的體會特別深。 雲頂（GENTING，3182，主板貿服組）與其他博彩業者，現在紛紛咳成一片。 該集團屬下雲頂新加坡上週公佈第三季業績，營業額下跌17%至6億4千477萬新元，淨利更猛挫43%至1億2千710萬新元，寫下4年最低水平，原因就在於中國遊客，特別是“豪客”減少。 雖然雲頂新加坡的一般賭客穩定增長，但受中國豪客減少等影響，第三季籌碼兌換率滑落10%，博彩營收跟著下降21.3%。 分析員認為，隨著中國遊客數量存有不確定因素，相信雲頂新加坡必須重點開發東盟遊客，惟這些措施的效果仍有待觀察。 與雲頂新加坡命運相同的，包括世界級賭博王國澳門。 澳門博彩監察協調局的數據顯示，10月博彩收入為280億2千500萬澳門元（約117億令吉），按年下跌23.2%，重要因素之一正是“中國反腐敗等多項政策限制了中國遊客在澳門參與賭博活動”。 過去幾年，全球忙於籌建新賭場，以爭取中國豪客為主的賭客，現在中國政府打貪打到舉世皆知，連奢侈品、豪宅、高級食品等都深受波及，銷量一瀉千里，更加敏感的博彩業自是不會討好，雲頂集團作為全球數一數二的博彩王者，難免受到打擊。 見慣風雨的雲頂集團當然不會坐以待斃。除了繼續開拓紐約、拉斯維加斯、日本、韓國等市場，該集團也加強非博彩收益，以多元化營收來源。雲頂新加坡第三季酒店入住率維持在95%的高水平，平均房價更由390新元提高到408新元，就是最好的證明。 不過，中國豪客無論數量或“質量”都在全球首屈一指，雲頂再怎麼多元化營收來源也好，恐怕也不得不跟著浮浮沉沉。 何況，除了新加坡賭場，雲頂屬下大馬、澳門、澳洲，包括遠至紐約、拉斯維加斯，還有計劃中的日本、韓國等賭場，都必須看這批賭客的臉色，如此一來，雲頂如何避得開中國的影響？ 相信在可預見的未來，只要中國打噴嚏，雲頂即使不感冒，至少也會患上重傷風吧。（星洲日報／投資致富‧投資茶室：王寶欽）

50億旅遊城進度良好‧雲頂大馬有望大幅重估

雲頂大馬（GENM,4715,主板貿服組）耗資50億令吉打造的綜合旅遊計劃（GITP）進展良好，分析員因而相信股價過去12個月來的表現平淡已提供趁低吸納機會，並預期該股或於2015年迎來強勁重估。

聯昌研究參觀雲頂高原後發報告說，GITP幾乎將雙倍提昇雲頂高原綜合度假勝地的固定資產，成為該項產業的主要重估利好。

“根據我們預計，雲頂高原未來5年將要投資的金額，相當於過去50年來總投資額的80%，我們相信酒店擴張項目的1千300間套房產能將於明年完成，20世紀霍士主題樂園雖然尚未動工，但相信能如期在2016年完成，主要因其他項目進展順利。”

目前，雲頂高原的舊戶外主題公園已被拆除，以讓路給即將動工的20世紀霍士主題樂園。

聯昌也說，雖然雲頂高原戶外地區如今已成為一個龐大的建築工地，導致吵雜聲不斷和欠缺其他可吸引遊客的戶外設施，可是遊客人數仍保持活躍，本地和國外旅客比例適中，中國遊客持續光顧也降低MH370事件可能引起杯葛的顧慮。

除新酒店外，雲頂也將耗資約10億令吉來翻新和提昇現有設施，第一世界酒店（First World）的舊房間很大部份已被合併，導致總套房產能從1萬間下滑至9千間，這是為了應付當今客戶的更高要求。

聯昌直言對雲頂高原賭場活動保持強穩感到舒心，並預期新酒店產能將同步帶入更多賭場產能。

“我們對賭場產能增長20%的預期感到數舒適，甚至不排除產能在更長期內取得更高增長率的可能性，因GITP將大幅提昇其固定資產。”

有鑑於此，聯昌保持雲頂大馬“加碼”評級不變，目標價為5令吉70仙。

雲頂新加坡進軍日本
展望樂觀

另一方面，儘管日本可能在今年冬季將賭場博彩法案帶到國會特別會議上討論，結果尚未明朗，可是豐隆研究卻繼續對雲頂新加坡（GENS）進軍日本的計劃感到樂觀。

“日本首相安倍晉三對通過有關法案表示樂觀，並放眼在下次國會特別會議時通過有關法案，以將賭場視作在2020年東京奧運會前刺激旅遊業的計劃之一。”

豐隆也認為，安倍今年5月訪問新加坡，也提昇了日本複製新加坡賭場模式的可能性。

該行補充，即使賭場法案在冬季通過，可是經營商的競標程序也料耗1年時間進行，日本建築活動一般耗時較久也引起綜合度假村能否如期完成的顧慮。（星洲日報／財經‧報道：李三宇）

合法化在即‧业者兴趣浓 云顶与环球影城洽建日赌场

（吉隆坡12日讯）日本赌场合法化在即，日本环球影城（USJco.）正与云顶（GENTING，3182，主板贸服股）、米高梅度假村国际（MGM Resorts International）及凯撒娱乐（Caesars）洽谈，联营赌场度假村。 该公司总执行长甘培尔接受彭博社访问时指出，赌场合法化将获政府批准，日本环球影城正与上述3单位洽谈，探讨合作联营赌场度假村的机会。 他说，该公司即有营运能力，又有经验，即便进步拓展业务，参与多过1项赌场度假村，也不会对公司财务造成负担。 “作为一家公司，我们也想要跳脱只局限在主题公园的局面。” 去年，日本赌场合法化消息传出，吸引全球赌场业者目光，包括云顶、米高梅及凯撒娱乐等。 料成亚洲第二大市场 业者纷纷表示对日本感兴趣，让该国有望成为澳门之后，亚洲第二大博彩市场。 但截至今年6月初，日本“开赌”议案没获国会优先讨论，导致日本赌场合法化陷不明朗。 不过，今年6月24日，日本内阁通过修订后的新经济成长战略，被誉为“安倍经济学”第三支箭的改革计划，重点之一是要让赌场合法化。 日本首相安倍晋三也透露，他领导的自民党将在国会秋季复会时，争取通过赌场合法化法案，以便振兴旅游业，为迎接2020年东京奥运会作好准备。 安倍当时接受彭博社访问时说，综合度假村发展计划预料将大力提振旅游业、区域经济和工业，可成为日本增长主要支柱之一。 东京成功获得2020年夏季奥运主办权之后，该国悬而未决长达10年的赌场合法化法案有望过关。 赌场度假村的发展计划，也吸引了日本最大游戏街机弹子机（俗称柏青哥）厂商之一世嘉飒美（SegaSammy），及游戏软件科乐美（Konami）公司的目光。 市政府伸出橄榄枝 日本赌场合法化在即，东京、横滨市、北海道、长崎市及冲绳市政府，都纷纷透露兴趣，欲吸引赌场入驻。 甘培尔接受访问时也指出，日本环球影城也放眼在东京、大阪和冲绳寻找有潜能的发展地点。 他透露，该公司甚至考虑在名护自然动植物公园（Neo ParkOkinawa）内，建立一个赌场度假村或新的主题公园。 或坐落大阪环球影城 此外，也有报道指出，为了赶上同样在酝酿新赌场的东京，大阪市政府与米高梅及凯撒娱乐等洽谈，以打造价值5000亿日元（约156.2亿令吉）的赌场度假村。 该赌场度假村很有可能就是坐落在距离日本环球影城仅3公里的人工填土岛屿上。 或通过外国子公司竞标 随着日本将赌场合法化，分析员认为，一直对区域扩展抱持开放态度的云顶，可能会通过云顶香港或云顶新加坡加入竞标。 云顶通过云顶新加坡发展的名胜世界圣淘沙，表现持续亮眼，赌场度假村中也有环球影城主题公园。 不过，分析员担忧，即便日本赌场获准，也将赶不上2020年东京奥运会。 立法、选择赌场地点和业者，都需要时间。且日本建筑领域届时会忙于兴建奥运设施，将面对建筑劳工短缺，面对地震风险，日本的建筑准则更加严谨，建筑活动不能加快。 除了开放赌场法案，分析员也说，日本赌场业务面对另一最大挑战就是税务问题。 激励云顶走高 云顶今日股价走势不错，闭市时报9.95令吉，扬3仙或0.3%，成交量达64万5800股；云顶马来西亚（GENM，4715，主板贸服股）则收报4.30令吉，跌1仙或0.23%，成交量为100万4900股。

Genting to list more subsidiaries

Genting Bhd is looking to list some of its business segments, which may include property and energy arms, according to its chairman and CEO Tan Sri Lim Kok Thay. Responding to a question raised by a shareholder in the company's AGM, Lim said there is an intention to spin off some businesses, but he did not commit the timeline for listings. (sun) 

73亿联营济州名胜世界 云顶首度进军韩国赌业

蓝鼎国际（Landing International）週五称，联同新加坡云顶（Genting Singapore）合建韩国综合度假村项目，总投资22亿美元(约73.04亿令吉)。

蓝鼎国际与新加坡云顶在一份声明称，两间公司將共同拥有、管理及营运有关项目，预计自2017年开始逐步开业。

该项目位於韩国济州岛，佔地230万平方公尺，將发展为世界级大型主题乐园度假村，项目包括酒店、赌场、购物及娱乐场所、度假村及別墅等。

新加坡云顶为东南亚最大赌场集团--云顶（Genting，3182，主板贸服股）旗下企业。

蓝鼎国际前身为嘉辉化工，去年获得安徽房地產商蓝鼎控股集团创办人兼董事会主席仰智慧入股后，现专注於物业发展业务。

其股份今早停牌，前收市价报0.63港元。

蓝鼎集团亦为深圳上市公司湖北蓝鼎控股股份的主要股东。

續撥龐大資本開銷 料削弱雲頂派息率

隨著雲頂（GENTING，3182，主要板貿易）進行重大擴充計劃，耗資龐大資本開銷，市場相信雲頂股息或受限制。

　《The Edge財經日報》報導指出，為了打響雲頂名勝世界（Resort World Genting）的全球品牌，雲頂已投入不少資金。

　雲頂大馬（GENM，4715，主要板貿易）耗資50億令吉的雲頂綜合旅遊計劃（GITP），包括二十世紀福斯主題樂園。

　從多項巨大擴充計劃看來，相信未來幾年的股息可能受到限制。

　報導指出，市場預期一旦雲頂集團海外業務逐漸穩定，並有能力獨立營運，不排處該集團將這些業務一一上市，釋放價值的同時亦有助進行其他擴充計劃。

　這也是為何市場觀察者預期，雲頂及持股49.3%的雲頂大馬將整合美國資產上市。

　另外，“路透社”報導指出，雲頂視回聲娛樂為擴大澳洲業務的工具，目前有待相關單位的批准，將回聲娛樂的股權提升至10%以上。

“路透社”嘗試聯絡雲頂的代表，惟無法針對此事回應。

名胜世界纽约餐厅突关闭 牵连1300人引发员工怒火

尽管纽约皇后区名胜世界（Resorts World）赌场去年10月盈利获得提升，但赌场内的自助餐厅宣告结业，有175名员工顿时失业。
　根据当地媒体报导，云顶（GENTING，3182，主要板贸易）选择管关闭餐厅，是基于无利可图促使。
　有指云顶集团发言人凯利莱安指，餐厅若持续营业，将会带来负面影响。
　“如果业务持续亏损，将拖累其他业务并且难以持续一门生意。”
　《纽约时报》指出，当地仲裁员曾下令赌场管理层支付员工生活工资，倍增每名员工平均工资。
　餐厅倒闭料受牵连的员工达1300人，多数为底薪员工，在薪金调整后被归类为中产阶级，但突然关闭事件引发员工怒火。
　一名餐厅员工指，将与纽约酒店行业委员会和云顶集团会面，寻求赌场内其他工作机会。
　据悉，被遣散员工将获得新工作优先权，并会获得额外四个月健康保险及遣散费。

云顶拟澳门建酒店 斥217亿横琴发展主题乐园

消息指出，云顶（GENTING，3182，主要板贸易）有望在澳门兴建精品酒店，同时，云顶香港斥资400亿人民币（约217亿令吉）横琴发展主题乐园。
　根据《明报》报导指出，丹斯里林国泰旗下香港云顶在澳门的发展计划，在辗转6年后终于有望落实。
　香港云顶附属公司金银岛娱乐场主席关恩赐指出，母公司计划在澳门葡京酒店对面填海所得的南湾湖地段，兴建精品酒店。
　据悉，新精品酒店计划，总土地面积为8100平方米，酒店暂定名为“名胜世界澳门”。
分三阶段进行
　此外，公司更计划在澳门附近的横琴发展主题乐园，估计投资额达300亿人民币（约163亿令吉）至400亿人民币（约217亿令吉）。
　这项投资计划会有近20个娱乐设施，预计将分三阶段进行建设，新乐园暂名为“名胜世界横琴”。如果这项项目落实，将会成为横琴落实开发以来，最大外资参与项目。
　目前，云顶香港间接持有金银岛娱乐场公司75%股权。
　云顶香港在2007年便计划透过金银岛，参与澳门市场发展，希望在南湾湖地段兴建赌场酒店，该赌场将与赌王何鸿燊旗下的澳门博彩合作经营。

云顶凭单配售比率诱人

在美国，股市一波又一波的上升，似是考验投资者的胆量，这和本地股市很是相似。

马股市上周一些股票恢复动力，让我们逮著脱售的机会。比如合成统一从2.62令吉探低至2.36令吉，终于回稳。其凭单也站上85仙，折价3仙（母股收2.53令吉），迹象看来凭单似乎要回到溢价的形势。

我们觉得把2万5000单位母股全部卖掉，不过买回同样数量的凭单（85仙），保留将来转换的机会。

另一方面，CLIQ能源终于反弹，不晓得是否好事近了？

由于我们需要用到一笔不小的资金，所以趁机套利，卖掉3万CLIQ能源-WA（每股42仙）。

套现的钱，我们一部份拿来认购谢氏兄弟机构（SBCCORP）14000单位附加股，每股1令吉，加上之后的红股，我们将拥有2万1000股。此外，我们也不拖延，就地买了2000股云顶（GENTING），每股10.32令吉。

为什么是云顶？答案呼之欲出。说真的，云顶的价钱是高档的那种。我们习惯投资低价股，一买就是1万8000股的，如今1000股就要价1万令吉以上，是蛮不习惯的。

不过，我们是看中了它的50仙特别股息，以及凭单计划而购买。由于股息需扣税25%，因此每股实得37.5仙而已。

所幸跟着来的凭单，是以1.50令吉定价，每4股云顶配售1股凭单，正是我们实际上收到的净股息（37.5仙X4=1.50令吉）。

股息除权20日生效

云顶集团得到股东的同意之后，快速上书当局，终于解除一切障碍。其股息除权日落在11月20日，而子公司云顶种植（GENP）的44仙特别股息除权日是11月19日。

这里稍微解释一下两者的不同（见表）。

我们比较喜欢云顶的建议，看来其凭单配售比率也较吸引人。

不过，如果棕油价格开始反弹的话，那么云顶种植的魅力也不会逊色。而且，一些人基于宗教或道德的观念，对云顶的业务涉及赌博相当有所保留，所以他们应该会选择后者。

至于组合方面，投资回酬已有43%；由于我们大手笔脱售合成统一和CLIQ能源，即使认购SBCCORP和云顶，手头上的现金还是有约2万4000令吉，和我们两个月来一直欠缺现金流的情形完全不同。也许我们会在周内再加持一些云顶。

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除了股票基本面，本文内容纯属虚构，所有提及股项纯属学术上或经验上的建议，读者若有兴趣投资，应该自行深入研究或询问股票经纪才决定，盈亏自负。

我们鼓励通过正确的投资方式创造财富，文中的建议，都有一个完整的买卖纪录。

草根牛马

云顶大马NewYork

隨著美国纽约通过修宪，允许设立多达7个拉斯维加式的大型赌场，分析员认为，云顶大马（GENM，4715，主板贸服股）未必会竞標纽约第一阶段的赌场兴建计划。不过，整体而言，当地政府进一步开放博彩业，长远而言，对打算在当地长远发展的云顶大马仍是一项喜讯。

根据了解，修宪之后，第一阶段將允许四个新赌场设在纽约州北部，接下来的三个赌场却必须等待7年之后才能在纽约市开业。

目前，纽约已有9家赛马娱乐场所（其中一个是云顶大马的纽约名胜世界（RWNYC））和五家部落赌场。

虽然，分析员普遍相信，云顶大马不大可能会竞投纽约州北部的赌场牌照，因为地理位置偏远。不过，云顶大马相信仍將从这项最新发展中受惠。

转型商业赌场受阻

马银行金英投行分析员指出，纽约市在7年之后才能够开设商业赌场的新规定，使到云顶大马把纽约名胜世界转为商业赌场的计划受阻，因此，云顶大马將会继续依靠大马赌场来推动其业务发展。

分析员也指出，第一阶段的4家赌场，与纽约名胜世界有一段距离，因此，不至於带来太大的竞爭。

同时，安联研究分析员指出，这条例也將使到云顶大马的纽约名胜世界在未来7年，继续成为皇后区唯一的赛马娱乐场所。

联昌国际分析员也认同这一点，並补充说，纽约名胜世界可以借这段时间，从赛马和角子机娱乐场所升级成为更全面的赌场。

马银行金英投行分析员指出，纽约名胜世界佔云顶大马未计算利息、税项、折旧及摊销之盈利仅10％的贡献，因此，整体的影响並不显著。

联昌国际分析员仍看好云顶大马，主要是因为该集团將会进一步公佈，其30亿令吉的资本开支计划。因此，联昌国际分析员维持该股「超越大市」投资评级和5.70令吉的目標价。

另外，虽然纽约方面的发展受挫，但是云顶大马还有其他大马发展计划。因此，马银行金英投行分析员依然维持该股「买进」投资评级和4.85令吉的目標价和，安联研究分析员也维持「中和」投资评级和4.53令吉的目標价。

地点缺吸引力 云顶大马料不竞标纽新赌场

尽管纽约宪法修正案通过，允许扩展周内的博彩领域，但首阶段仅允许博彩业者在纽约上州（Upstate）设立赌场，安联研究认为，由于地点欠缺吸引力，云顶马来西亚（GENM，4715，主板贸服股）或不会参与赌场执照竞标。

在近期获批的宪法修正案会议中，参议员投票通过博彩业发展案，允许获得执照的博彩业者开设7间赌场，以提振州内经济成长及增加工作机会。

不过，在首阶段博彩业者只能在纽约上州开设4间新商业赌场，在7年后，才能在纽约市设立3间商业赌场。

纽约上州范围包括阿尔巴尼亚地区、卡茨基尔—哈得逊谷地区，以及宾夕法尼亚北部的Sounthern Tier地区，在这些地区开设的首四间赌场将可享有长达7年的独家权。

纽约州上州目前拥有5家由印度博彩业者经营的赌场，另外，在赛马场内也拥有9台自动赌博机。

安联研究分析员指出，尽管这项消息对拓展博彩业有利，但地点仍是博彩业者的最大考量，预计云顶马来西亚不会参与赌场执照竞标。

“在新决策公布后，可以肯定的是，在未来7年，纽约云顶名胜世界将会是纽约皇后区的唯一的赛马赌场（Racino）经营者。”

马银行投行认为，宪法修正案的新发展虽不会冲击纽约云顶名胜世界业务，但在新决策下，纽约云顶名胜世界亦无法转换成为全方位的商业赌场

慷慨派息掀购兴 云顶概念股全线走高

云顶（GENTING，3182，主板贸服股）大手笔派息，让券商大感意外，业绩报捷的云顶及相关股项，今日更因利好消息倍受追捧，股价齐齐攀扬。

云顶今日一度大涨35仙至9.53令吉；云顶种植（GENP，2291，主板种植股）也备受追捧，股价劲扬49仙至9.42令吉，晋升10大上升股榜。

云顶马来西亚（GENM，4715，主板贸服股）股价也扬升11仙，报4.15令吉。

闭市时，云顶收报9.33令吉，扬15仙，成交量694万9200股；云顶种植起56仙至9.49令吉，交投116万9200股；云顶马来西亚起17仙至4.21令吉，成交量805万700股。

于周四宣布财报的云顶，献议派发每股50仙的需扣税25%特别现金股息，并以4配1的比例，限制发售高达9亿2987万1192张不可放弃新凭单（每张凭单发售价1.50令吉）。

凭单发售价诱人

对于云顶建议的凭单发行计划，肯纳格证券研究认为，5年行使期限的凭单发售价格诱人，每股7.96令吉的行使价，相当于周四闭市价的13%折扣（9.18令吉），可让股东以更廉宜的价格增持该股。

“这项有条件派息献议与股息再投资计划相似，股东可选择将部分或全数股息购入凭单，也可选择拒购。”

不过，该公司或会下调行使价格，但在任何情况下，行使价格不会超过7.96令吉，云顶也强调，有条件派息与凭单发行彼此相关，必须通过所有程序批准后，才有定案。

此外，该公司也宣布建发实业私人有限公司（Kien Huat Realty Sdn Bhd）获允许豁免对云顶未持有的股权，进行强制性收购。

发凭单筹73.5亿

云顶宣布特别现金派息每股50仙，超越2007年第三季的30仙派息纪录，预计该股在短期内将获投资者追捧。

该公司在2007年时，为纪念已故创办人丹斯里林梧桐，宣布给予高派息。

肯纳格证券研究预测，在最好的情况下，云顶可发9亿2370万张凭单，预计筹资73亿5000万令吉，这笔资金料将注入发展总值达20亿美元（约66亿令吉）的拉斯维加斯名胜世界计划。

股价随大市走低

兴业证券研究分析员表示，云顶股价近期跟随大市走低，已持有云顶股权的投资者不妨趁此时机购入凭单，待该股股价回弹时，资本收益也将扩大。

安联证券研究报告指出，若大部分股东选择领取现金派息，不购入凭单，林氏家族成员也可透过吸纳相关凭单，提高他们于云顶的持股。

云顶种植同时也宣布特别净派息每股33仙，并以5配1比例，以1.65令吉发行新凭单。

该研究机构认为，云顶种植有一笔总值1亿800万新元的税务抵免即将在2013年12月到期，促使该公司给予特别现金派息，以持股的投资者若接受回购献议，等同于获得免费凭单，因派息足以抵消认购凭单的费用。

巴士肇祸事件影响微 云顶大马止跌回扬

（吉隆坡23日讯）巴士坠谷事件并未冲击云顶马来西亚（GENM，4715，主板贸服股）股价走势，该股在昨日跟随大市走滑后，今日走势回扬，闭市收报4.20令吉，劲扬15仙，成交量509万4100股。

该股也是综指10大涨幅最大股项之一，全日涨幅达3.7%。

联昌证券研究报告指出，往云顶高原的公路设施在过去数年已获提升，并可承载往返双向的巴士，该公路使用率颇高，仅有一次出现使用率下滑的情况，是在1999年的亚洲金融危机期间。

“云顶名胜世界（RWG）旗下的巴士，过去拥有100%的安全记录，这次的肇祸巴士不属于该公司，预计此事件不会影响云顶马来西亚。”

分析员指出，综观过往记录，意外事件几乎每年都会发生，在此前，于去年3月曾发生交通意外，但本月21日的巴士肇祸事件为云顶史上最严重意外。

“若因车祸事件对该股股价造成的反射动作（knee-jerk reaction），那将是投资者趁机购入的好时机。”