Genting SP has been supported above the 1.30 level for the whole of last year till now. Consolidating from 1.30 to 1.36 then 1.42 at the moment. Can consider accumulating some on dips when it nears the 1.30 level for any rebound within range…. Have a strict stop loss at 1.28 which can signal the support as broken. Trade the range and take profit above 1.36. Immediate resistance currently at 1.36, can see more upside if it breaks upwards again…
NEWS - 21st Feb. 2014
*Genting S’pore: 4Q13 and FY13 net profit of $140.3m (+5% y/y) and $589.4m (+1%) both came in short on revenues of $692.9m (-13%) and $2.85b (-3%) respectively. Despite higher VIP volumes, 4Q13, gaming revenue dropped to $508.6m (-19% y/y, -16% q/q), impacted by lower win rate. Non-gaming segment enjoyed strong daily visitation (>20,000) and healthy occupancy of 92%, as revenue climbed to $183.9m (+12% y/y, +8% q/q). Adjusted EBITDA slumped to $250.3m (-32 y/y, -28% q/q). Bottomline included fair value gains on financial derivatives of $30m and FX gains of $38.7m. Final DPS of 1¢ maintained.
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