（综合讯）圣淘沙名胜世界预订在2010年第一季开业，备受瞩目的赌场也将开张。
新明日报报道，这个赌场占地1万5000平方公尺，位于美星豪华酒店（Maxims Tower)地下层，是圣淘沙名胜世界中的唯一赌场。
这个综合度假胜地占地49公顷，在2007年7月动工兴建，大约60％建筑面积将在明年初启用，包括新加坡环球影城、赌场、表演剧院、节庆大道的部分餐饮地带、以及四家酒店。
圣淘沙名胜世界今天宣布，率先开业的的四家酒店包括：美星豪华酒店、迈克尔酒店（Hotel Michael)、节庆酒店(Festive Hotel)、新加坡硬石酒店(Hard Rock Hotel)。
针对圣淘沙名胜世界是否会在明年农历新年前开业？综合度假胜地发言人说，他们会尽量争取。
圣淘沙名胜世界工程部执行副总裁秦永国今天宣布，圣淘沙名胜世界将如期在明年初开业。圣淘沙名胜世界计划聘请1万员工，目前，圣淘沙名胜世界的受薪员工总共有600人，随着它即将开业，正在加紧聘请员工。
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2009年6月27日星期六
2009年6月26日星期五
引入云顶集团 美高梅冀一洗颓势
（吉隆坡25日讯）在云顶有限公司（GENTING，3182，主板贸易服务组）入股之前，美高梅集团在大马博彩业属于一个相当陌生的名字。但继前者投资约2亿美元（7亿零630万令吉）后，该拉斯维加斯赌场集团已吸引了本地投资者的关注。
据报导指出，云顶和美高梅集团最大股东科克里安，已在该集团的10亿美元股票献售计划下，分别支付每股7美元，各购入1430万股新股，相等于在美高梅集团的各3.2%股权。
上述3.2%股权并不包括云顶集团早前以1亿美元认购的债券。
以目前的股价计算，美高梅集团的市值约为29亿3000万美元，低于其拉斯维加斯同业，如拉斯维加斯金沙（55亿2000万美元）和永利渡假村（44亿4000万美元）。
美高梅集团比其同业折价，主要是因为现阶段在澳门的拓展规模偏小，而且该集团至2009年3月31日止的净借贷仍然接近130亿美元（低于2008年12月31日止的131亿7000万美元）。
以实际数字以及负债率计算，其负债也远高于金沙集团和永利渡假村。
庞大借贷意味着美高梅集团的净利息开销偏高─08全年达5亿9280万美元及09年首季1亿6730万美元─拖低了其财务表现及增加未来进一步扩充能力的疑虑。
该公司在2008财政年蒙受了8亿5530万美元净亏损，除了利息开销外，上述亏损主要是来自期间12亿1000万美元的资产损害费用。
在09年首季，美高梅集团录得了1亿零520万美元净盈利，但这是拜产业交易的1亿9500万美元一次过赚益所赐。
鉴于在美高梅集团3.2%股权的投资成本只有1亿美元，相当于云顶集团手握现金的少过10%，后者入股该拉斯维加斯业者将更偏向策略性合作因素。
这项投资除了扩大组合投资外，更将成为进军澳门的踏脚石。
从而，除美高梅集团外，云顶将也可探讨透过与其他拉斯维加斯业者，或澳门当地经营商合作，在澳门进行其他投资。
[source]
据报导指出，云顶和美高梅集团最大股东科克里安，已在该集团的10亿美元股票献售计划下，分别支付每股7美元，各购入1430万股新股，相等于在美高梅集团的各3.2%股权。
上述3.2%股权并不包括云顶集团早前以1亿美元认购的债券。
以目前的股价计算，美高梅集团的市值约为29亿3000万美元，低于其拉斯维加斯同业，如拉斯维加斯金沙（55亿2000万美元）和永利渡假村（44亿4000万美元）。
美高梅集团比其同业折价，主要是因为现阶段在澳门的拓展规模偏小，而且该集团至2009年3月31日止的净借贷仍然接近130亿美元（低于2008年12月31日止的131亿7000万美元）。
以实际数字以及负债率计算，其负债也远高于金沙集团和永利渡假村。
庞大借贷意味着美高梅集团的净利息开销偏高─08全年达5亿9280万美元及09年首季1亿6730万美元─拖低了其财务表现及增加未来进一步扩充能力的疑虑。
该公司在2008财政年蒙受了8亿5530万美元净亏损，除了利息开销外，上述亏损主要是来自期间12亿1000万美元的资产损害费用。
在09年首季，美高梅集团录得了1亿零520万美元净盈利，但这是拜产业交易的1亿9500万美元一次过赚益所赐。
鉴于在美高梅集团3.2%股权的投资成本只有1亿美元，相当于云顶集团手握现金的少过10%，后者入股该拉斯维加斯业者将更偏向策略性合作因素。
这项投资除了扩大组合投资外，更将成为进军澳门的踏脚石。
从而，除美高梅集团外，云顶将也可探讨透过与其他拉斯维加斯业者，或澳门当地经营商合作，在澳门进行其他投资。
[source]
2009年6月25日星期四
Genting or Resorts World could invest in Macau
As Malaysia’s gaming firms appear to be holding steady, rumours have been circling that they could be eyeing more lucrative investments overseas, such as establishments in Macau.
With Genting now heavily rumoured to be interested in a stake of MGM Mirage’s operations in Macau, it now appears that sister brand Resorts World could also potentially go for an investment in the region.
While not denying or confirming the rumours, the head of the companies have now said that they “may be” interested if an opportunity comes up.
“If the opportunity arises in Macau, there is no hindrance for Resorts to invest,” noted Lim Kok Thay, Resorts World and Genting Chairman and CEO.
“The answer is a big maybe. It depends on what the situation is.”
Recently parent company Genting, which bought out the Resorts World brand in 1989, purchased US$100 million worth of notes issued by MGM Mirage.
[source]
With Genting now heavily rumoured to be interested in a stake of MGM Mirage’s operations in Macau, it now appears that sister brand Resorts World could also potentially go for an investment in the region.
While not denying or confirming the rumours, the head of the companies have now said that they “may be” interested if an opportunity comes up.
“If the opportunity arises in Macau, there is no hindrance for Resorts to invest,” noted Lim Kok Thay, Resorts World and Genting Chairman and CEO.
“The answer is a big maybe. It depends on what the situation is.”
Recently parent company Genting, which bought out the Resorts World brand in 1989, purchased US$100 million worth of notes issued by MGM Mirage.
[source]
2009年6月24日星期三
MGM, Genting in talks on Macau
KUALA LUMPUR: MGM Mirage Inc, a global casino operator, has held discussions with Genting group on the latter’s possible participation in its Macau operations, as part of their overall talks towards forming a “very powerful” global alliance.
In an email reply to queries from The Edge Financial Daily, MGM public affairs senior vice-president Alan M Feldman said: “We have had specific discussions about Macau but would not rule out Genting’s participation if it made strategic sense for all parties.”
Other than Macau, he said the two parties had started discussions on possible marketing relationships, strategic ventures and partnerships globally.
“While discussions between the companies are at a preliminary stage, we have started to consider possible marketing relationships, strategic ventures and partnerships with Genting globally,” he said.
Feldman was asked to comment on intense speculation that Genting group, which is also building a casino resort in Singapore, may be buying over MGM’s interest in Macau.
“A relationship with Genting makes strategic sense as both companies have similar operating philosophies. This has great potential to be a very powerful alliance,” he said.
MGM, which is listed on the New York Stock Exchange, owns and operates 16 properties in the US. It also has 50% interests in four other properties in Nevada, New Jersey and Illinois in the US, and in Macau. For the financial year ended Dec 31, 2008, MGM group recorded net revenues of about US$7.2 billion (RM25.2 billion).
MGM Grand Macau is a 35-storey, 600-room casino resort, which opened on Dec 18, 2007. The property is owned and operated with its 50% joint venture partner, Pansy Ho, the daughter of Macau casino king Stanley Ho.
The Edge weekly in its latest issue reported that unlike the cash-rich Genting group, MGM was on the brink of bankruptcy due mainly to a US$14.4 billion debt burden. It also ran into problems at its CityCentre project in Las Vegas, a partnership with Dubai World, leading to cost overruns.
The report said MGM’s prospects were turning for the better after a fund-raising exercise that would allow it to redeem about US$1 billion in bond papers expiring later this year.
Genting’s recent RM349.5 million (US$100 million) acquisition of a 3.2% equity stake in MGM added fuel to the speculation that the cash-rich Genting group was weaving its plan to venture into Macau. The stake was offered under a US$1 billion equity placement by MGM last month.
Also last month, Genting Bhd and its unit Resorts World Bhd completed the subscription of a total of US$100 million worth of senior secured notes issued by MGM.
The notes were part of MGM’s US$1.5 billion fund-raising exercise to help settle its outstanding debts and for general corporate purposes, and were secured by a first-priority lien on substantially all of the assets of the Bellagio Hotel and Casino and the Mirage Hotel and Casino, both located in Las Vegas.
Following that, analysts had speculated that those investments could pave the way for Genting group to acquire a stake in MGM or take over the US casino operator’s investment in MGM Grand Macau.
In response to The Edge weekly story, Genting said the group was constantly reviewing and evaluating business and investment opportunities that may arise in the gaming industry, refusing to comment on such speculation.
In the email reply to The Edge Financial Daily, Feldman did not say whether its MGM Grand Macau partner, Pansy Ho, would be agreeable to any equity participation by Genting in the Macau unit.
He also did not comment on the New Jersey gaming law enforcement authorities’ call for MGM to cut ties with Ho due to allegations that her father was tied to organised crime.
Interestingly, in earlier reports MGM Macau defended Pansy Ho and disagreed with the authorities’ recommendation that she was an “unsuitable” business partner. It was reported earlier this month that the gaming giant would challenge the regulatory report.
It is understood that the final ruling against MGM could force the Las Vegas-based casino giant to choose between abandoning the lucrative gaming market of Macau or walking away from its investment in Atlantic City, New Jersey, where it owns half the Borgata Hotel Casino & Spa, the city’s highest grossing casino.
When contacted by The Edge Financial Daily last week, Genting’s head of strategic investments and corporate affairs Justin Leong declined to comment on Genting’s purchase of the MGM stake and the speculated Macau venture.
[source]
In an email reply to queries from The Edge Financial Daily, MGM public affairs senior vice-president Alan M Feldman said: “We have had specific discussions about Macau but would not rule out Genting’s participation if it made strategic sense for all parties.”
Other than Macau, he said the two parties had started discussions on possible marketing relationships, strategic ventures and partnerships globally.
“While discussions between the companies are at a preliminary stage, we have started to consider possible marketing relationships, strategic ventures and partnerships with Genting globally,” he said.
Feldman was asked to comment on intense speculation that Genting group, which is also building a casino resort in Singapore, may be buying over MGM’s interest in Macau.
“A relationship with Genting makes strategic sense as both companies have similar operating philosophies. This has great potential to be a very powerful alliance,” he said.
MGM, which is listed on the New York Stock Exchange, owns and operates 16 properties in the US. It also has 50% interests in four other properties in Nevada, New Jersey and Illinois in the US, and in Macau. For the financial year ended Dec 31, 2008, MGM group recorded net revenues of about US$7.2 billion (RM25.2 billion).
MGM Grand Macau is a 35-storey, 600-room casino resort, which opened on Dec 18, 2007. The property is owned and operated with its 50% joint venture partner, Pansy Ho, the daughter of Macau casino king Stanley Ho.
The Edge weekly in its latest issue reported that unlike the cash-rich Genting group, MGM was on the brink of bankruptcy due mainly to a US$14.4 billion debt burden. It also ran into problems at its CityCentre project in Las Vegas, a partnership with Dubai World, leading to cost overruns.
The report said MGM’s prospects were turning for the better after a fund-raising exercise that would allow it to redeem about US$1 billion in bond papers expiring later this year.
Genting’s recent RM349.5 million (US$100 million) acquisition of a 3.2% equity stake in MGM added fuel to the speculation that the cash-rich Genting group was weaving its plan to venture into Macau. The stake was offered under a US$1 billion equity placement by MGM last month.
Also last month, Genting Bhd and its unit Resorts World Bhd completed the subscription of a total of US$100 million worth of senior secured notes issued by MGM.
The notes were part of MGM’s US$1.5 billion fund-raising exercise to help settle its outstanding debts and for general corporate purposes, and were secured by a first-priority lien on substantially all of the assets of the Bellagio Hotel and Casino and the Mirage Hotel and Casino, both located in Las Vegas.
Following that, analysts had speculated that those investments could pave the way for Genting group to acquire a stake in MGM or take over the US casino operator’s investment in MGM Grand Macau.
In response to The Edge weekly story, Genting said the group was constantly reviewing and evaluating business and investment opportunities that may arise in the gaming industry, refusing to comment on such speculation.
In the email reply to The Edge Financial Daily, Feldman did not say whether its MGM Grand Macau partner, Pansy Ho, would be agreeable to any equity participation by Genting in the Macau unit.
He also did not comment on the New Jersey gaming law enforcement authorities’ call for MGM to cut ties with Ho due to allegations that her father was tied to organised crime.
Interestingly, in earlier reports MGM Macau defended Pansy Ho and disagreed with the authorities’ recommendation that she was an “unsuitable” business partner. It was reported earlier this month that the gaming giant would challenge the regulatory report.
It is understood that the final ruling against MGM could force the Las Vegas-based casino giant to choose between abandoning the lucrative gaming market of Macau or walking away from its investment in Atlantic City, New Jersey, where it owns half the Borgata Hotel Casino & Spa, the city’s highest grossing casino.
When contacted by The Edge Financial Daily last week, Genting’s head of strategic investments and corporate affairs Justin Leong declined to comment on Genting’s purchase of the MGM stake and the speculated Macau venture.
[source]
2009年6月22日星期一
名胜世界亚地发展易名
（吉隆坡21日讯）名胜世界有限公司（RESORTS，4715，主板贸易服务组）已易名为云顶大马有限公司（Genting Malaysia Bhd）以及亚地发展有限公司（ASIATIC，2291，主板种植组）已易名为云顶种植有限公司（Genting Plantations Bhd），由6月18日起生效。
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2009年6月19日星期五
明年首季试营运开幕 云顶狮城赌场成本符合预算
（吉隆坡18日讯）云顶（Genting，3182，主板贸服股）指出，新加坡的圣淘沙名胜世界将在明年首季进行试营运开幕（Soft Opening），并透露这项赌场工程的建筑成本的增加，仍然处于预算的范围内。
云顶主席兼总执行长丹斯里林国泰昨日在股东常年大会上向股东说：“云顶国际在较早前已对预算进行调整，因为这项工程的成本已超越了初定的预算，所以，目前来说是符合已扩大的预算成本内。”
云顶国际在较早前已建议易名为云顶新加坡。该公司在今年初时表示，在圣淘沙的赌场度假村投资料将从60亿新元提高至66亿新元（约从145亿令吉提高至160亿令吉）。
林国泰解释，成本的提高是因为该公司在规格方面做出增加或改变，让这项工程将能较原先策划的来得更好。
同时，该度假村的赌场将会率先开幕，而环球影城主题公园、Hard Rock酒店及有全球最大美誉的水族馆，也都在开幕的阶段中。
“这是一个庞大的工程，虽然进行一次性推介是最理想的，但我们希望能采取更谨慎的态度，所以计划先开放赌场业务，以取得稳健的现金流。”
另一方面，林国泰也披露，云顶收购米高梅幻影（MGM Mirage）3.2%股权及总值1亿美元（3亿5300万令吉）债券的计划，是该集团在澳门的最后一项投资活动。
[source]
云顶主席兼总执行长丹斯里林国泰昨日在股东常年大会上向股东说：“云顶国际在较早前已对预算进行调整，因为这项工程的成本已超越了初定的预算，所以，目前来说是符合已扩大的预算成本内。”
云顶国际在较早前已建议易名为云顶新加坡。该公司在今年初时表示，在圣淘沙的赌场度假村投资料将从60亿新元提高至66亿新元（约从145亿令吉提高至160亿令吉）。
林国泰解释，成本的提高是因为该公司在规格方面做出增加或改变，让这项工程将能较原先策划的来得更好。
同时，该度假村的赌场将会率先开幕，而环球影城主题公园、Hard Rock酒店及有全球最大美誉的水族馆，也都在开幕的阶段中。
“这是一个庞大的工程，虽然进行一次性推介是最理想的，但我们希望能采取更谨慎的态度，所以计划先开放赌场业务，以取得稳健的现金流。”
另一方面，林国泰也披露，云顶收购米高梅幻影（MGM Mirage）3.2%股权及总值1亿美元（3亿5300万令吉）债券的计划，是该集团在澳门的最后一项投资活动。
[source]
2009年6月18日星期四
致力提高效率采积极策略 云顶确保业务长期优势
亲爱的股东：
本人谨代表董事部向您呈献云顶（Genting，3182，主板贸服股）（以下简称本公司）与其集团成员公司（以下简称“本集团”或“我们”）截至2008年12月31日的年度报告及已审计财政报告。
业绩回顾
在全球金融危机冲击下，本集团2008年的国际及大马各项业务无法避免地遭受到前所未有的负面影响。
这是忙碌的一年，因为本集团执行多项策略以加强与促进业务成长，以及克服成本上涨与经济环境不明朗等因素所带来的挑战。
本集团在2008年的整体表现相当不俗，营业额按年增长7％至91亿令吉的新高，因为主要业务创造更高的营业额。
除了电力业务之外，所有业务皆取得较高的营运盈利。然而，由于减值亏损增加，加上一次性获利减少，本集团2008年的税前盈利为17亿令吉，较前期的34亿令吉下跌49％。
资本与融资
尽管金融及信贷环境艰巨，本集团成功为2008年的投资项目取得必要的融资。
在新加坡，名胜世界圣淘沙于2008年4月成功取得40亿新元的银团贷款。
云顶国际则于2007年通过两项可转换债券与附加股发行计划共筹措了30亿4000万新元。截至2008年12月31日，首项发行的3亿6740万新元可转换债券，已转换为5亿8310万股新普通股。第二项债券发行尚未有任何转换行动。
在2008年，本公司与名胜世界继续其股票回购计划。截至2009年4月23日，本公司累积回购了870万本身的股票，总费用为4260万令吉，而名胜世界则累积回购了1亿8280万本身的股票，总费用为6亿3430万令吉。
股息
在派息的同时，我们将保留部分资金作为未来投资与业务扩展之用，以让两者之间维持合理的平衡。我们已于2008年10月24日，为每股10仙的普通股支付3仙的需扣税中期股息，总额达8210万令吉。
董事部所建议的每股4仙需扣税终期股息，将在来临的第41届股东大会中寻求股东的批准。2008年的每股股息总额为7仙（2007年：37仙）。
前景
由于全球经济放缓将冲击消费开支与休闲旅遊，因此2009年的前景仍充满挑战。
休闲与酒店业务的云顶高原胜地将继续提供引人入胜与能力可及的休闲与娱乐活动，以缓和任何遊客下降的冲击。我们将继续密切留意英国云顶的表现，因为英国当前所经历的不景气，极可能会对2009年的表现带来不利影响。我们将继续致力提高效率，并采取策略，以确保该业务的长期优势。
尽管当前局势艰难，名胜世界圣淘沙的建築工程进展顺利，并可按照原订计划于2010年首季非正式开幕。我们在新加坡的团队将于2009年的预计开幕前，加速招募人力资源、推行培训计划、销售与行销活动。这些开幕前费用将在2009年支出，因此将会显著影响云顶国际的业绩。
印度Lanco Kondapalli发电厂的第二阶段扩建计划预计将在2010年首季全面投入运作。此外，云顶生物油私人有限公司已在日本设立相关的试验设施，以进行研究与开发工作，来提升生物油的运用，并已于2009年3月成功进行升级试验。
种植业务2009年的表现，预料会受到棕油价格趋软所影响。本业务兴建的第六间油厂已于2009年4月开始启用。配合在印尼开发油棕园的两项联营计划，该业务将在未来几年继续进行地面清理与种植活动。
生物科技业务将继续其研究与开发工作，开发与商业化基因体学解决方案，以加强农作物生产力，以及提高油棕与其它农作物的价值。
产业方面，将专注于销售竣工房屋，并密切留意房产市场的趋势。我们将在市场需求强劲的地区，推介精选发展项目。
石油与天然气业务则将进行二维地震勘探计划（2D Seismic），以鉴定新Kasuri区块的天然气蕴藏量与发展潜能。在2009年下半年，预计可开始收到BP Global的月度延期报酬。
在当前经济举步维艰的时刻，本集团将格外谨慎地控制成本上涨，并改善营运效率。我们将密切留意全球局势演变，以及我们所处身的各行业发展。
此外，我们将留意当前挑战所带来的任何提供长期增长及拓展的策略投资契机。最终，这些努力将加强本集团实力，并以最有利的定位迎向经济复苏。
提供集团长期增长 名胜世界专注策略良机
亲爱的股东：
本人谨代表董事部向您呈献名胜世界（Resorts，4715，主板贸服股）（以下简称“本公司”）与其集团成员公司（以下简称“本集团”或“我们”）截至2008年12月31日的年度报告及已审计财政报告。
业绩回顾
随著主要经济体的金融危机对全球经济形成冲击，马来西亚也无法幸免地面对负面影响，2008年可算是一个充满挑战的年头。
尽管如此，本集团仍取得48亿9000万令吉营业额，较前期的43亿5000万令吉增加了12％。营业额改善，主要归功于云顶胜地业务量增加，以及赌场豪客业务享有更佳运气，带动了休闲与酒店组业务所致。
本集团2008年税前盈利下跌41％至11亿3000万令吉，主要因为丽星邮轮7亿8150万令吉的减值亏损。
与此同时，前一年的税前盈利包括了脱售丽星邮轮部分股权的3亿3710万令吉一次性获利、稀释投资在丽星邮轮的8100万令吉赚利，以及分摊丽星邮轮的6310万令吉亏损。
若不包括这些项目，本集团2008年的税前盈利，反比前一年的税前盈利高出23％，与营业额增加的步伐一致。
股息
我们已于2008年10月21日，为每股面值10仙的普通股支付3仙的需扣税中期股息，总值高达1亿2775万令吉。
董事部所建议的每股4仙的终期股息，将在来临的第29届股东大会寻求股东的批准。
2008年的每股股息总额为7仙（2007年：6.48仙）。
前景
有鉴于全球经济的不利局势已对休闲与酒店业形成冲击，因此2009年的前景将充满挑战。然而，我们将继续专注在效益管理并力求各项业务达到最高营运效率。
云顶高原胜地将继续提供引人入胜与能力可及的休闲与娱乐活动，以缓和游客减少的现象。我们的重要任务之一仍是为宾客与游客提供最卓越服务。
我们将留意当前挑战所带来的任何策略机会，以提供本集团长期增长与拓展。
抓紧任何涌现良机 亚地种植积极出击
亲爱的股东：
本人谨代表董事部欣然提呈亚地种植（Asiatic，2291，主板种植股）（简称“本公司”）及其子公司（统称“本集团”）截至2008年12月31日止的年度报告及已审计财政报告。
业绩回顾
尽管面对不稳定的经济局势与充满挑战的营运环境，本集团在2008年仍取得不俗的表现。实际上，这是本集团有史以来最卓越的业绩。营业额按年增长14％至10亿4000万令吉，税前盈利则上扬7％，创下4亿8290万令吉的纪录新高。
种植业务是继续引领本集团增长的主要动力。本业务在2008年的营业额达到9亿3650万令吉，税前盈利则达4亿5590万令吉，按年分别增长11％及6％。出色的业绩归功于棕油产量创新高，以及棕油产品的平均成交价格有所提高。
虽然产业领域在全球经济走下坡之际首当其冲，但该业务逆流而上，取得可圈可点的表现，营业额达9950万令吉，税前盈利为1240万令吉，按年分别增长64％及68％。
股息
从多年来稳定增加派息可看得出提高股东回酬是本集团的优先事项。虽然如此，本集团也致力于确保至今为止的坚稳业绩记录，得以持续。
有鉴于此，董事部建议每面值50仙普通股享有5仙须扣税的终期股息。
若获得来临第31届股东大会的批准，这项终期股息，加上已在2008年10月16日支付的每股5仙的须扣税中期股息，2008财政年的股息总额为5600万令吉。
未来展望
由于市场上同时存在着正负面因素，因此棕油价格的短期走向仍未明朗化。有鉴于此，本集团将继续密切观察局势演变，并采取积极主动的步骤来全面迎接任何可能发生的情况，并抓紧任何可能涌现的机会。
撇开短期内难以预测的情况不说，棕油的长期前景仍然是一片亮丽。我们部署的扩展计划反映出本集团对棕油业长期前景的信心。
另外，产业在经济氛围有欠明朗下，将会继续困扰买家的情绪，因此，短期内预料将面对更严峻的挑战与举步维艰的市况。有鉴于这次经济风暴的严重性，市场预料需要比上一个产业周期更漫长的时间来复苏。然而，与任何周期性行业一样，目前的低迷市况只是暂时的现象，因为衰退与经济风暴不会永远存在。
由于马来西亚经济长期料将呈上升趋势，产业发展业务的前景也会看悄，因为产业通常被认为可带来稳定及诱人长期回酬的安全投资，因此，需求将继续不断。
种植与产业领域的长期前景看悄，无疑地将有利于本集团的未来表现。本集团将继续专注在核心竞争力，并提升营运效率来达致更卓越的成就。
在考虑到当前的全球金融市场的动荡局势，本集团将继续审慎行事的作风，同时孜孜不倦地确保业务保持韧力，以确保在艰难时刻过后茁壮成长。
撇开无可预见的因素，本集团现财政年的表现料保持合理，然而随着商品期货价格趋软，我们预料无法延续2008年创下的盈利记录。
致谢
本人谨此对董事部成员过去一年来对本集团提供的宝贵意见与指导，致以万分谢意。
对我们的股东、顾客、商业同仁、各有关当局与雇员等利益相关者，一直以来给于本集团的支持与信赖，本人谨此表达由衷感谢。在本集团茁壮成长、迈向另一顶峰之际，我们衷心期望能继续获得您的鼎力支持。
丹斯里林国泰云顶及名胜世界执行主席亚地种植总执行长
[source]
2009年6月16日星期二
看好与米高梅幻影拓展赌业 云顶前景看高一线
（吉隆坡15日讯）达证券行在公司短笺中说，米高梅幻影（MGM）首席执行员吉姆慕任上周五证实该集团与云顶有限公司（GENTING）展开谈判，涵盖“在全球赌场业概略的商业伙伴联系”。
报导引述他对<华尔街日报>说，2个赌场业务集团“只是开始对全球促销联系，策略结盟以及伙伴联系的脑力激荡”。云顶的发言人也证实展开谈判，但是仍然处于初阶段。
但是与市场猜测恰好相反的是，米高梅幻影脱售MGM Grand Macau股权给云顶的课题从来没有谈及。摘要重述，新泽西州监管机构曾对米高梅幻影与伙伴香港何氏家族在澳门的MGM Grand Macau赌场计划作出抨击。米高梅幻影在该州阿特兰大市Borgata赌场持股50％。但是最后决策者，新泽西州赌场监督委员会仍然没有对这项报告作出任何裁决。
达证券行乐观看待与米高梅幻影的伙伴联系，以及认为对云顶集团有利。负债累累的米高梅幻影可能脱售资产以便强化它的资产负债表。此外，由于缺乏资金，该集团也可能透过联营企业拓展全球品牌。最近的计划是采用MGM Grand以及Bellagio品牌发展豪华酒店。
达证券行认为这是有可能的，因为该集团已表态有意在澳门投资。此外，它猜测在新加坡云顶（Genting Singpore）的持股整合计划也提示管理层尝试剔除任何可能的交叉持股，以避免新加坡政府审查。这包括：（1）名胜世界有限公司（RESORTS，4715，主板贸易服务组）献售它的全部6.2％新加坡云顶股权，已在2008年5月完成，以及（2）林氏家族在2009年5月脱售 9％新加坡云顶股权。摘要重述，新加坡云顶在2007年退出涉及香港赌场大亨与丽星邮轮（Star Cruises）在澳门的一宗交易，是由于新加坡政府反对。
达证券行认为最近收购3.2％米高梅幻影股全纯粹是投资决策。拥有充裕现金的名胜世界可能是与米高梅幻影组成联营企业，或是任何收购计划（包括在澳门）的媒介。截至2009年5月止，该公司有现金结存总共49亿令吉，以及每年现金流量高达10亿令吉；控股公司则只有3亿1000万令吉现金。
云顶仍然列为<买入>评级，目标价是6.60令吉；名胜世界保持<脱售>评级以及目标价2.70令吉。名胜世界日益接近实现它的扩充目标，这是主要的重新评估催化剂。但是达证券行选择等待它实现目标。
另一方面，全球赌场经营公司，米高梅幻影与云顶集团讨论后者可能参与它在澳门的业务。
在答复The Edge金融日报的电邮询问时，米高梅幻影公共关系高级副总裁艾伦费曼说：“我们已特别讨论了澳门，如果这是各造的明智策略，不排除云顶集团参与。”
云顶集团也在新加坡兴建一个赌场休闲胜地，可能收购米高梅幻影在澳门的业务。
米高梅幻影在纽约证券交易所挂牌。它在美国拥有及经营16项产业，也在美国的内华达、新泽西、依利诺斯，以及澳门的其他4项产业持股50％。在截至2008年12月31日止财政年，该集团录得净收益大约72亿美元（252亿令吉）。
楼高35层，有600个客房的MGM Grand Macau赌场休闲胜地在2007年12月18日开幕。
最新一期的The Edge周刊报导说，与现金充裕的云顶集团不同点是，米高梅幻影已濒临破产边缘，主要是由于负债高达144亿美元。
[source]
报导引述他对<华尔街日报>说，2个赌场业务集团“只是开始对全球促销联系，策略结盟以及伙伴联系的脑力激荡”。云顶的发言人也证实展开谈判，但是仍然处于初阶段。
但是与市场猜测恰好相反的是，米高梅幻影脱售MGM Grand Macau股权给云顶的课题从来没有谈及。摘要重述，新泽西州监管机构曾对米高梅幻影与伙伴香港何氏家族在澳门的MGM Grand Macau赌场计划作出抨击。米高梅幻影在该州阿特兰大市Borgata赌场持股50％。但是最后决策者，新泽西州赌场监督委员会仍然没有对这项报告作出任何裁决。
达证券行乐观看待与米高梅幻影的伙伴联系，以及认为对云顶集团有利。负债累累的米高梅幻影可能脱售资产以便强化它的资产负债表。此外，由于缺乏资金，该集团也可能透过联营企业拓展全球品牌。最近的计划是采用MGM Grand以及Bellagio品牌发展豪华酒店。
达证券行认为这是有可能的，因为该集团已表态有意在澳门投资。此外，它猜测在新加坡云顶（Genting Singpore）的持股整合计划也提示管理层尝试剔除任何可能的交叉持股，以避免新加坡政府审查。这包括：（1）名胜世界有限公司（RESORTS，4715，主板贸易服务组）献售它的全部6.2％新加坡云顶股权，已在2008年5月完成，以及（2）林氏家族在2009年5月脱售 9％新加坡云顶股权。摘要重述，新加坡云顶在2007年退出涉及香港赌场大亨与丽星邮轮（Star Cruises）在澳门的一宗交易，是由于新加坡政府反对。
达证券行认为最近收购3.2％米高梅幻影股全纯粹是投资决策。拥有充裕现金的名胜世界可能是与米高梅幻影组成联营企业，或是任何收购计划（包括在澳门）的媒介。截至2009年5月止，该公司有现金结存总共49亿令吉，以及每年现金流量高达10亿令吉；控股公司则只有3亿1000万令吉现金。
云顶仍然列为<买入>评级，目标价是6.60令吉；名胜世界保持<脱售>评级以及目标价2.70令吉。名胜世界日益接近实现它的扩充目标，这是主要的重新评估催化剂。但是达证券行选择等待它实现目标。
另一方面，全球赌场经营公司，米高梅幻影与云顶集团讨论后者可能参与它在澳门的业务。
在答复The Edge金融日报的电邮询问时，米高梅幻影公共关系高级副总裁艾伦费曼说：“我们已特别讨论了澳门，如果这是各造的明智策略，不排除云顶集团参与。”
云顶集团也在新加坡兴建一个赌场休闲胜地，可能收购米高梅幻影在澳门的业务。
米高梅幻影在纽约证券交易所挂牌。它在美国拥有及经营16项产业，也在美国的内华达、新泽西、依利诺斯，以及澳门的其他4项产业持股50％。在截至2008年12月31日止财政年，该集团录得净收益大约72亿美元（252亿令吉）。
楼高35层，有600个客房的MGM Grand Macau赌场休闲胜地在2007年12月18日开幕。
最新一期的The Edge周刊报导说，与现金充裕的云顶集团不同点是，米高梅幻影已濒临破产边缘，主要是由于负债高达144亿美元。
[source]
2009年6月13日星期六
包括策略投资与行销关系 云顶米高梅幻影洽谈合作
（吉隆坡12日讯）云顶（Genting，3182，主板贸服股）与米高梅幻影（MGM MIRAGE）异口同声证实，双方正在洽谈合作关系，包括策略投资在内。
根据彭博社报道，美国赌场业者——米高梅幻影发言人艾伦费德曼指出：“我们已经开始考虑行销关系上的合作、策略投资，以及同云顶在全球市场上的合作。”
另外，云顶投资策略兼企业关系主管梁铭隆也指出：“我们与米高梅幻影的洽谈，还处于初步的阶段。”
较早前，《华尔街日报》报道披露，云顶正与米高梅幻影洽谈合作。
该报道引述米高梅幻影总执行长谨睦仁说：“我们刚开始研讨全球行销合作关系，以及策略联营与合伙相关事项。”
在本月初，云顶以1亿美元（约3亿5000万令吉）认购米高梅幻影的3.2％股权，以及后者多达1亿美元（约3亿5000万令吉）的债券。
这些举措促市场揣测，云顶或许正为自己铺路，参与米高梅幻影在澳门的赌场业务。
不过，对于这些说法，云顶一直没有作出任何的评论，仅表示会在适合的时机，向大马交易所作出有必要的宣布。
经已在大马巩固地位，且正式进入新加坡市场的云顶，一直都在寻找机会扩展业务至亚洲博采中心——澳门。
此外，由于面对美国博彩监管局的压力，以及大约140亿美元（约490亿令吉）的债券，米高梅可能脱售澳門米高梅金殿（MGM Grand Macau）股权，也是促成上述揣测的原因。
米高梅上个月曾透露，新泽西博彩监管局建议它撤消与何鸿燊女儿何超琼在澳门的合伙关系，因后者不符合指定条件，“不适合”与该美国公司合作。
无论如何，谨睦仁表示，上述两家公司并没有商协让云顶参与投资该澳门公司的可能性。
他指出，米高梅会根据监管局的要求，探讨所有能够解决澳门联营问题的方案。
[source]
根据彭博社报道，美国赌场业者——米高梅幻影发言人艾伦费德曼指出：“我们已经开始考虑行销关系上的合作、策略投资，以及同云顶在全球市场上的合作。”
另外，云顶投资策略兼企业关系主管梁铭隆也指出：“我们与米高梅幻影的洽谈，还处于初步的阶段。”
较早前，《华尔街日报》报道披露，云顶正与米高梅幻影洽谈合作。
该报道引述米高梅幻影总执行长谨睦仁说：“我们刚开始研讨全球行销合作关系，以及策略联营与合伙相关事项。”
在本月初，云顶以1亿美元（约3亿5000万令吉）认购米高梅幻影的3.2％股权，以及后者多达1亿美元（约3亿5000万令吉）的债券。
这些举措促市场揣测，云顶或许正为自己铺路，参与米高梅幻影在澳门的赌场业务。
不过，对于这些说法，云顶一直没有作出任何的评论，仅表示会在适合的时机，向大马交易所作出有必要的宣布。
经已在大马巩固地位，且正式进入新加坡市场的云顶，一直都在寻找机会扩展业务至亚洲博采中心——澳门。
此外，由于面对美国博彩监管局的压力，以及大约140亿美元（约490亿令吉）的债券，米高梅可能脱售澳門米高梅金殿（MGM Grand Macau）股权，也是促成上述揣测的原因。
米高梅上个月曾透露，新泽西博彩监管局建议它撤消与何鸿燊女儿何超琼在澳门的合伙关系，因后者不符合指定条件，“不适合”与该美国公司合作。
无论如何，谨睦仁表示，上述两家公司并没有商协让云顶参与投资该澳门公司的可能性。
他指出，米高梅会根据监管局的要求，探讨所有能够解决澳门联营问题的方案。
[source]
2009年6月12日星期五
P.I.E. to make solar panel cables next year
GEORGE TOWN: P.I.E. Industrial Bhd plans to make solar panel cables next year to diversify further its manufacturing capability and mitigate the impact of the global recession.
Group managing director Alvin Mui said it was now applying for the relevant TUV certification from Germany to manufacture the solar panel cables. The certification is expected by mid-2009.
“There are new multinational corporations in the country involved in the solar panel business and we look forward to supplying to them.
P.I.E employees working at a production line in the Seberang Prai factory. The firm plans to make solar panel cables next year.
“The new solar panel cable business will enable us to service new customers’ needs and tap into new markets,” he told StarBiz.
The use of solar energy was becoming increasingly popular as global warming was now a primary concern, Mui said.
He added that the group’s multiple-product manufacturing capability had helped to make the company resilient, even during economic slowdown.
“During a global recession, there will be even more companies that can no longer produce cost-effectively and will need to outsource their manufacturing activities.
“There are also single-product companies that require our contract manufacturing services, as they will no longer be cost-effective,” he said.
Mui said P.I.E. was now also more focused on producing lower volume but a higher mix of industrial electronic products which could yield better profit margins.
The group will start construction work on a new plant in Seberang Jaya soon.
“We will invest RM30mil in the facility that will allow us to expand the cable and wire manufacturing business, which contributes about 35% to group revenue.
“The new plant will be ready in the third quarter of 2009,” he said.
[source]
Group managing director Alvin Mui said it was now applying for the relevant TUV certification from Germany to manufacture the solar panel cables. The certification is expected by mid-2009.
“There are new multinational corporations in the country involved in the solar panel business and we look forward to supplying to them.
P.I.E employees working at a production line in the Seberang Prai factory. The firm plans to make solar panel cables next year.
“The new solar panel cable business will enable us to service new customers’ needs and tap into new markets,” he told StarBiz.
The use of solar energy was becoming increasingly popular as global warming was now a primary concern, Mui said.
He added that the group’s multiple-product manufacturing capability had helped to make the company resilient, even during economic slowdown.
“During a global recession, there will be even more companies that can no longer produce cost-effectively and will need to outsource their manufacturing activities.
“There are also single-product companies that require our contract manufacturing services, as they will no longer be cost-effective,” he said.
Mui said P.I.E. was now also more focused on producing lower volume but a higher mix of industrial electronic products which could yield better profit margins.
The group will start construction work on a new plant in Seberang Jaya soon.
“We will invest RM30mil in the facility that will allow us to expand the cable and wire manufacturing business, which contributes about 35% to group revenue.
“The new plant will be ready in the third quarter of 2009,” he said.
[source]
麗星郵輪運載率 首5月單位數增長
（香港11日訊）雲頂（GENTING，3182，主板貿易）集團旗下公司麗星郵輪（Star Cruises），今年首5個月的運載率，較去年同期錄得單位數升幅。
該公司財務總監蘇敬德說，預計于今年8月2日推出“一程多站”經香港、台灣等地的暑假航次，料首航乘客人數將達1500人次。
他指出，是次計劃是由公司獨家營運，但暫時未確實未來具體班次數目及中國大陸的宣傳策略，但料市場反應十分良好。
蘇敬德日前在該公司香港股東大會后，這么指出。
麗星郵輪行政副總裁吳高賢表示，公司未有考慮私有化問題。
他補充說，中國政府一直有新措施推動郵輪業務的發展。
至于油價走勢對集團成本影響，蘇氏指出，公司業務並沒有受油價影響，今年燃油開支的成本暫時較去年同期為低，公司資本開支並未有太大變化，並一直考慮將資產回報率較低的非核心資產出售。
[source]
該公司財務總監蘇敬德說，預計于今年8月2日推出“一程多站”經香港、台灣等地的暑假航次，料首航乘客人數將達1500人次。
他指出，是次計劃是由公司獨家營運，但暫時未確實未來具體班次數目及中國大陸的宣傳策略，但料市場反應十分良好。
蘇敬德日前在該公司香港股東大會后，這么指出。
麗星郵輪行政副總裁吳高賢表示，公司未有考慮私有化問題。
他補充說，中國政府一直有新措施推動郵輪業務的發展。
至于油價走勢對集團成本影響，蘇氏指出，公司業務並沒有受油價影響，今年燃油開支的成本暫時較去年同期為低，公司資本開支並未有太大變化，並一直考慮將資產回報率較低的非核心資產出售。
[source]
2009年6月11日星期四
雲頂入股美高梅幻影3.2%
綜合外電消息，馬來西亞博彩集團雲頂(Genting)已斥資1億美元買入3.2%的美高梅幻影(MGM Mirage)的股權，此投資金額與上個月，美高梅幻影最大股東Kirk Kerkorian購入的金額相同。報道指出，雲頂集團同時亦購入美高梅幻影1億美元的擔保債券。
永利傳分拆澳門業務上市
即使澳門政府只頒發六張的賭場經營許可證，但雲頂一直關注於當地的投資機會，有分析員表示，若美高梅幻影決定出售澳門資產，雲頂最有可能成為買家，並預計雲頂將繼續擴展購股計劃，從而加強亞洲最大博彩市場、澳門的市場地位。
雲頂對於公司的收購消息暫無回應。
經過金融海嘯後，為支撐陷入困境的美國本土業務，美資博彩公司把握近期股市上升，以及澳門博彩市場出現了復甦跡象的機會，準備將澳門業務變現，尋求出售或將資產上市以獲得資金。
消息人士指出，永利渡假村已做好準備啟動其澳門業務首次公開發行IPO的計劃，集資規模預計將超過20億美元，而拉斯維加斯金沙公司亦打算將其澳門業務上市，並已聘請高盛做顧問。
分析師認為，通過發股來削減債務對於博彩企業而言可能是最好的辦法，因為可以避免承擔信貸違約責任。
[source]
永利傳分拆澳門業務上市
即使澳門政府只頒發六張的賭場經營許可證，但雲頂一直關注於當地的投資機會，有分析員表示，若美高梅幻影決定出售澳門資產，雲頂最有可能成為買家，並預計雲頂將繼續擴展購股計劃，從而加強亞洲最大博彩市場、澳門的市場地位。
雲頂對於公司的收購消息暫無回應。
經過金融海嘯後，為支撐陷入困境的美國本土業務，美資博彩公司把握近期股市上升，以及澳門博彩市場出現了復甦跡象的機會，準備將澳門業務變現，尋求出售或將資產上市以獲得資金。
消息人士指出，永利渡假村已做好準備啟動其澳門業務首次公開發行IPO的計劃，集資規模預計將超過20億美元，而拉斯維加斯金沙公司亦打算將其澳門業務上市，並已聘請高盛做顧問。
分析師認為，通過發股來削減債務對於博彩企業而言可能是最好的辦法，因為可以避免承擔信貸違約責任。
[source]
Malaysia's Genting pays $100 mln for MGM stake-paper
KUALA LUMPUR, June 10 (Reuters) - Malaysian gaming group Genting (GENT.KL) has paid $100 million for a 3.2 percent stake in U.S. casino operator MGM Mirage (MGM.N), the Financial Times reported on Wednesday.
Genting is "constantly looking to broaden our portfolio of strategic investments and strengthen partnerships around the world," Justin Leong, head of strategic investments and corporate affairs for Genting, was quoted by the newspaper as saying.
When contacted by Reuters, Leong said the company is not required to disclose the share purchase.
Genting and its unit Resorts World (RWBW.KL) had earlier subscribed for a combined $100 million worth of notes issued by MGM Mirage last month[1][2][3].
The debt papers were part of MGM's $1.5 billion fund-raising exercise to help settle its outstanding debts and for general corporate purposes.
Analysts had said the investments could pave the way for Genting to acquire a stake in MGM or take over the U.S. casino operator's investment in MGM Grand Macau.
[source]
Genting is "constantly looking to broaden our portfolio of strategic investments and strengthen partnerships around the world," Justin Leong, head of strategic investments and corporate affairs for Genting, was quoted by the newspaper as saying.
When contacted by Reuters, Leong said the company is not required to disclose the share purchase.
Genting and its unit Resorts World (RWBW.KL) had earlier subscribed for a combined $100 million worth of notes issued by MGM Mirage last month[1][2][3].
The debt papers were part of MGM's $1.5 billion fund-raising exercise to help settle its outstanding debts and for general corporate purposes.
Analysts had said the investments could pave the way for Genting to acquire a stake in MGM or take over the U.S. casino operator's investment in MGM Grand Macau.
[source]
2009年6月10日星期三
雲頂傳已斥資1億美元買入米高梅3.2%股權
精實新聞 2009-06-10 09:49:11 記者 金正平 報導
英國金融時報報導，馬來西亞博弈集團雲頂(Genting)已斥資1億美元買進3.2%的米高梅(MGM Mirage)股權，此投資金額與上個月億萬富翁、米高梅最大股東Kirk Kerkorian出手的金額相同。報導指出，雲頂集團除了上述的股權收購之外，也購進米高梅1億美元的擔保債券。米高梅為美國賭場經營巨擘之一。
Thomson Reuters報導，雲頂策略投資暨企業事務部主管Justin Leong表示，該公司不便公佈收購股權收購的內容。
根據MGM Mirage 5月4日於美國股市收盤後公佈第1季(1-3月)財報顯示：本業每股虧損達0.06美元，優於Thomson Reuters綜合分析師預期的本業每股虧損0.07美元；營收年減20.4%至15億美元，略低於市場預期的15.8億美元。
[source]
英國金融時報報導，馬來西亞博弈集團雲頂(Genting)已斥資1億美元買進3.2%的米高梅(MGM Mirage)股權，此投資金額與上個月億萬富翁、米高梅最大股東Kirk Kerkorian出手的金額相同。報導指出，雲頂集團除了上述的股權收購之外，也購進米高梅1億美元的擔保債券。米高梅為美國賭場經營巨擘之一。
Thomson Reuters報導，雲頂策略投資暨企業事務部主管Justin Leong表示，該公司不便公佈收購股權收購的內容。
根據MGM Mirage 5月4日於美國股市收盤後公佈第1季(1-3月)財報顯示：本業每股虧損達0.06美元，優於Thomson Reuters綜合分析師預期的本業每股虧損0.07美元；營收年減20.4%至15億美元，略低於市場預期的15.8億美元。
[source]
2009年6月9日星期二
外汇亏损减轻 凯业集团3季亏4.8亿
（吉隆坡9日讯）尽管资源制造业务外汇亏损降低，但凯业集团有限公司（IOICORP，1961，主板种植组）仍在现财政年首9个月蒙受4亿8200万令吉的累积亏损。
该公司资源制造业务的外汇亏损减退至2040万令吉，比较2009年次季和首季分别达5750万令吉与6340万令吉。
而其客户欠款也降低到480万令吉。
据悉，该公司外汇亏损主要分为2个部份，即美元债券以及下汇经营亏损。
凯业集团解释，期货交易蒙亏或赚益，是其下游业务的正常情况。
接近该公司的消息指出，其销售将限制于2个主要交易部份，即原棕油价格和外汇兑换率，以降低稳定性及锁定盈利利润。
根据截至2009年3月31日止的流动现金报告，凯业集团的非现金项目达6亿7780万令吉，其中以外汇亏损为主，比较之前同时期只有2亿1960万令吉。
行业观察家称，如果凯业集团无法控制外汇风险，它将在市场上缺少保障。
该公司之前透露，对外汇动向投机并不是其政策。
它说：“我们将会确保下游业务的增值利润受到保护。”
拥有庞大地库的种植商必须扩充下游，以确保购入其生产，及保证它们可控制供应连锁。
它也将确保它们不会受到大型买家的压价。
分析师表示，凯业集团下游经营货币浮动的其中一个原因，是其地理据点，即透过总部设于荷兰的子公司Loders Croklaan，同时也在欧洲和美国拥有制造设备。
比较其同侪涉足面积较小，只较小规模，或集中在马来西亚经营下游业务。
由于投资者担心外汇亏损是否将成为未来的经常项目，分析师称，它将胥视美元交易的走势而定。
在下游方面，随着原棕油价格过去2年扬升，加上稳定性提高，其数量也将会扩大。
[source]
该公司资源制造业务的外汇亏损减退至2040万令吉，比较2009年次季和首季分别达5750万令吉与6340万令吉。
而其客户欠款也降低到480万令吉。
据悉，该公司外汇亏损主要分为2个部份，即美元债券以及下汇经营亏损。
凯业集团解释，期货交易蒙亏或赚益，是其下游业务的正常情况。
接近该公司的消息指出，其销售将限制于2个主要交易部份，即原棕油价格和外汇兑换率，以降低稳定性及锁定盈利利润。
根据截至2009年3月31日止的流动现金报告，凯业集团的非现金项目达6亿7780万令吉，其中以外汇亏损为主，比较之前同时期只有2亿1960万令吉。
行业观察家称，如果凯业集团无法控制外汇风险，它将在市场上缺少保障。
该公司之前透露，对外汇动向投机并不是其政策。
它说：“我们将会确保下游业务的增值利润受到保护。”
拥有庞大地库的种植商必须扩充下游，以确保购入其生产，及保证它们可控制供应连锁。
它也将确保它们不会受到大型买家的压价。
分析师表示，凯业集团下游经营货币浮动的其中一个原因，是其地理据点，即透过总部设于荷兰的子公司Loders Croklaan，同时也在欧洲和美国拥有制造设备。
比较其同侪涉足面积较小，只较小规模，或集中在马来西亚经营下游业务。
由于投资者担心外汇亏损是否将成为未来的经常项目，分析师称，它将胥视美元交易的走势而定。
在下游方面，随着原棕油价格过去2年扬升，加上稳定性提高，其数量也将会扩大。
[source]
2009年6月8日星期一
Sime Darby posts RM166mil Q3 net profit
Revenue contribution from plantation division down
KUALA LUMPUR: Sime Darby Bhd reported a net profit of RM165.7mil for the third quarter ended March 31, 85% lower than the previous corresponding period on lower contribution from the group’s plantation division.
Revenue for the quarter came in at RM7.47bil. For the nine-month period, net profit was 50% lower at RM1.33bil than the same period a year ago while revenue came in 6% down at RM23.47bil.
Basic earnings per share stood at 2.51 sen for the quarter under review. President and group chief executive Datuk Seri Ahmad Zubir Murshid said the outlook for the remainder of the group’s financial year would be challenging. “It will not be as good as last year but we’ll be happy with the current performance,” he told a media briefing yesterday. He said revenue contribution from the plantation division, although down, was still strong at over 70% to group revenue.
Zubir said the fall in the contribution of the division was due to lower average crude palm oil (CPO) prices and lower production as a result of tree stress.
Zubir said the average price for CPO in the third quarter was RM2,100 per tonne. He refused to speculate on the CPO price but hoped it would remain at the current level. The CPO three-month futures closed RM76 lower at RM2,445 per tonne yesterday.
On forward sales of CPO, Zubir said to date the group had managed to sell at an average price of RM2,127 per tonne on a 2+1 month basis.
He said the economic uncertainty had also taken a toll on the industrial division’s order book, where 40% of the orders had been cancelled for periods of 20 months and beyond.
“Going forward, we’ve an order book that will last for 12 months,” Zubir said, adding that the motor division should be able to meet projections for the year based on a recovery in the local market in mid-year.
[source]
KUALA LUMPUR: Sime Darby Bhd reported a net profit of RM165.7mil for the third quarter ended March 31, 85% lower than the previous corresponding period on lower contribution from the group’s plantation division.
Revenue for the quarter came in at RM7.47bil. For the nine-month period, net profit was 50% lower at RM1.33bil than the same period a year ago while revenue came in 6% down at RM23.47bil.
Basic earnings per share stood at 2.51 sen for the quarter under review. President and group chief executive Datuk Seri Ahmad Zubir Murshid said the outlook for the remainder of the group’s financial year would be challenging. “It will not be as good as last year but we’ll be happy with the current performance,” he told a media briefing yesterday. He said revenue contribution from the plantation division, although down, was still strong at over 70% to group revenue.
Zubir said the fall in the contribution of the division was due to lower average crude palm oil (CPO) prices and lower production as a result of tree stress.
Zubir said the average price for CPO in the third quarter was RM2,100 per tonne. He refused to speculate on the CPO price but hoped it would remain at the current level. The CPO three-month futures closed RM76 lower at RM2,445 per tonne yesterday.
On forward sales of CPO, Zubir said to date the group had managed to sell at an average price of RM2,127 per tonne on a 2+1 month basis.
He said the economic uncertainty had also taken a toll on the industrial division’s order book, where 40% of the orders had been cancelled for periods of 20 months and beyond.
“Going forward, we’ve an order book that will last for 12 months,” Zubir said, adding that the motor division should be able to meet projections for the year based on a recovery in the local market in mid-year.
[source]
KLK hit by low palm oil prices
PETALING JAYA: Kuala Lumpur Kepong Bhd (KLK) said its net profit for the three months ended March 31 fell 52% to RM112.68mil from RM238.65mil a year ago.
A sharp decline in palm oil prices and lower crop hit the group’s bottomline.
Reduced profits at its manufacturing division and increased losses at its retail operations were also major drags on earnings.
Turnover during the quarter narrowed 24% to RM1.44bil against RM1.89bil previously.
“The directors are of the opinion that the group’s profit for the current financial year will be much lower than the preceeding year,’’ the planter said in a statement to Bursa Malaysia yesterday.
KLK said its core plantation division should continue to perform “reasonably well” this year due to “favourable forward sales’’ of its products.
However, manufacturing profits “have come under pressure” due to the global economic downturn, which had also affected its retailing business.
“The management is addressing this issue (the retail unit) by restructuring its operations,’’ the group said.
For the quarter just ended, KLK has proposed an interim dividend of 10 sen per share, against 15 sen per share paid a year ago.
Cumulative six months’ earnings per share stood at 16.76 sen, compared with 49.56 sen previously.
[source]
A sharp decline in palm oil prices and lower crop hit the group’s bottomline.
Reduced profits at its manufacturing division and increased losses at its retail operations were also major drags on earnings.
Turnover during the quarter narrowed 24% to RM1.44bil against RM1.89bil previously.
“The directors are of the opinion that the group’s profit for the current financial year will be much lower than the preceeding year,’’ the planter said in a statement to Bursa Malaysia yesterday.
KLK said its core plantation division should continue to perform “reasonably well” this year due to “favourable forward sales’’ of its products.
However, manufacturing profits “have come under pressure” due to the global economic downturn, which had also affected its retailing business.
“The management is addressing this issue (the retail unit) by restructuring its operations,’’ the group said.
For the quarter just ended, KLK has proposed an interim dividend of 10 sen per share, against 15 sen per share paid a year ago.
Cumulative six months’ earnings per share stood at 16.76 sen, compared with 49.56 sen previously.
[source]
Resorts World posts RM275m profit in Q1
PETALING JAYA: Resorts World Bhd made a net profit of RM275mil in the first quarter ended March 31, down 7% from RM297mil in the previous corresponding period despite 8% growth in revenue to RM1.18bil.
The weaker profit was due to impairment of its investment in Star Cruises Ltd amounting to RM30mil.
Earnings per share during the quarter stood at 4.81 sen per share compared with 5.09 sen per share previously.
Excluding the impairment loss, net profit would show a 3% increase that reflected “the better underlying performance of the leisure and hospitality business,” the group said in a statement yesterday.
“The group expects the business environment to remain challenging due to the uncertainty surrounding the pace of global economic recovery and the spread of the Influenza A (H1N1) virus,” it said.
“This may affect consumer sentiment and visitations to Genting Highlands Resort.”
Resorts World is seeking shareholders’ approval at its upcoming AGM to change its name to Genting Malaysia Bhd to reflect its direct relationship with Genting Bhd.
[source]
The weaker profit was due to impairment of its investment in Star Cruises Ltd amounting to RM30mil.
Earnings per share during the quarter stood at 4.81 sen per share compared with 5.09 sen per share previously.
Excluding the impairment loss, net profit would show a 3% increase that reflected “the better underlying performance of the leisure and hospitality business,” the group said in a statement yesterday.
“The group expects the business environment to remain challenging due to the uncertainty surrounding the pace of global economic recovery and the spread of the Influenza A (H1N1) virus,” it said.
“This may affect consumer sentiment and visitations to Genting Highlands Resort.”
Resorts World is seeking shareholders’ approval at its upcoming AGM to change its name to Genting Malaysia Bhd to reflect its direct relationship with Genting Bhd.
[source]
2009年6月7日星期日
Fitch revises Genting’s rating outlook
PETALING JAYA: Fitch Ratings has lowered its outlook on Genting Bhd’s issuer default rating (IDR) to negative from stable and reaffirmed the IDR at “-A”.
The outlook revision was driven primarily by the potential impact of the ongoing economic crisis on visitor arrivals at Genting’s planned integrated resort in Singapore, which is scheduled to open early next year.
The revision was also due to an 10% upward revision in the Singapore resort project cost to S$6.59bil and significantly lower operating margins of its power division due to the inability of its Chinese operations to pass rising fuel costs on to customers.
“These factors combined may result in a higher consolidated net financial leverage ratio over the next two years than previously expected by Fitch,’’ the rating firm said in a statement yesterday, noting that although Genting was in a net-cash position as at March 31, “financial leverage will rise as it continues to draw down on debt to fund its Singapore project.”
But the affirmation of the -A rating reflected the continued strong performance of Genting’s core Malaysian gaming operations, it said, noting that the group’s gaming, leisure and hospitality business posted a modest increase in profit in the first quarter despite a significantly weaker performance by its operations in Britain and pre-opening expenses incurred by the upcoming resort in Singapore.
“Genting’s low financial leverage and reasonable business diversification into power and plantation sectors also support its ratings,’’ Fitch said.
Genting’s ratings may be downgraded if its financial leverage, as measured by net adjusted debt to ebitdar (earnings before interest, taxes, depreciation/amortisation and rent) ratio, is sustained above 1 time in 2010, it added.
Fitch said given the importance of Genting’s industry diversification to its ratings, a change in its business mix that increases the gaming, leisure and hospitality focus might also result in a downgrade.
The rating on Genting’s outlook may be revised back to stable if the Singapore integrated resort performs well and generates strong cashflow after opening and its financial leverage looks set to remain below 1 time, according to Fitch.
[source]
The outlook revision was driven primarily by the potential impact of the ongoing economic crisis on visitor arrivals at Genting’s planned integrated resort in Singapore, which is scheduled to open early next year.
The revision was also due to an 10% upward revision in the Singapore resort project cost to S$6.59bil and significantly lower operating margins of its power division due to the inability of its Chinese operations to pass rising fuel costs on to customers.
“These factors combined may result in a higher consolidated net financial leverage ratio over the next two years than previously expected by Fitch,’’ the rating firm said in a statement yesterday, noting that although Genting was in a net-cash position as at March 31, “financial leverage will rise as it continues to draw down on debt to fund its Singapore project.”
But the affirmation of the -A rating reflected the continued strong performance of Genting’s core Malaysian gaming operations, it said, noting that the group’s gaming, leisure and hospitality business posted a modest increase in profit in the first quarter despite a significantly weaker performance by its operations in Britain and pre-opening expenses incurred by the upcoming resort in Singapore.
“Genting’s low financial leverage and reasonable business diversification into power and plantation sectors also support its ratings,’’ Fitch said.
Genting’s ratings may be downgraded if its financial leverage, as measured by net adjusted debt to ebitdar (earnings before interest, taxes, depreciation/amortisation and rent) ratio, is sustained above 1 time in 2010, it added.
Fitch said given the importance of Genting’s industry diversification to its ratings, a change in its business mix that increases the gaming, leisure and hospitality focus might also result in a downgrade.
The rating on Genting’s outlook may be revised back to stable if the Singapore integrated resort performs well and generates strong cashflow after opening and its financial leverage looks set to remain below 1 time, according to Fitch.
[source]
2009年6月2日星期二
盡管市場對展望看法不一 雲頂股價備受看好
（吉隆坡1日訊）雲頂有限公司（GENTING）旗下的商品業務將會備受關注。分析師預測它的財政情況將會獲得改善，主要是預測原棕油價格將與原油價格同步增長。
MIMB投資銀行在文告中說，雲頂在截至2009年3月杪止第1季取得較低的盈利，主要是由於集團的棕油支臂亞地發展有限公司（ASIATIC，2291，主板種植組）的業績表現較差。在上述季度中，平均原棕油售價是每公噸1862令吉，較去年初的3403令吉下跌45.3%。
現時，該投銀仍維持雲頂盈利預測不變。隨著原棕油價格復甦，該集團應可在未來從種植業中取得較佳的盈利。
MIMB投銀指出：“截至今年杪止，聖淘沙綜合休閒度假村的經營前成本將會繼續影響雲頂的業績，因此維持對雲頂的買入建議，但是將它的目標價從原來的5.15令吉提高到6.60令吉。”
雲頂首季淨利按年由4億3942萬令吉大跌逾半至2億1312萬令吉。而營業額亦按年由21億6000萬令吉減少4.2%至20億7000萬令吉。
該集團除了能源業務外，所有業務錄得較低的營業額。而淨利猛降是由於原油與原棕油價格在當時下跌所致。
與此同時，該集團在上述綜合度假村招致總值710萬新元（1714萬令吉）的較高經營前成本。此外，它在中國湄州灣發電廠的營運開支亦很大，主要是煤價上漲所引起。
按季比較，雲頂從去年第4季淨虧1億2078萬令吉，轉為取得2億1312萬令吉的淨利。而營業額則倒退13.4%至23億9000萬令吉。
現時，商品價格不斷上升。上周四原油價格每桶突破65美元，創6個月高峰。
油價上漲主要是配合石油出口國組織（OPEC）的成員國維持產量不變，以及美國的原油庫存量下跌所致。
大馬的原棕油價格亦向上調整。在上周五中午閉市時，6月份交貨的棕油每公噸升5令吉至2590令吉、7月價格則上揚13令吉至2554令吉，而8月價格亦晉18令吉至2523令吉。
另一方面，興業証券研究行對雲頂的未來展望列舉數項風險因素。
這包括，雲頂子公司名勝世界有限公司（RESORTS，4715，主板貿易服務組）的營運中，游客人數以及其消費皆較預期為低，加上新加坡的綜合度假村的建築成本較預測為高。
與此同時，該研究行亦將雲頂的英國賭場營運較預期為低列入考慮範圍內，以及預料它的種植業務有可能受到較低的原棕油價格所困擾。
展望未來，該研究行向下修訂雲頂09財政年淨利預測的2.3%，但是在2010與2011財政年分別向上修訂2.7%與0.7%。
雖然如此，它仍然維持雲頂的6.20令吉的合理價，以及超越大市的評級。
[source]
MIMB投資銀行在文告中說，雲頂在截至2009年3月杪止第1季取得較低的盈利，主要是由於集團的棕油支臂亞地發展有限公司（ASIATIC，2291，主板種植組）的業績表現較差。在上述季度中，平均原棕油售價是每公噸1862令吉，較去年初的3403令吉下跌45.3%。
現時，該投銀仍維持雲頂盈利預測不變。隨著原棕油價格復甦，該集團應可在未來從種植業中取得較佳的盈利。
MIMB投銀指出：“截至今年杪止，聖淘沙綜合休閒度假村的經營前成本將會繼續影響雲頂的業績，因此維持對雲頂的買入建議，但是將它的目標價從原來的5.15令吉提高到6.60令吉。”
雲頂首季淨利按年由4億3942萬令吉大跌逾半至2億1312萬令吉。而營業額亦按年由21億6000萬令吉減少4.2%至20億7000萬令吉。
該集團除了能源業務外，所有業務錄得較低的營業額。而淨利猛降是由於原油與原棕油價格在當時下跌所致。
與此同時，該集團在上述綜合度假村招致總值710萬新元（1714萬令吉）的較高經營前成本。此外，它在中國湄州灣發電廠的營運開支亦很大，主要是煤價上漲所引起。
按季比較，雲頂從去年第4季淨虧1億2078萬令吉，轉為取得2億1312萬令吉的淨利。而營業額則倒退13.4%至23億9000萬令吉。
現時，商品價格不斷上升。上周四原油價格每桶突破65美元，創6個月高峰。
油價上漲主要是配合石油出口國組織（OPEC）的成員國維持產量不變，以及美國的原油庫存量下跌所致。
大馬的原棕油價格亦向上調整。在上周五中午閉市時，6月份交貨的棕油每公噸升5令吉至2590令吉、7月價格則上揚13令吉至2554令吉，而8月價格亦晉18令吉至2523令吉。
另一方面，興業証券研究行對雲頂的未來展望列舉數項風險因素。
這包括，雲頂子公司名勝世界有限公司（RESORTS，4715，主板貿易服務組）的營運中，游客人數以及其消費皆較預期為低，加上新加坡的綜合度假村的建築成本較預測為高。
與此同時，該研究行亦將雲頂的英國賭場營運較預期為低列入考慮範圍內，以及預料它的種植業務有可能受到較低的原棕油價格所困擾。
展望未來，該研究行向下修訂雲頂09財政年淨利預測的2.3%，但是在2010與2011財政年分別向上修訂2.7%與0.7%。
雖然如此，它仍然維持雲頂的6.20令吉的合理價，以及超越大市的評級。
[source]
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