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Genting's unfinished Global Dream cruise ship attracts investors

[BERLIN] Billionaire Lim Kok Thay is among several investors interested in purchasing the Global Dream mega luxury liner that was under construction at Genting Hong Kong's now-insolvent shipbuilder, MV Werften in Germany.

Several serious interested parties are in talks to buy the unfinished ship, said Christoph Morgen, the German court-appointed provisional insolvency administrator for the shipbuilder. Morgen is optimistic a deal could come together, but thinks it won't likely happen before next month because the case is complex, he said at a briefing at the shuttered shipyard in Wismar on Monday (Feb 14).

MV Werften's provisional insolvency in early January proved to be a turning point for Genting Hong Kong, which became the world's biggest cruise operator to seek court assistance to safeguard its assets during the pandemic when it filed a windup petition days later. Genting reported a record loss of US$1.7 billion in May as the pandemic ravaged the cruising industry.

Genting Singapore H2 profit falls 49%; details of RWS expansion unveiled

INTEGRATED Resort (IR) operator Genting Singapore reported on Thursday (Feb 17) that net profit for its second half fell 49 per cent on year, due to lower visitorship as community Covid-19 cases rose.

Net profit for the 6 months ended Dec 31, 2021, fell to S$95.1 million, down from S$185.9 million during the same period a year earlier. Revenue for the period was also 17 per cent lower, at S$512.5 million.

Noting the "significant" decline in net profit, the operator of Resorts World Sentosa said: "Our IR experienced a decrease in visitorship, largely due to an increase in Covid-19 community cases and the recent emergence of the Omicron variant."

Should have Stock Talk on talking stocks and shares
Nobody visit here

Tampines & West Coast GRCs are there for the taking 

Analysts buoyant on Genting's prospects on gradual reopening after FY2021 dividend disappoints

Analysts from DBS Group Research and UOB Kay Hian are remaining buoyant on Genting Singapore’s prospects as Singapore gradually reopens its borders. Their optimism also comes despite the group’s 4QFY2021 results and dividend for the FY2021 coming in below expectations.
DBS analyst Jason Sum has kept “buy” on the counter with an unchanged target price of $1.

“We believe it is the right time to accumulate Genting Singapore given the clarity on Singapore’s reopening roadmap and the government’s commitment to radically simplify domestic Covid-19 measures,” he writes in his Feb 18 report.
To Sum, Genting Singapore’s current share price levels are a “good entry point” as the stock’s valuation is still cheap at 9.6 times EV/EBITDA (FY2022), compared to the regional peer average of 20.5 times.

today the start of Singapore reopening and we will see Covid behind us

bought into Genting SG at 0.85 cent

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Anymore suggestions to try out??

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A coffee shop story.... true or fairy tale, you decide....

Heard that Ah Lim, just months after he shut down Genting HK under mountains of debts, registered another cruise ship company in Singapore called Resorts World Cruise... now, the company name and country of registration is significant, and I'll come to that later. When Genting HK went under waters, the company went under liquidation with the assets, mostly all the cruise ships in seize control by the China banks... the liquidators tried to revive the business but unable to because they couldn't find the experience nor experienced people to run it, which unknown to them at first, most went on to join the new company in Singapore.

Under Ah Lim's direction, his executives, all formerly from Genting HK, negotiated with the China banks to lease one of the newer ship, Genting Dream. China banks agreed because they think this is a better way to recoup most of their money, rather than to sell the ship as junk later, since there's no or little buyers.

Now, note that Resort World Cruise, although registered office is in Robinson Road, the management actually operates from the same offices as Resorts World Sentosa. With Genting Dream now in full operation and business seem to be thriving, there are plans to charter another two of Dream Cruises ships, the World Dream and Explorer Dream, both of which are detained in Singapore waters under the request of the China banks jurisdiction. Note that I said "charter", not "buy"... because simply there's no enough money to buy ..... yet, because banks are hesitant to loan large sums of money to the new cruise company....

Which brings me to this crux point. Because Genting Singapore is cash rich, with something like 3.5 billions $ in the kitty, Ah Lim is mulling making, Resort World Cruise as a subsidiary of Genting Singapore.... if that happens, obviously he can call on GSP for the loans from its billion dollars kitty. Is this a good idea? As I said, good or bad you decide. Uncles' view is that, short term, not a good idea, but in the long run, if all countries borders are fully open, and tourism's back to normal, it will definitely be a very good source of revenue to GSP, knowing how lucrative cruise business is in the past. Besides, since there's no more Japan Casino, there very little other frontiers for GSP to expand into. This could therefore be an expansion of earnings for GSP.

But do not lose sleep too much thinking over this, this is only in Ah Lim's plan, and it will not happen so soon... the earliest that he will go to the shareholders for the vote of support would be next year..... or maybe even later if the pandemic doesn’t improve.... but one thing for sure, if this story gathers momentum, and the world returns to normalcy, and the market, black or white, believes it is good ( in terms of additional source of revenue), the stock will fly....

As I said, this is coffee shop story, believe or not believe, up to you but most importantly is do your own dee dee....

When the black market players buy they never say why; when they sell, they never tell. ALWAYS REMEMBER THAT.

Luckily no one visits here else loss big time

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