Morningstar - Star Entertainment Group Limited (SGR) Weak VIP Turnover and Capital Works Disruptions Weigh on Stars Near-Term Performance, FVE Unchanged

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Morningstar

Ravi Reddy

EUR 101.80 For Business Accounts Only

Weak VIP Turnover and Capital Works Disruptions Weigh on Star's Near-Term Performance, FVE Unchanged

Our AUD 4.00 per share fair value estimate for no-moat-rated Star Entertainment is unchanged following the group's challenging start to fiscal 2017. The company reported a normalised interim net profit after tax, or NPAT, of AUD 107 million, down 18% on the previous corresponding period, or pcp. Nevertheless, the board declared a fully franked interim DPS of AUD 0.075 per share, up 36% on the pcp, a reflection of higher statutory results driven by abnormally high VIP win rates.
The bulk of the n...

16/02/2017 13 EN

Underlying

Star Entertainment Group Limited

Star Entertainment Group is a resort company, engaged in gaming, entertainment and hospitality. Co. owns and operates The Star Sydney, Treasury Casino and Hotel, Brisbane and Jupiters Hotel and Casino, Gold Coast. Co. also manages the Gold Coast Convention and Exhibition Centre on behalf of the Queensland Government. Co. segments include: The Star Sydney, which comprises the Star Sydney's casino operations, including hotels, apartment complex, restaurants, bars and night club; Gold Coast, which comprises Jupiters' casino operations, including hotel, theatre, restaurants and bars; and Treasury Brisbane, which comprises Treasury's casino operations, including hotel, restaurants and bars.

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AU000000SGR6 Australian Securities Exchange Australia

Provider

Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

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Analysts

Ravi Reddy

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Weak VIP Turnover and Capital Works Disruptions Weigh on Star's Near-Term Performance, FVE Unchanged

The Star Entertainment Group Ltd: 1 director

Monthly LMI Update Independent Investment Research

With a more favourable environment, STAR ENTERTAINMENT improves to Slightly Positive

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Sasol Provides Full-Year Production Update

Sasol Provides Full-Year Production Update

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