Morningstar - Star Entertainment Group Limited (SGR) Weaker VIP Turnover Drags Down Star Entertainment Group in Fiscal 2017; Shares Remain Overvalued

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Morningstar

Daniel Ragonese

EUR 101.80 For Business Accounts Only

Weaker VIP Turnover Drags Down Star Entertainment Group in Fiscal 2017; Shares Remain Overvalued

No-moat-rated Star Entertainment Group reported a softer-than-expected fiscal 2017 result, with normalised net profit after tax of AUD 215 million, down 11%. We retain our AUD 4.30 per share fair value estimate and still view shares as overvalued.
The performance was dragged down by the sharp drop-off in international VIP turnover, which fell by 20% to AUD 40 billion, as major North Asian players avoided Australia. However, Star fared better than peers, and we think the worst has passed. We fore...

23/08/2017 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

Daniel Ragonese

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Weaker VIP Turnover Drags Down Star Entertainment Group in Fiscal 2017; Shares Remain Overvalued

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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