reports
- MarketLine Department
Donaco International Ltd - Mergers & Acquisitions (M&A), Partnerships ...
Summary Marketline's Donaco International Ltd Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by Donaco International Ltd since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of...
- Daniel Ragonese
Large-scale capital projects are on the horizon for The Star Entertain...
Our AUD 4.30 per share fair value estimate for no-moat Star Entertainment is unchanged following a mixed start to fiscal 2018. The international VIP business rebounded quicker than expected, however, this was partially offset by the higher rebates and commissions. Underlying NPAT grew 12% on the pcp to AUD 120 million, and at the group level, the business is tracking broadly in line with our full-year projections. Our earnings estimates are broadly unchanged, and we forecast a healthy 9% normali...
- Daniel Ragonese
Transferring Analyst Coverage for The Star Entertainment Group; FVE In...
We transfer analyst coverage of The Star Entertainment Group. Our fair value estimate increases to AUD 4.30 per share from AUD 4.00, as we forecast a sharper medium-term recovery for VIP turnover which has been under pressure in recent months, a larger contribution from the Queen's Wharf Development, and lower capital expenditure requirements upon completion of the multiple capital projects currently under way. Our no-moat, high fair value uncertainty, and Standard stewardship ratings are intact...
- Ravi Reddy
Star Entertainment Has a Mixed Start to the Year; FVE Maintained
Star Entertainment gave a mixed trading update for the period 1 July to 22 October 2016. Normalised group revenue was down 2% year on year. Domestic revenue (excluding international VIP play) was flat on the previous corresponding period, or pcp. Domestic revenue was impacted by greater-than-expected disruption and delays from building works at Sydney and the Gold Coast, and a much lower win rate in private gaming room table games of 15.9% versus 17.2% in the pcp. Commentary indicated there may ...
- Ravi Reddy
Detention of Crown Employees in China Elevates Risks for All Australia...
Chinese authorities' detention of executive vice president VIP International Jason O'Connor and 17 other Crown Resorts employees has clear negative implications for the company, as well as for Star Entertainment and SkyCity Entertainment. Unfortunately, estimating the extent of the impact is almost impossible at this stage, particularly as the reasons for the detention remain unclear. What is clear is the elevated risk profile for all these operators' exposure to the Chinese high roller market. ...
- Ravi Reddy
Star Entertainment’s Result In Line With Expectations
The Star Entertainment Group reported a strong fiscal 2016 result broadly in line with our expectations. Our AUD 4.00 per share fair value estimate, no-moat, and high uncertainty ratings are unchanged. Shares are currently trading substantially above our fair value estimate. No guidance was provided. Fiscal 2017 trading has started well, with revenue excluding VIP up 4.1% against a tough comparable, driven by gaming revenue growth. Disruptions from capital work projects at The Star Sydney and Ju...
- Ravi Reddy
Large-scale capital projects are on the horizon for The Star Entertain...
We update our forecasts and incorporate a more detailed analysis of committed developments over the next 10 years, as well as the impact of the loss of exclusivity in Sydney in November 2019. We retain our AUD 4.00 per share fair value estimate and our no-moat and high uncertainty ratings. At current levels, the shares are almost 40% above our fair value estimate. We think investors remain excited by the earnings momentum in Star Entertainment's higher-margin main-floor tables and electronic ga...
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