SKC 1.25% $3.23 skycity entertainment group limited

research and guided numbers

  1. 22,691 Posts.
    And this is from a NZ site:

    28/07/2003 : 2:02:38 PM

    Guided profit revisited:

    Originally, some set this as high as $120 mill. while I had $111 mill. in mind: See March 7. This was revised to $105 mil. while SARS was having an effect.

    Reports sofar indicate that apart from less hotel patronage, SARS did little damage and this $105 mill. could be conservative. Hence I'll use $108 mill, an increase of 26.9% on the profit of $85.1 mill. last year.

    209 mill. shares, profit $108 mill. E/S= 51.6 cents; price $9.28 --P/E=18.0. Div=87% or 45.0 cents. Yield 4.8% and f. imputed yield is 7.2%.

    Developments: An additional 230 new machines will be installed on the old Conference floor and these will be ready in Dec. This to be followed by the opening of the new Conference Centre -which is to be linked to the main building by an over bridge- in March 2004 and a five star hotel in Dec 2004.

    Negatives to come: Anti smoking legislation and a possible gaming tax. The former won't come into effect till sometime in 2005 and its final content is not yet known. Canbet: the low share price is not encouraging. Hopefully they do better in the UK, otherwise SKC may have to take some action.

    Gerry Stolwyk
    Please do your own research and you decide if and when to buy, hold or sell.

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