第14回粗淺分析－金界控股(03918.HK)
難為牛熊定分界
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If u want to do fundamental, better read some reports on what u should really focus in.
how can u not talk about ggr at all in a gaming company...u need a full analysis of ggr breakdown man
how can u not talk about ggr at all in a gaming company...u need a full analysis of ggr breakdown man
I checked online and got this about GGR. So I break down the net income into the mass. and the VIP.
In 2017,
For Mass Table GGR:
Total Net Win = Net win from gaming table+ Net win from gaming machines
= $149706+ $150926= $300632
With VAT= 10%, GGR= $300632- $300632*10%/110%= $300632- $27330= $273302
For VIP Table GGR: Total Net Win= $625332
With VAT= 10%, GGR= $568483
In 2016,
Mass GGR= $250165
VIP GGR= $250140
So, Growth in GGR
Mass= 20.173%
VIP= 127.266%
In 2017,
For Mass Table GGR:
Total Net Win = Net win from gaming table+ Net win from gaming machines
= $149706+ $150926= $300632
With VAT= 10%, GGR= $300632- $300632*10%/110%= $300632- $27330= $273302
For VIP Table GGR: Total Net Win= $625332
With VAT= 10%, GGR= $568483
In 2016,
Mass GGR= $250165
VIP GGR= $250140
So, Growth in GGR
Mass= 20.173%
VIP= 127.266%
And by the way, is that any book that you recommend in terms of equity analysis.
If u want to do fundamental, better read some reports on what u should really focus in.And by the way, is there any book that you recommend in terms of equity analysis.
how can u not talk about ggr at all in a gaming company...u need a full analysis of ggr breakdown man
thanks for showing me the number
so, what's your view? and after looking at the growth in different segments, anything different to your too long please read?
u don't get pay by copy and paste
so, what's your view? and after looking at the growth in different segments, anything different to your too long please read?
u don't get pay by copy and paste
get your CFA done if u want to learn the theory
in practice, it is useless yea we know it all too well
in practice, it is useless yea we know it all too well
廿天線好有趣，留意下
do it laterThank you for you insight!
現價入係咪過高？
見佢舊年10 月先仲四個幾
見佢舊年10 月先仲四個幾
Take a look please.
年；2013；2014；2015；2016；2017
GGR－大眾市場（VAT＠10%）；174308；175636；234232；250165；273302
GGR－貴賓市場（VAT＠10%）；121071；171076；202677；205141；568484
GGR Growth－大眾市場；NA；0.76% 33.36%；6.80%；9.25%
GGR Growth－貴賓市場；NA；41.30%；18.47%；1.22%；177.12%
過去五年，大眾市場的收入貢獻一直以來都較貴賓市場的重要，只是在2017年，貴賓市場的收入大增，以致其貢獻大增。看其GGR增長，貴賓市場在2014年亦曾錄得40％增長，但當時的基數較少。而在2017年，貴賓市場GGR增長有近180％，年報亦僅以「市場對於NagaWorld作為綜合博彩及娛樂勝地的信心增強」為促成這收入增長的原因。有鑑於Naga2在2017年年底才開業，筆者認為這貴賓市場收入大增主要源自非恆常性的貴賓訪客數量和貴賓落注銀碼大增所致。若上述兩項因素和其他非恆常性的因素在2018年不能重覆，2018年的貴賓市場收入未必一定能維持可觀的收入增長，其增長率更可能會呈負數。
BTW,I don't really understand the importance of GGR. It's simply a tax-deducted Revenue, so it is going to give the same ranking and ratio as the Gross Revenue.
年；2013；2014；2015；2016；2017
GGR－大眾市場（VAT＠10%）；174308；175636；234232；250165；273302
GGR－貴賓市場（VAT＠10%）；121071；171076；202677；205141；568484
GGR Growth－大眾市場；NA；0.76% 33.36%；6.80%；9.25%
GGR Growth－貴賓市場；NA；41.30%；18.47%；1.22%；177.12%
過去五年，大眾市場的收入貢獻一直以來都較貴賓市場的重要，只是在2017年，貴賓市場的收入大增，以致其貢獻大增。看其GGR增長，貴賓市場在2014年亦曾錄得40％增長，但當時的基數較少。而在2017年，貴賓市場GGR增長有近180％，年報亦僅以「市場對於NagaWorld作為綜合博彩及娛樂勝地的信心增強」為促成這收入增長的原因。有鑑於Naga2在2017年年底才開業，筆者認為這貴賓市場收入大增主要源自非恆常性的貴賓訪客數量和貴賓落注銀碼大增所致。若上述兩項因素和其他非恆常性的因素在2018年不能重覆，2018年的貴賓市場收入未必一定能維持可觀的收入增長，其增長率更可能會呈負數。
BTW,I don't really understand the importance of GGR. It's simply a tax-deducted Revenue, so it is going to give the same ranking and ratio as the Gross Revenue.
有無提示，睇左唔知有咩咁有趣
現價其實有啲貴，不過＄6-7都會考慮進場
sigh
y don't u focus in 1 particular industry before working on all different stuff
what moves Macau stock? GGR gross gaming rev. have u looked those at all
I haven't looked at Cambodia not sure your vat / tax calculation is correct but u need to look at what GGR means first. anyway think about how a casino makes money and they operating model, gaming revenue. it goes straight to the ebitda line for any extra dollar the house win and u say that's not important?
table number is limited by the license. for example, on a VIP table u can earn a million an hour, but on mass...U need 10 tables to do that? that's not important?
the business model is different in the mass market and VIP and certainly u can tell from the price movement in the Macau names some r better in VIP some in mass. also, ebitda margin is very different and VIP could come with credit risk as well.
also...have u looked at how people value casino?
obviously, u haven't looked into all those.
pick a very simple company and understand their business model then value it. don't waste time to be jack of all trades and master of none
y don't u focus in 1 particular industry before working on all different stuff
what moves Macau stock? GGR gross gaming rev. have u looked those at all
I haven't looked at Cambodia not sure your vat / tax calculation is correct but u need to look at what GGR means first. anyway think about how a casino makes money and they operating model, gaming revenue. it goes straight to the ebitda line for any extra dollar the house win and u say that's not important?
table number is limited by the license. for example, on a VIP table u can earn a million an hour, but on mass...U need 10 tables to do that? that's not important?
the business model is different in the mass market and VIP and certainly u can tell from the price movement in the Macau names some r better in VIP some in mass. also, ebitda margin is very different and VIP could come with credit risk as well.
also...have u looked at how people value casino?
obviously, u haven't looked into all those.
pick a very simple company and understand their business model then value it. don't waste time to be jack of all trades and master of none
I will see what I can do
得你咁有心機教佢
Yea... What a waste of time....sigh
我其實好奇認同佢d弱智文既係咩人
I have faith in myself anyway