My personal opinions for the share price - seems pretty obvious that there were forced selling at the last week of Mar. Have not seen strength since then until now (no action from boss/insiders/funds). I am still waiting for them to take action first.

Thanks, Philip. Gent trying to refinance the USD1.5bil notes expiring in Jan'27 - settle old Notes (Jan'27) with new Notes (longer maturity). Extracted the following from the doc - Rationale for the Offer: The Issuer is making the Offer as part of a refinancing exercise. The Offer, together with the concurrent proposed new issue of U.S. dollar denominated securities (“New Issue”), is intended to extend the Guarantor and its subsidiaries’ (the “Group”) debt maturity profile.
Financing Condition: The consummation of the Offer is conditional upon the Group obtaining available funds through the New Issue, which funds are sufficient to pay the portion of the Purchase Consideration and Accrued Interest Payment with respect to all validly tendered Notes to be accepted for purchase by the Issuer.

This is the 2nd refinancing news thus far. The first one was the Empire Resorts 300mil bond expiring in Nov'26 and will be refinanced via credit facility by Wells Fargo it seems. Another USD denominated notes to be "refinanced" in 2027 will be ~700mil RWLV term loan expiring in Oct'27. Thereafter, Genting RMTN and Genting Capital MYR denominated notes which is slightly more than 2bil will have to be "refinanced" too.

Details of the notes and expiry dates can be retrieved from the 2025 annual reports under notes 36 for borrowings. In summary, 2026 and 2027 expiring notes will be the drag for Gent. Refinancing to a longer maturity date will provide the time for earnings to catch up & debt to come down.

Yes it is, Philip. The reason is that it gives time for earnings to catch up with the longer maturity date. And if you can recalled, the rating agencies downgraded Gent due to the debt on hands and in fact, the concern is these debt/notes that are expiring in 2026 and 2027.

Are you referring to the publication in the journal, lkk? I saw it has been cited as shared yesterday and it's a good thing. It carries more weight than a paper with 0 citation. We do not know the full list of info requested by UK MHRA but I believed this paper is one of it.

Got it, you are referring to the pricing in of getting the maa from UK MHRA. Just have to wait for the outcome. Not too late to add on post maa, lkk - risk mgmt if you will. In terms of valuations - the last transacted price for TauRx share was USD$125 per share in 2024. It should go higher if maa is granted.

Must be painful for margin buyers that were squeezed out on the last week of Mar. Its showing slight strength today and nearly close at the open price of day 1 forced selling on 24th Mar. The more refinancing or redemption news of the 2026 and 2027 expiring notes, the higher it should go; until earnings of GenS and RWLV showing otherwise.

Another hype coming next week - A big week for gamblers is in the cards.

New York City’s first-ever full-fledged casino offering live table games will open next Tuesday — at Resorts World next to the Aqueduct racetrack in Queens.

Queens-bred rapper Nas will attend the ribbon-cutting and ceremonial throw of the first dice after Genting-owned Resorts World was one of three bidders awarded a state license last December to offer live table games.

Never bet against the house as the saying goes, Ah Choon. LKT is the casino tycoon after all. Lol, no pun intended. I was surprised with what I read in the latest annual report for RWNYC; usd500mil license fee paid instead of usd600mil per the bid :) Didnt expect that as the market's expectation was 600mil per the bid document. A good question to ask in AGM by the shareholders will be the tax rate for RWNYC full casino. The bid came with 56% for slots and 30% for table games.

It is usd100mil cost saving if what is stated in the annual report is accurate, Philip. Here's the exact statement from the report - In January 2026, GENNY utilised this facility for payment of commercial casino licence fee amounting to USD500.0 million.

RWS license renewal in Feb'27 which means this year performance will determine whether its a 2 years or 3 years renewal - mission critical :). RWNYC live games opening next week heading into summer, RWLV summer deal - https://www.rwlasvegas.com/press/resorts-world-las-vegas-debuts-the-strips-first-luxury-inclusive-experience-exclusively-at-conrad/

most of the negatives have been addressed such as penalty by the Las Vegas Authority and also winning the court case with its Bahmas partner and successfully obtained the NY license. instead of rebound, it cont to dive down until 2.20 price which is around the margin call price.

The good news is the bonds issuance, Vin :) Old notes expiring in Jan 2027 will be replaced with the new bonds. And this new bond is where LKT raised the bet and bankers called. It is perpetual and non call :p Perpetual here meaning no expiry date and non call here means Genting cannot redeem until the agreed date.

correction probably not, Vin :) Profit taking is possible. Privatise GenM to make way for "GentUS" listing in the future will be the best one as IPO proceeds can be used to pare down the debt significantly :) Boost the share price directly.

Genting raised to outperform from market perform by CreditSights after the details of new bonds issuance published by Gent, Vin :) Refinancing is no longer a concern if you will. I would expect funds that are optimistic with Gent will continue to load up. The next 3 qtrs earnings will determine whether Gent will continue to climb or stay low - (1) GenS performance will determine whether its a 2 years or 3 years license renewal in Feb'27 and whether The Laurus can bring back the VIPs (2) Sneak preview of phase 1 performance of RWNYC in Q2 and followed by full qtr contribution in Q3 (3) Summer deals for RWLV - Q3 performance that will be published by end of the year will provide better clarity of RWLV recovery potential.

ooh ok. maybe you should consider to build a watchlist of ETFs if you are active in the US market :) Use it to provide a sense of direction where the market is heading and whether its risk off or risk on mode :)

LKT raised the bet, bankers called, Mr. Market acted accordingly and now, analysts rerated :) Analysts have revised the stock price targets upwards for Gent :) It was median of 3.44 before this and latest revision showing median of 4.42 with low of 3.54. Not surprising as refinancing/credit risk eases, the details of the new perpetual non call notes may potentially resulted in leverage improvement due to - old notes usd1.5bil will be deducted from the total liabilities, usd0.25bil cash deducted and usd1.25bil added to equity. It buys time for Gent to focus on RWS2.0 expansion and recovery, RWLV and RWNYC.

28th Apr opening of phase 1 RWNYC live table games upon final approval from NY gaming commission. A head start for Gent as the Steve Cohen and Bally's casino anticipated to complete in 2030. And, RWNYC is the only casino in NYC to offer live table games. The nearest live table games casino beyond RWNYC in NYC will be in Atlantic City or Connecticut; slightly more than 2hrs away.

its normal to see profit taking, kyory. It will be more interesting to see the numbers for RWNYC in Q2 and Q3 this year with the phase 1 opening scheduled tomorrow. Imagine local gamblers, high rollers, international visitors staying/visiting NYC had nowhere to play in the city. They will have to travel to Atlantic City / Connecticut to play.

most likely, jackie. i saw the term details and particularly the distribution deferral - The Issuer may defer distributions at its sole discretion, Deferred distributions will be cumulative and there is no limit to number of deferrals, The Issuer must defer distributions during certain events as set out in the conditions of the Securities. Hence, high chance that usd1.25bil will be added to the equity, usd1.5bil removed from liabilities, and usd0.25bil cash deducted. It buys time for GenS, RWLV and RWNYC. Leverage will improve a bit but this will still need to be addressed in the long term for it to go way higher - improved earnings/cash flow to pare down debt over time, to list "GenUS" and use the proceeds to pare down the debt and etc.

saw the line item in the malakoff's qr report. searched it and found the details in Malakoff AR 2017. Here are the details: On 15 March 2017, Tanjung Bin Energy Sdn. Bhd. (“TBE”), a wholly-owned subsidiary of the Company, issued unrated perpetual sukuk of RM800 million in nominal value in accordance with Shariah principle of Wakalah Bi Al-Istithmar (“Sukuk Wakalah”) with an unconditional and irrevocable subordinated cash deficiency support from the Company. Details of the Sukuk Wakalah are as follows:
a) The perpetual sukuk has no fixed redemption date and the Company has an option to redeem all or part of the
perpetual sukuk at the end of the seventh year from date of issuance and thereafter on each subsequent periodic
distribution date;
b) The perpetual sukuk is unsecured and carries a periodic distribution rate of 5.9% per annum, payable semi-annually
from year 1 to year 7. Thereon, the period distribution rate shall be 1% above the prevailing periodic distribution rate;
c) The Company has the right to defer the payment of the periodic distribution amount by giving the required deferral
notice. Deferred periodic distribution, if any, will be cumulative but will not earn additional profits thus there will be no
compounding effect; and
d) The holder of perpetual sukuk shall have no voting rights at any general meeting of the shareholders of TBE

the details showing its no fixed redemption date which means no due date/expiry which is perpetual. Option to redeem all or part at the end of 7th year - fits the definition of non-call. last but not least, has the right to defer the payment of distribution - which is deferral. All the criteria fits into equity instead of liabilities.

interesting interview on site. Rob's message at 2.30 - most favored nation clause! :) What it literally means is that RWNYC will pay the same tax rates as the other two casinos in the future; when they are up and running in 2030. Not aware of that as it was never published or mentioned before. https://www.youtube.com/watch?v=LA2FuxCVJfo

you are welcome, Vin. Just need to manage our own positions well will do in my personal opinion. 3 main drivers to be considered and monitored - (1) refinancing for notes maturing in 2027 - progressing well and refinancing risk eases (2) eps/ebitda - need to show eps/ebitda improvement mainly driven by GenS, RWLV and RWNYC (3) leverage - Gent has to pare down the debt / deleverage over time.

It will be tough to use hopes on the mgmt from my personal opinions, Vin. I am using publicly available information to manage the expectation for my current position in Gent. (1) the new 1.25bil notes has a distribution of fixed 8.3% (series 2) per year interest. My expectation to hold Gent's stock is min 10% capital gain / yr (2) Rating agencies downgraded Gent mainly bcos of leverage - high debt/ebitda. My expectation here is ebitda to keep improving/growing moving forward - GenS, RWLV & RWNYC