Showing posts with label sky city casino. Show all posts
Showing posts with label sky city casino. Show all posts

Monday, September 25, 2017

Sky City: Even Cheaper Now




Sky City Entertainment Group Ltd [SKC.NZX] Is looking even cheaper now almost a month after my last piece.

In it I jokingly presupposed offering holders of Sky City Stock $3.50 a share. At the time shares were trading in the $3.90 - $4 range. 

As of this morn where it starting trading at $3.69.

It could indeed go down to $3.50 and indeed lower and if it does go below that magical figure I will be on the phone to my bank manager to arrange a loan - they are cheap to get especially since I've decided to play one bank against the other. (see comments section)

With a gross Div of over 6% this stock is priced to buy.



Sky City Entertainment Group @ Share Investor

Sky City Entertainment Group Ltd: The Americas Cup
Share Investor's 2016 Stock Picks
Sky City gets the 2nd deal
Sky City Expansion: Adelaide Spreads on the Riverbank
Sky City to pay for National Convention Centre
Share Investor discusses Convention Centre proposal with CEO Nigel Morrison
SKC Convention Centre power-point slide illustrations & SKC submission to Auckland City Council
Sky City Gaming: Morningstars look at Sky City's gaming
Share Investor's Total Returns: Sky City Entertainment Group Ltd
Sky City Entertainment Group Ltd: Presentation to Macquarie Group
Morningstar Revalues Sky City Entertainment Group
Guest Post - Michele Hewitson Interview: Nigel Morrison
Failed Sky City bid for Christchurch Casino good news for Shareholders
Sky City Entertainment Group Ltd: Christchurch Casino bid falls short of Investment Criteria
Sky City Entertainment Group Ltd: Never mind the width feel the volume
Sky City Annual Meeting & 2011 - 2012 Profit Forecast
Stock of the Week: Sky City Entertainment Group Ltd
Sky City set to lose National Convention Centre bid
Sky City Entertainment Group: Australian Acquisition on the Cards?
Sky City Entertainment Group Ltd: 2010 Full Year Profit Analysis
Sky City Entertainment Group 2010 Full Year Profit Preview
Chart of the Week: Sky City Entertainment Group Ltd
Share Investor discusses Convention Centre proposal with CEO Nigel Morrison
Share Investor Q & A: Sky City CEO, Nigel Morrison
Sky City Entertainment: CEO Nigel Morrison discusses 2010 HY
Sky City Convention Centre Expansion a Money Loser: Part Two
Sky City Convention Centre Expansion a Money loser



Discuss SKC @ Share Investor Forum





Share Investor 2017



Thursday, August 31, 2017

Sky City Entertainment: Starting to Look Cheap




Sky City Entertainment Group Ltd [SKC.NZX]is starting to look cheap again.

You don't have to be Einstein to figure out that there's at least 20% in it.

It recently reported a 2017 full year profit.

Combine this with a probable big pay off in 2019/2020 when all their various developments come on-stream and you have a possibility of making more than that if you hold until then.

Until then you get all sorts of nervous Nellie's getting in and out of this company, when they actually go down and visit - like the rest of Auckland it is a construction zone.

There is crap everywhere.

And like the rest of Auckland it is a mere blip in the road until the building is finished.

Until that time there is going to be disruption - not in the new sense of this word but the old meaning of disruption.

Disruption is only going to be temporary.

Then we can truly see the magnificence of Auckland growing and the casino in Auckland growing as well.

It has been 20 years since the casino opened and more than half a million more Aucklanders living here.

The future looks bright.

Possibly you can buy this company cheaper than it is today but anytime between now and Feb 2018 is a good time to buy.

I can see some of those nervous Nellie's starting to struggle.

Give them a hand, offer them $3.50!!







Sky City Entertainment Group @ Share Investor

Sky City Entertainment Group Ltd: The Americas Cup
Share Investor's 2016 Stock Picks
Sky City gets the 2nd deal
Sky City Expansion: Adelaide Spreads on the Riverbank
Sky City to pay for National Convention Centre
Share Investor discusses Convention Centre proposal with CEO Nigel Morrison
Sky City Convention Centre Expansion a Money Loser: Part Two
Sky City Convention Centre Expansion a Money loser
SKC Convention Centre power-point slide illustrations & SKC submission to Auckland City Council
Sky City Gaming: Morningstars look at Sky City's gaming
Share Investor's Total Returns: Sky City Entertainment Group Ltd
Sky City Entertainment Group Ltd: Presentation to Macquarie Group
Morningstar Revalues Sky City Entertainment Group
Guest Post - Michele Hewitson Interview: Nigel Morrison
Failed Sky City bid for Christchurch Casino good news for Shareholders
Sky City Entertainment Group Ltd: Christchurch Casino bid falls short of Investment Criteria
Sky City Entertainment Group Ltd: Never mind the width feel the volume
Sky City Annual Meeting & 2011 - 2012 Profit Forecast
Stock of the Week: Sky City Entertainment Group Ltd
Sky City set to lose National Convention Centre bid
Sky City Entertainment Group: Australian Acquisition on the Cards?
Sky City Entertainment Group Ltd: 2010 Full Year Profit Analysis
Sky City Entertainment Group 2010 Full Year Profit Preview
Chart of the Week: Sky City Entertainment Group Ltd
Share Investor discusses Convention Centre proposal with CEO Nigel Morrison
Share Investor Q & A: Sky City CEO, Nigel Morrison
Sky City Entertainment: CEO Nigel Morrison discusses 2010 HY
Sky City Convention Centre Expansion a Money Loser: Part Two
Sky City Convention Centre Expansion a Money loser
Sky City Entertainment Group Ltd: Download full Company analysis
Sky City 2010 full year profit looking good
Long Term View: Sky City Entertainment Group Ltd
Sky City Entertainment: CEO Nigel Morrison discusses 2010 Half Year
Sky City Entertainment Group 2010 Interim Profit Review
Sky City to focus on Gaming
Sky City debts levels now more manageable
Insider Trading on Sky City shares
Sky City Profit Upgrade: Always on the Cards
Sky City's Current Cinema "Boom" a Horror Story in Disguise
Stock of the Week: Sky City Entertainment Group
Are Insiders selling Sky City Stock?
Sky City Entertainment 2009 Interim Result Preamble
2008 Sky City profit analysis
Sky City share offer confusing and unfair for smaller shareholders
Sky City Entertainment 2008 Full Year profit results , NZX release, 2008 full year presentation, result briefing webcast, financial statements
Sky City 2008 profit preamble
Sky City outlines a clear future plan
As recession bites Sky City bites back
Sky City Assets: Buy, sell and hold
Why did you buy that stock? [Sky City Entertainment]
Sky City Share Volumes set tongues wagging
Sky City half year exceptional on cost cutting
NZX Press release: Sky City profit to HY end Dec 2007
Sky City Cinemas no Blockbuster
Sky City Entertainment share price drop
New Broom set to sweep
Sky City Management: Blind, deaf and numb
Sky City sale could be off
Opposition to takeover
Premium for control
Sky City receives takeover bid
Sky City Casino Full Year Profit to June 30 2007
Setting the record straight
Sky City CEO resigns
Sky City Casino: Under performing
Sky City Casino 2007 HY Profit(analysis)
Sky City Casino 2007 HY Profit

Discuss SKC @ Share Investor Forum
Download SKC Company Reports




Share Investor 2017






Sunday, April 17, 2016

Was Nigel Morrison Pushed?
















Some more rumour and speculation.

But isn't there just an ounce of rumour and speculation to everything?

Last weeks news that Sky City CEO Nigel Morrison will step down at the end of this month has me wondering a number of things.

Morrison didn't get to his stated aim of $10 per share by the time he leaves.

No doubt about it Nigel has been good for Sky City.

He has been handsomely - and justly in my opinion - rewarded with salaries and incentives circa $22,000,000,00 in his time at the helm.

Yet I think - and this is where i'm speculating - when he made it clear that he was thinking of leaving about 6 months ago he actually was beginning the process of bargaining until maybe 2020-21 where he could actually see the fruits of his labour pay off.

What I cant make out though is why he wasn't given a better offer that allowed him to stay.

What is fact is that Chris Moller in 2008 who came in as chairman, was a supporter of Morrison but not all of the companies directors and heads of depts were backers of this man getting a raise.

In fact it was talked about, in private around 6 months ago just about how much Mr Morrison was worth.

Just what has been divulged to Share Investor is that negotiations HAD BEGUN but what wasn't clear was just who put the kybosh on it.

I suppose it just goes to show there is jealousy even at the top. This fellow does well grows the company to the verge of a massive change yet is dumped.

Perhaps he was better to get out in the end.

Hope is replacement lives up to him.




    Sky City Entertainment Group @ Share Investor


    Share Investor's 2016 Stock Picks
    Sky City gets the 2nd deal
    Sky City Expansion: Adelaide Spreads on the Riverbank
    Sky City to pay for National Convention Centre
    Share Investor discusses Convention Centre proposal with CEO Nigel Morrison
    Sky City Convention Centre Expansion a Money Loser: Part Two
    Sky City Convention Centre Expansion a Money loser
    SKC Convention Centre power-point slide illustrations & SKC submission to Auckland City Council
    Sky City Gaming: Morningstars look at Sky City's gaming
    Share Investor's Total Returns: Sky City Entertainment Group Ltd
    Sky City Entertainment Group Ltd: Presentation to Macquarie Group
    Morningstar Revalues Sky City Entertainment Group
    Guest Post - Michele Hewitson Interview: Nigel Morrison
    Failed Sky City bid for Christchurch Casino good news for Shareholders
    Sky City Entertainment Group Ltd: Christchurch Casino bid falls short of Investment Criteria
    Sky City Entertainment Group Ltd: Never mind the width feel the volume
    Sky City Annual Meeting & 2011 - 2012 Profit Forecast
    Stock of the Week: Sky City Entertainment Group Ltd
    Sky City set to lose National Convention Centre bid
    Sky City Entertainment Group: Australian Acquisition on the Cards?
    Sky City Entertainment Group Ltd: 2010 Full Year Profit Analysis
    Sky City Entertainment Group 2010 Full Year Profit Preview
    Chart of the Week: Sky City Entertainment Group Ltd
    Share Investor discusses Convention Centre proposal with CEO Nigel Morrison
    Share Investor Q & A: Sky City CEO, Nigel Morrison
    Sky City Entertainment: CEO Nigel Morrison discusses 2010 HY
    Sky City Convention Centre Expansion a Money Loser: Part Two
    Sky City Convention Centre Expansion a Money loser
    Sky City Entertainment Group Ltd: Download full Company analysis
    Sky City 2010 full year profit looking good
    Long Term View: Sky City Entertainment Group Ltd
    Sky City Entertainment: CEO Nigel Morrison discusses 2010 Half Year
    Sky City Entertainment Group 2010 Interim Profit Review
    Sky City to focus on Gaming
    Sky City debts levels now more manageable
    Insider Trading on Sky City shares
    Sky City Profit Upgrade: Always on the Cards
    Sky City's Current Cinema "Boom" a Horror Story in Disguise
    Stock of the Week: Sky City Entertainment Group
    Are Insiders selling Sky City Stock?
    Sky City Entertainment 2009 Interim Result Preamble
    2008 Sky City profit analysis
    Sky City share offer confusing and unfair for smaller shareholders
    Sky City Entertainment 2008 Full Year profit results , NZX release, 2008 full year presentation, result briefing webcast, financial statements
    Sky City 2008 profit preamble
    Sky City outlines a clear future plan
    As recession bites Sky City bites back
    Sky City Assets: Buy, sell and hold
    Why did you buy that stock? [Sky City Entertainment]
    Sky City Share Volumes set tongues wagging
    Sky City half year exceptional on cost cutting
    NZX Press release: Sky City profit to HY end Dec 2007
    Sky City Cinemas no Blockbuster
    Sky City Entertainment share price drop
    New Broom set to sweep
    Sky City Management: Blind, deaf and numb
    Sky City sale could be off
    Opposition to takeover
    Premium for control
    Sky City receives takeover bid
    Sky City Casino Full Year Profit to June 30 2007
    Setting the record straight
    Sky City CEO resigns
    Sky City Casino: Under performing
    Sky City Casino 2007 HY Profit(analysis)
    Sky City Casino 2007 HY Profit

    Discuss SKC @ Share Investor Forum
    Download SKC Company Reports




    Toughen Up: What I've Learned About Surviving Tough Times

    Toughen Up: What I've Learned About Surviving Tough Times by Michael Hill







    Share Investor 2016



    Monday, July 20, 2009

    August - October reporting season should sort out fact from market fiction

    The looming New Zealand reporting season that rolls out at the beginning of August is going to be a very good differentiator of fact from fiction.

    Has our stockmarket got it right with its wild mood swings and huge markdowns in stock prices for most of our listed companies or has it gone way off track as usual and over reacted to the incessant bad news about the economy and some companies that have had particularly bad recent results and a large number that have had profit warnings?

    I tend to err on the side of over reaction.

    One stock in the Share Investor Portfolio that has been particularly hard hit over the last few months in terms of share price, Sky City Entertainment Group [SKC.NZ], didn't really participate in the recent upswing in stock prices across the board but its profit is going to be inline with last years result and its market update earlier this year - as it has been for the last 2-3 years when its share price was more than double its current levels. Go figure. Its share price was up 10c this last Friday at market close, on very large turnover, indicating that the result coming out late in August might be even better than indicated.

    As investors and market watchers, we already know which companies are likely to underwhelm. The retail market sucks a kumera ; The Warehouse Group [WHS.NZ] , Pumpkin Patch Ltd [PPL.NZ] and Hallenstein Glasson [HLG.NZ] are going to disappoint the market, and that is clear if you just walk around the malls and ask your friends what they have been buying lately, but their respective stock prices have either been steady or up slightly in the last few months. Companies such as Contact Energy Ltd [CEN.NZ] and Goodman Fielder[GFF.NZ] have forecast lower profit this reporting season but their share prices have maintained relative value. Most export related businesses are suffering except for a notable one of two which are doing better than ever -like my own Fisher & Paykel Healthcare [FPH.NZ]. In comparison to Sky City's good February results, this shows little good judgment when it comes to picking companies with good medium term future profits when you look at what value Mr Market puts on them.

    A stock that has simply rocketed in share price over the last few months is Restaurant Brands Ltd [RBD.NZ]. That has been an over reaction to a claw back to profit for the fast food operator where its share price has almost doubled from its early 2009 lows in the 50 - 60c range. Clearly this sort of stock movement is a major departure of fact from reality - its profit is no higher than it was 10 years ago and forecasts show only a small rise in profit from current levels, but the market has forgotten the poor financial history of this company and given the stock price a Viagra like status when it comes to valuing what the company is worth.

    Telecom New Zealand's [TEL.NZ] stock price seems to have accelerated in share price of late but all indications are that profit is going to be well down on last year and a sense of uncertainly has enveloped company operations because of regulatory and economic restraints and the expense of rolling out their new XT mobile service. Will the market react in a realistic way when the bad bottom line figures finally surface in their accounts in August?

    Ahh but you forget about Telecom's big dividend Darren! Attractive to international market watchers and Kiwis alike. Yeah OK, but how long can that last.

    Reporting season is always a good way to sort the wheat from the chaff- if you can understand most of the gobbledygook in company reports - and this coming reporting season will be more relevant to that mantra than any other year in recent memory simply because of the economic uncertainty that currently prevails but the time for some caution should come now, when deciding to buy stocks. It looks to me that some are piling into stocks simply because they see stock prices rising and that isn't a clever way to buy, especially in a beaten down market.

    I have been buying recently but not all stocks should be bought because they appear to be "on sale". I bought for my own reasons because I consider them cheap and good companies.

    I bought more Michael Hill International [MHI.NZ] and Auckland International Airport [AIA.NZ] recently because I like the good management of the former and the monopoly status of the latter.

    The stock prices of these two are interesting. Michael Hill's is probably trading at fair value given the dire nature of the retail industry, especially for discretionary stuff like jewelery (I saw nobody in my Albany MH on an otherwise busy retail day last week and they were offering free coffee) but Airport shares are trading at a heavy discount to value given that looming profit will only be slightly down from last year. The yang to that particular ying is that less than two years ago the Canadians and the Arabs offered over NZ$3.65 per share to buy the company, probably then overvaluing the company based on similar profits to this years one.

    In my not so humble opinion Auckland International Airport is worth way more than $3.65 per share in the long term, (5 years plus) see monopoly status again for an explanation of that exuberant statement.

    Yes, it is a good time to buy stocks because company share prices are on sale but fundamentals still do apply and it is worth looking even closer today than usual because of the x factor of the economic downturn. The reporting season will tell us if we have been right over the last 6 months, at least in the short to medium term, rather than betting on market whims.

    I have only a short market experience (around 12 years) but now more than ever the disconnect between the current profit, future prospects and health of our NZX listed companies and its sharemarket value is more pronounced - and that occurred when the market over accelerated in the earlier part of this century as well. Some companies are being way under valued and vice versa.

    I guess that is what makes this game interesting, but the rules will change as the profit season reveals its hidden cards.

    Disclosure I own SKC, FPH, HLG, AIA, MHI, WHS, PPL, & GFF shares.

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    Monday, November 5, 2007

    A Rare Breed

    The bullshit that passes for accountability amongst our leaders; politicians and business leaders alike, makes a farce of the meaning of the word "leader".

    What does a leader do Darren?

    Well, it is quite simple really, even though some individuals in the positions that they find themselves in and in rarer and rarer cases those than actually achieve those positions, would like others to think that being a leader is a complex issue only understood by the likes of those with over sized craniums.

    Being a leader as such is as straightforward as setting examples for those that you lead, for it is clear, even to a two year old, for those that observe a good leader doing good things are likely to model themselves on good behavior. Psych 101 really.

    Conversely, bad behaviour by a leader will almost guarantee a negative culture: at the workplace or anywhere else for that matter.

    Bad leadership flows down to individuals in a company. It can cause resentment among workers, gossip and it saps productivity, morale and effects the long term viability of the organisation or business.

    The worst and most public example of leadership failure in New Zealand would have to be Teresa Gattung, the recent retiring CEO of Telecom New Zealand [TEL.NZ]

    Her culture of blame, resentment, lies and underhanded competition at leadership level managed to pervade the company culture to such a core extent that any customer getting in touch with a customer services representative at Telecom would have been well aware that there was something going horribly wrong at head office.

    Gattung was the head at that head office and she was fully responsible for the disastrous mess that she managed her way into while in tenure behind the big desk.

    After leaving of course she was rewarded for her mismanagement with a bundle of cash and plaudits from other mediocre managers of other businesses and arse kissing mainstream "business media" who patted her on the back for "a job well done".

    Excuse me!!

    On the other hand, the quiet achievers like Don Braid, the CEO and Bruce Plested from Mainfreight Ltd [MFT.NZ]:


    "As we grow to become a world player we must maintain our culture and style of business by keeping a strong grip on our policy of being anti-bureaucratic; continuing to allow branch managers to make bold decisions; being energetic and entrepreneurial; and so continue to grow our business.

    Don Braid, GM 2007.


    Braid and Plested lead from the front and as a result an excellent company culture has evolved. The workers love working there and most of all customers enjoy their contact with Mainfreight.

    Without this strong, leader led, focused running of this business Mainfreight would no doubt be floundering in the extremely competitive business environment that they operate in.

    Plested and Braid would be sorely missed if they ever left the company so hopefully they can pick a good replacement when that happens.

    Given that company culture is so good, the likelihood is that other good leaders will emerge, thanks to the example set by Mainfreight's leaders.

    The lack of accountability by leaders when things go wrong in an organisation or business is probably the biggest barrier to business excellence for the medium and long term in this country.

    Corporate history in NZ is littered with the corpses of businesses mismanaged to the point of surrender and over the last 8 years the level of managerial incompetence has continued.

    The difference over the last 8 or so years though is that management and specifically leaders of that management haven't been accountable or been made accountable by fellow board members, shareholders and customers.

    We have had a litany of cases of unaccountable leaders recently. Tim Saunders, former director at failed Feltex Carpets has recently been voted back in as a director of Contact Energy Ltd [CEN.NZ] after being found by an independent body as being partly culpable for Feltex's demise.

    Is it any wonder why those working at the coal face at Contact are suffering from low morale. Its CEO or its board should have summarily dumped Saunders. Totally the wrong message sent to the troops and not good for the long term health of the company, global warming fuzzies or not.

    Countless heads at the restaurant operator, Restaurant Brands Ltd [RBD.NZ] have failed miserably at the helm, none of them were held responsible in any way, other than they were forced to leave, long after the rot of their management had set in. RBD continue to suffer this vacuum of leadership all the way down to store level and it is obvious in almost every aspect of the business, from the non responsive middle managers all the way down to the surly staff serving customers.

    There is a more successful culture in low fat yogurt than at RBD head office.

    Sky City Entertainment Group Ltd [SKC.NZ] CEO Evan Davies made a series of mistakes that ended in his being pushed out the door earlier this year but not before he resided over dramatically falling fortunes in gaming profits, a couple of bad asset purchases and a conflict of interest case when his wife was promoted to a position of significant importance in the company.

    Davies was allowed to stay at the helm despite his failures because his fellow board members and Sky City shareholders failed to make him responsible and he himself failed to realize that he wasn't managing the company the way it should have been and to fall on his own gilt edged sword.

    Management under him at the time are still there at head office and continue to run around like headless chooks wondering what to do, while bargain hunters are hanging around, presumably with better management skills, waiting to pounce on the mismanaged beast that is Sky City.

    When is it that leaders will take responsibility for company success and its failures?

    It will happen when others make them responsible for those failures. In the case of company leaders; shareholders, employees and customers fail to make them accountable and need desperately to do so.

    It shouldn't be up to others to make individual leaders responsible though. Being taught to be a leader from an early age is the antidote to the sickness that we as a society are suffering in terms of leadership.

    The New Zealand Prime Minister, Helen Clark, should be a leader to look up to but her copybook is unfortunately blotted with so much irresponsibility and lack of accountability the ink is turning into a sickly red and spilling over the whole corpse.

    With good role models in New Zealand being as rare as 15 year old virgins it looks like the problem is going to get worse before it gets better.

    Our socialist education system where it is taught that it is OK to lose and that the word"failure" has been erased from the school vocab to be replaced by the phrase "did not achieve" is certainly only going to make the problem of future good leadership a goal that is "not achieved".


    Disclosure: I own SKC & MFT shares in the Share Investor Portfolio

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    c Share Investor 2007