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

Monday, February 21, 2011

Guest Post - Michele Hewitson Interview: Nigel Morrison


I have done a few interviews (1, 2, 3) with Nigel Morrison from Sky City Entertainment Group Ltd [SKC.NZX] but Nigel has been raising his profile of late with bold statements to the media and a general interview with Michele Hewitson from the NZ Herald (see below for the full interview)about himself.

He has kept a low profile over the last few years, preferring to let results do the talking so the move to raising his own personal profile and the aggressiveness of his previous neutral stance on the politics of gambling have me scratching my head a little.

There will be an interview with Auckland Airport CEO Simon Moutter coming up over the next few weeks.

Here is the Michele Hewitson Interview:


The idea was to have breakfast with SkyCity chief executive Nigel Morrison at SkyCity Grand.

Good, I thought, greedily, because I do like a posh hotel breakfast, even when it is to be taken with an accountant. He is a grand sort of accountant, of course - which is what he started his ladder-climbing corporate career as - and the big boss, but nobody knew he was coming for breakfast.

This caused a tremendous fuss involving much bustling about, many staff and the transformation of the boardroom into a breakfast room with pitchers of water and butter curls and a la carte menus.

I carried out a thorough examination of the breakfast buffet while waiting and later told him, a little sourly, that his toaster didn't work (it is one of those silly revolving ones they always have in hotel breakfast rooms and which never work properly). He seemed not remotely interested but I wouldn't be surprised if an investigation is carried out.

We didn't have any breakfast, which is why I was sour on his toaster: hunger can make you mean. We had a cup of coffee. We didn't even sit at that perfectly laid table. An hour later I said,
"You sent them into an enormous flurry and you didn't even have breakfast." He said, dismissively, that his communications manager "wasn't organised".

Honestly, he could have just said, "Oh, well, I was busy and forgot to tell anyone', and taken the blame, but I suppose you don't get to be the CEO of a big casino by sweating the small stuff, like not bagging your staff in front of a journalist. I think he belatedly realised that he was supposed to have given me breakfast, although what did he think the laying of the table was for? He said, brusquely, "Would you like something?", but too late.

This tells you about all you need to know about his style. He says he's English but he arrived in Australia when he was 10 and I'd say he took to it, and it to him, rather well.

His father was from the industrial town of Gainsborough and one of 10 children. He left school at 14 to work in a steel mill and, his son the CEO, told me proudly, went on to became "one of the youngest professionally qualified mechanical engineers in the UK".

So being competitive and wanting to succeed is likely both nature and nurture. The move to Australia was to create "an opportunity for us, my brother and I, to have, I think, relatively successful lives".
His brother is a property developer who has "probably got a lot more!" money than he does.

"Relatively successful" is relative then, because he makes about $2 million a year. When I asked how much he made, he said, "Oh, not a lot".

I said, "Two million", and he said, "A couple of million", and I said, "More than two million", and that went on for a bit. Anyway it is about two million (made up of bonuses and shares and so on), but: is that a lot? "Well, it is a lot of money. It's not a lot when you compare it ... I'm probably the lowest paid of any of the top senior executives in Australasian gaming companies." This doesn't bother him, at least, "not really". So perhaps a bit.

Well, what is his job? He runs the show, obviously, but what is the show? There are three SkyCity-owned casinos in NZ and two in Australia. But a casino is not just a place you go to gamble any more; they are mini, or not so mini-empires. I referred to these as his not so little fiefdoms and he didn't disagree.

He says he has to have some sort of profile, but: "Why have you come to see me?" He meant that the interest is only in his title, not in him. He once said he had lots of friends who turned out to be friends only because he could get them into flash dos.

He does meet celebrities and in answer to my question about whether he was impressed by celebrity, he said: "Oh, look! I'll tell you, you're talking about the joys of this industry ... I got to meet Bob Geldof! ... [He] has the capacity to make you feel like you're the only person in the room and that really is engaging."

He was so interested in this, I think, because he told me that the schmoozing side of his job hasn't come naturally and that it took him until he was in his 30s (he is 52) to feel comfortable with the hobnobbing. "I had to learn it."
He has just been named on an Auckland 1st XV list of ambassadors for the Rugby World Cup. Some of the other people on this list: John Walker, Carol Hirschfeld, Simon Gault. It's fair to say he's the least-known person. "Probably. Ha, ha. I'm certainly not a celebrity and most of those others are, but I think it reflects the significance of SkyCity ..."

I said surely his inclusion reflected his significance as a successful lobbyist, for the significance of SkyCity, if you like. "No, it's the fact that we're investing $50 million before the Rugby World Cup, our commitment to the fact that we've got behind what we think is going to be a great event." This amounts to the same thing, I'd say.

He must be pretty good at lobbying. He has to get the council on-side and SkyCity's latest expansionist plan is the upgrade of Federal St: three new restaurants, an air bridge, and the makeover of the street into a place you might actually want to loiter. Currently, it's a dump; he wants glamour - although his idea of glamour also includes sports bars with giant screens.

That's the odd thing about casino empires: you have the pokies and the high rollers and the grand hotel and a girl on the escalator ahead of us as we went up to the gaming floor, who was wearing what you might charitably describe as hooker grunge - all in one empire.

A bingo game had just finished. Bingo! It's back in fashion, apparently. Three hundred people had turned up.

I asked whether he was interested in the psychology of gamblers and he said he had been "lucky enough to work for Kerry Packer" - the famously abrasive Australian businessman who owned casinos and, also famously, gambled millions. He gave Packer's definition of a gambler: "The thing about gamblers is that they know what they're doing is intrinsically wrong so they're always looking for an excuse to leave. I thought that was quite interesting."

I thought that he did think it was interesting might have meant that he has some reservations about the game he's in. By that definition it means that his job is preventing people who know what they're doing is wrong, from leaving his premises.

"So," he said, "you've got to look after them very, very well." He runs a joint which exists to take money off people. "To be honest, what business doesn't? You offer a service or goods. In our case, we offer a service."

When Morrison arrived at SkyCity in 2009, his appointment was announced like this: Casino Boss Brings some Packer Panache. Does he have panache? You wouldn't think so from his assessment which is this: Many at the top of the gaming industry, he says, "have a numerical background, because our business is all about probability. So you've got to understand normal distribution, you need to understand standard deviations, you know, so you can set your risk and return rates".

Did I mention that he's an accountant? You have to have other skills. "Yeah, that's exactly right. You need some sort of people skills." Which some accountants might not have? "Well, you said it."

As for panache, he has bright pink silk lining his suit jacket and shirt cuffs monogrammed with his initials: NBW. The B is for Barclay. I was trying to think of what sort of person has monogrammed shirt cuffs. Unless you are a minor toff with pretensions, all I came up with was foppish.

He said he didn't know what that meant. A bit dandyish. "I wouldn't have said dandyish!" "I don't know. It's probably a bit arrogant." Is he arrogant? "Look, I don't think I really am arrogant. I've probably got a bit of an ego."

His friends, he once said, used to tell him he was too ambitious - which might amount to much the same thing as arrogance. "Where do you get this stuff from? Bloody hell." From what he's said in the past, and now he tells me that he has, in the past been accused of being arrogant. This is a funny thing to admit. "Yeah, hard to believe, isn't it!"

He says his friends probably wouldn't accuse him of overarching ambition these days because he has now achieved a "reasonably balanced life". This means that he only works about 60 hours a week, and sometimes leaves the casino.

He doesn't own a house here but rents "a small, modest house", in St Marys Bay. He showed me the label on his suit, to prove, presumably, that he doesn't splash it about: "Charlie Chang. He's a good tailor. A cheap tailor." He wears a Cartier watch, but a stainless steel one, he was at pains to point out. He denies he's mean with money but - thinking of the savings he made on my breakfast - I think he's cautious, which is what you'd want in a geezer who runs a gaming house.

In a gaming house, the house always wins. He does like to win. He scoffed when I asked if it was true that casinos didn't have clocks. We went over to the casino and I said: Right. Where are the clocks? He eventually located a couple, hidden in dark corners. Nobody could read those! I said.

He said, "Haven't you got a watch?", and looked very pleased with himself. I idiotically said that having his picture taken with the pokies wouldn't be good for his image. That was to pay him back for the win over the clocks, but he took this seriously, and then refused to have his picture taken by the pokies.

He is often described as hard-bitten. He claimed not to know what hard-bitten means. It means a tough bastard. He said, "I don't think I'm that tough to be honest." Oh well, if he says so but I wouldn't want to be the person responsible for not making the breakfast booking.


Share Investor Q & As


The Warehouse' Ian Morrice
Briscoe Group CEO Rod Duke
Ryman Healthcare's CFO Gordon Macleod
Ecoya's Geoff Ross
Xero's Rod Drury
Mainfreight MD Don Braid
Burger Fuel Director Josef Roberts
Sky City CEO, Nigel Morrison
Sky City Entertainment: CEO Nigel Morrison discusses 2010 HY
Convention Centre proposal interview with Sky City CEO Nigel Morrison





c Share Investor 2011


Monday, August 17, 2009

Sky City Entertainment 2009 FY Profit Preamble

With Sky City Entertainment Group [SKC.NZ] reporting its FY 2009 profit this coming Wednesday 19 August, investors are not going to get any surprises.

The dividend ratio has been cut, debt has been paid back and profit is well up on last year.

On July 21 the market was updated with a profit up roughly 15% to around the NZ$116 million mark and since then shares have climbed to as high as $3.45 from about $2.80 before the upgrade. This is in a market where all shares are basically up.

What we need to know is how Nigel Morrison is going to go managing the company in the following 12 months and beyond.

In a sneak preview of an interview coming out in late August early September with Nigel I indicate the importance of this in my preamble:


Sound capital management with a focus on customer service and unnecessary costs stripped out have been the key to Nigel's success so far.

But what of the next 12 months and longer?

How will the business go under his leadership and what new ideas does he have to take this company through the $1 billion revenue barrier and beyond?

Morrison has done well but a further test of his strong management so far will come as Sky City emerges over the next year or so.

Shareholders and the market must see how Nigel will accomplish this and he should indicate the key ways he will achieve this, without revealing competitive secrets of course.

I look forward to Wednesday.


Sky City Entertainment Group @ Share Investor


Discuss this stock @ Share Investor Forum

Related Links

Put some questions to Nigel Morrison for the Interview.

You can submit them at the Share Investor Forum here or email them to me here and I will submit the best ones to Nigel.


Related Amazon Reading

Casino Management: A Strategic Approach (Casino Essential Series)
Casino Management: A Strategic Approach (Casino Essential Series) by Kathryn Hashimoto
Buy new: $60.89 / Used from: $44.82
Usually ships in 24 hours

AMAZON - Sony Bravia XBR KDL-46XBR6 46-Inch 1080p 120Hz LCD HDTV


c Share Investor 2009

Friday, August 7, 2009

Beware of "Black October"

A recent market update by Kingfish Ltd [KFL.NZ] the listed portfolio management vehicle, got me thinking.

In this document they wax lyrical about how well share prices for the companies they hold have done well over the last quarter and they are right, they have done well.

Ryman Healthcare [RYM.NZ] Freightways Ltd [FRE.NZ] Mainfrieght Ltd [MFT.NZ] Sky City Entertainment Group[SKC.NZ] and many others have stacked value on their share prices.

Sky City alone has gained over 40% since its recent $2.51 lows.

Kingfish have all these companies in their portfolio bar Sky City. I own them all in the Share Investor Portfolio.

But rather than reason to get excited if you are an investor with a shorter term horizon you are likely to get a bit of a shock in the back pocket, if stockmarket history is anything to go by.

The month of October is notoriously bad for global markets, the 1929 crash happened in October and so did the 1987 crash - the 2008 crash likewise. Even if you discount those three historical events October is just a bummer month for stocks, it is probably a psychological thing where historical events have self perpetuated into a down month.

Nevertheless it does happen and that month could be the time to start buying again. My wallet is firmly closed, for now.

Take care of yourselves, be careful when deciding to buy and make some money why don't ya.

See you soon.

Recent Share Investor Reading

Discuss this topic @ Share Investor Portfolio

Related Amazon Reading

The Great Crash: How the Stock Market Crash of 1929 Plunged the World into Depression
The Great Crash: How the Stock Market Crash of 1929 Plunged the World into Depression by Selwyn Parker
Buy new: $17.90 / Used from: $13.35
Usually ships in 2 to 4 weeks


c Share Investor 2009

Saturday, August 1, 2009

Sky City debts levels now more manageable

Sky City Entertainment Group [SKC.NZ] has been named by Bruce Sheppard as one of his list of NZX companies with debt worries.

Now that time has passed since Bruce debt analysis, on June 30 2008 figures, lets take a look and see whether his criticism about high debt levels is now warranted.

Lets look at company debt levels from the last 5 years:

FIVE YEAR SUMMARY














Consolidated Balance Sheets













As at 30 June


2008 2007 2006 2005 2004




$000 $000 $000 $000 $000









LIABILITIES















Current liabilities






Payables


121,668 119,501 100,776 97,005 93,619
Interest-bearing liabilities
- - - 100,758 101,000
Derivative financial instruments
- - 25 - -









Total current liabilities
121,668 119,501 100,801 197,763 194,619









Non-current liabilities





Interest-bearing liabilities
677,884 753,002 950,904 956,795 579,967
Subordinated debt - capital notes 123,772 123,756 123,720 121,510 149,644
Subordinated debt - SKYCITY ACES 186,538 161,410 177,956 - -
Deferred tax liabilities
77,891 52,992 60,596 45,438 -
Derivative financial instruments
23,561 50,774 3,072 - -
Convertible notes

- - - - 8,910
Other term liabilities

- - - - 27,216









Total Non-current liabilities
1,089,646 1,141,934 1,316,248 1,123,743 765,737









Total liabilities

1,211,314 1,261,435 1,417,049 1,321,506
960,356

Interest cover (EBITDA/Net Interest) 3.8x 3.3x 3.3x 3.4x 5.1x










Full 5 Year Financial Summary

We can see then that debt incurring interest or charges (of all different types) nearly doubled from 2004-2006 to over NZ $1.3 billion at its highest (due mainly to buying and financing Adelaide and Darwin casinos and cinema assets.) but since then, at balance date 30 June 2008, (Bruce's debt level comparison date) debt had been paid down to just under $1.1 billion.

In addition to that, the company has paid back $84 million with the proceeds of a capital raising and other debt reductions to take total debt to below $ 800 million, still high but more manageable and it leaves net debt to ebitda ratios that Bruce worried about down from 3.8x in June 2008 to below 2.5x as at 9 July 2009, the lowest ratio in 5 years.

This has further been alleviated by a large increase in profit and revenue for the 2009 Full Year result to be announced 26 August.

As I said above, debt levels are still very high but steps have been taken to change that and with good management the company has put itself in a position so that the business is functioning well and is an even better position now to consolidate this debt.

As interesting as Bruce Sheppard's company debt analysis has been it would be even more interesting to see how June 2008 stacks up with June 2009.

In Sky City's case I think he might assess that they have addressed his worries.

They have mine.


Disclosure: I own SKC shares in the Share Investor Portfolio

Sky City Entertainment Group @ Share Investor

Discuss this stock @ Share Investor Forum

Related links

You have to register at Share Investor Forum to see this content

Full 5 Year Financial Summary - Where the table above comes from
Correspondence between Bruce Sheppard & Sky City over debt levels
Sky City July Debt payback

Related Amazon Reading

Casino Industry in Asia Pacific: Development, Operation, And Impact
Casino Industry in Asia Pacific: Development, Operation, And Impact by Cathy Hsu
Buy new: $155.00 / Used from: $157.53
Usually ships in 24 hours


c Share Investor 2009

Wednesday, July 22, 2009

Insider Trading on Sky City shares




Most people who watch the New Zealand Stockmarket closely know that there is frequent trading of shares based on insider information, the New Zealand Stockmarket is just like a small town, everyone knows everybody else's business.

I am not a share price follower, more of a company watcher but I have been looking at movements in Sky City Entertainment Group [SKC.NZ] share price pretty closely over the last 9 years or so.

I have come to the conclusion that Sky City is one of the biggest insider traded stocks.

Every reporting period you can always get a good idea about the profit result before it comes out, based on whether the insiders have traded on good or bad company news.

Yesterday's announcement of an upgrade in Sky City profit is a case in point in insider plays.

A very large volume of almost 8 million shares valued at nearly NZ$ 24 million was traded and the share price ended up 19c or just over 6.5%.

Over the last few days Sky City share price has taken a marked rise (see chart above and data below) and big volumes have gone through over the last 3 trading days.

Date
Open
High
Low
Close
Value
Volume
21 Jul 2009
2.880
3.100
2.880
3.050
23923490.3
7798468
20 Jul 2009
2.790
2.860
2.780
2.860
6702303.15
2373190
17 Jul 2009
2.660
2.780
2.660
2.780
18663101.84
6845077
16 Jul 2009
2.730
2.730
2.670
2.680
5240196.25
1942297
15 Jul 2009
2.660
2.690
2.630
2.690
2766984.42
1041257
14 Jul 2009
2.630
2.650
2.620
2.650
3258738.82
1240619
13 Jul 2009
2.660
2.660
2.620
2.620
1262989.85
480511
10 Jul 2009
2.680
2.690
2.650
2.650
1367532.26
514690
09 Jul 2009
2.640
2.680
2.640
2.680
1810909.48
676984
08 Jul 2009
2.630
2.650
2.620
2.650
5499837.7
2087514

Data From NZX

As I mentioned in a column on Monday there was big volume going through on Friday the 17 July when over $18 million of stock was traded and the stock was up 10c. Insiders have known for a while about the profit upgrade because the stock price has risen from a recent low of $2.58 to finish nearly 30c higher at close of market Monday 20 July, before the profit upgrade was made public yesterday morning.

The bulk of insider trading was done on Friday the 17 July, bought by institutions/brokers for a quick buck and a large part of that was sold back to the mum and dad investor today.

It isn't necessarily wrong for insiders to know about profit upgrades like this one because they get briefed and updated by company management before the great unwashed, but it is illegal for them to trade shares in the company based on that knowledge.

Unfortunately nothing will be done by Mr Mark Weldon, CEO of the NZX , because it is his colleagues (the brokers) that are making money, and his NZX is clipping the ticket along the way as large volumes of shares are traded.

Who needs a monkey with a dart when you can trade on insider info?

Disclosure I own SKC shares in the Share Investor Portfolio

Recent Share Investor Reading

Discuss this topic @ Share Investor Forum


Related Amazon Reading

Stock Frauds, Manipulations, and Insider Trading (Secrets of the Great Investors)
Stock Frauds, Manipulations, and Insider Trading (Secrets of the Great Investors) by Thomas D. Saler; Don Christensen
Buy new: $25.00 / Used from: $9.99
Usually ships in 24 hours

Trading Secrets: An Insider's Account Of The Scandal At The Wall Street Journal
Trading Secrets: An Insider's Account Of The Scandal At The Wall Street Journal by R. Foster Winans
Buy new: $19.99 / Used from: $0.01
Usually ships in 24 hours


c Share Investor 2009

Tuesday, July 21, 2009

Sky City Profit Upgrade: Always on the Cards

If you have been reading this blog for the last two years you will know that I have a large shareholding in Sky City Entertainment Group [SKC.NZ]. You will also know that I have banged on about owning this stock until my fingers have bled, and you will then know the reasons why I like owning shares in this company.

Well, news out today that Sky City management have upgraded Fully Year profit in the 12 months to June 30 2009 from a $99-106 million range to a range of $113 - $116 million, reinforce my obsession. Just two weeks ago I gave a nod and a wink and picked the company as my Stock of the Week. That was when the stock price was at $2.58.

At the time of writing the stock is up 21 cents to $3.07 on exceptional volume.

Just yesterday I wrote that trading in Sky City shares last Friday were quite large (around NZ $18 million) and the movement in share price by 10c that same day was an indicator that insiders knew about material information, Thursday night at the latest -the share price had steadily moved upwards last week after being in the doldrums for weeks.

More insider trading? Yes but lets leave that to another day.

I have also indicated many times in the last year that this company will do well during a recession and one simply shouldn't sell because the share price is tanking, in fact you should really have been buying if this stock suits your investment profile.

The signs have been there of a turnaround in the company, Nigel Morrison has been savage at cutting costs, including paying down debt with a slightly dodgy capital raising a few months ago and his experience and history at casino turnarounds has provided a renewed revenue bounce at the company's Adelaide casino.

The Auckland casino has finally been freed of construction and revamps, with more revenue coming from gaming machines and food and beverage sales and even the lackluster cinema business is providing more income, even though I am dubious of the sustainability of that.

As I have also mentioned before the Darwin Casino continues to be a star in the Sky City crown, with good revenue increases likely to be revealed in the profit announcement to be made Wednesday August 26 and future development there will pull in more gaming income.

In recessions, casinos that Sky City operate do well. They differ from their big flashy and unprofitable Las Vegas brothers who rely much more on overseas customers for gaming income, where the vast bulk of profit for Sky City's money spinners comes from the local population, well over 70% I believe.

With more Kiwis staying home, especially at its Auckland complex, where a large number of its customers are recent immigrants from Asia, revenue there is bound to be well up.

I look forward to congradulations from my readers for indicating to them how much I have liked this stock over the years with a wink and a nod as subtle as a sledgehammer in the head.

Tell me you bought while the stock was low.


Sky City Entertainment Group @ Share Investor

Sky City's Current Cinema "Boom" a Horror Story in Disguise
Stock of the Week: Sky City Entertainment Group
Sky City share offer confusing and unfair for smaller shareholders
Sky City CEO doubles down
Sky City Entertainment 2009 Interim Profit Review
Sky City Entertainment 2009 Interim Result Preamble
2008 Sky City profit analysis
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 this stock @ Share Investor Forum

Related Amazon Reading

Casino Industry in Asia Pacific: Development, Operation, And Impact
Casino Industry in Asia Pacific: Development, Operation, And Impact by Cathy Hsu
Buy new: $155.00 / Used from: $157.53
Usually ships in 24 hours


c Share Investor 2009

Sunday, July 12, 2009

Sky City's Current Cinema "Boom" a Horror Story in Disguise

An interview in Granny NZ Herald yesterday with Jane Hastings, general manager of Sky City Entertainment's [SKC.NZ] cinema division prompted me to have another go at this part of the Sky City asset portfolio.

Long term readers of this blog (two years is a long time in the blog world) and the struggling Share Trader chat site will know that I wouldn't touch a movie chain business with a barge pole the length of a CinemaScope screen.

The Herald and its interviewee seem particularly bullish on the movie business at present. Strong attendances, a growing market share for Sky City Cinemas and good product coming up, like the latest Harry Potter and the Half-Blood Prince (2009) movie all look positive.

Add to this the very large capital expenditures that this division has made expanding the business over the last 5 years have been ameliorated of late because of oversupply and you might think you have a business that is a blockbuster ready to print money.

Balance the good news with this though.

Although cinemas are a good cash business, especially during these cash strapped hard economic times, extra revenue doesn't necessarily make for extra profit. Costs have risen along with higher attendance and there will always be more expense to improve technology and modernise facilities.

Recessions like the ones we are currently experiencing are boom times for the entertainment business and cinemas are no exception but investors in Sky City should be aware that the spike in fortunes for their cinema business are fleeting and in the normal cycles of business, the downs are far more frequent than the ups and more often than not the down times are when many cinema operators put up the going out of business sign.

Sustained acceptable returns for the cinema business are simply not the way this sector functions and history is littered with the carcasses of individuals and corporations who have sunk money into cinema that have gone bankrupt or no longer exist.

Best Sky City management use shareholders capital to repay debt as they did earlier last week.

Sky City Cinemas is no different from the rest and I must reiterate dear reader, for the sake of the shareholder, this part of the group's business must be given a Dirty Harry bullet before it drags the rest of the company down with it.

Disclosure I own SKC shares


Visit Sky City Cinemas

Sky City Entertainment Group @ Share Investor

Stock of the Week: Sky City Entertainment Group
Sky City share offer confusing and unfair for smaller shareholders
Sky City CEO doubles down
Sky City Entertainment 2009 Interim Profit Review
Sky City Entertainment 2009 Interim Result Preamble
2008 Sky City profit analysis
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 this stock @ Share Investor Forum

Related Amazon Reading

Coming Attractions?: Hollywood, High Tech, and the Future of Entertainment (Stanford Business Books)
Coming Attractions?: Hollywood, High Tech, and the Future of Entertainment (Stanford Business Books) by Philip Meza
Buy new: $27.95 / Used from: $4.74
Usually ships in 24 hours


c Share Investor 2009

Friday, July 3, 2009

Stock of the Week: Sky City Entertainment Group



This Stock of the Week is all about self interest, no not really, well maybe, nah, you be the judge.

Sky City Entertainment Group [SKC.NZ] makes up a large part of my portfolio by far but my main reason for including it this week is that the stock price has fallen below the recent capital raising price of NZ$2.61.

The share price closed at $2.58 yesterday, close to the multi-year low of $2.54.

It could go lower and that is the hard thing to pick, just when to buy on weakness. As I have said before I am interested in buying more because I got my shareholding diluted in the capital raising.

The stock is currently paying a gross dividend of over 12%, subject to a 20% lower dividend payout come full year profit announcement late August but that represents good value considering profits are holding up well to last years figures -a rarity in profit results and company health over the last year of the current economic crises. They are also likely to perform well over the medium term.

As I said there could be some more downwards pressure on the SKC share price to come (I haven't seen anything material for the recent drop) so best if you are interested in buying take a close look at what is happening before you pounce.

I hold the stock at a cost of below $1.90 per share.

Good Luck!

Stock of the Week Series

Reprise
4: Contact Energy Ltd
Reprise 3: Contact Energy Ltd
Delegats Group Ltd
Reprise 2 : Contact Energy Ltd
Reprise: Contact Energy Ltd
Restaurant Brands
NZ Refining
Ryman Healthcare
Mainfreight Ltd
Fisher & Paykel Healthcare
Xero Ltd
Auckland International Airport
Sky City Entertainment Group
Burger Fuel Worldwide
Michael Hill International
Contact Energy Ltd
The Warehouse Group
Fisher & Paykel Appliances


Sky City Entertainment Group @ Share Investor


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

Sky City Convention Centre @ Share Investor

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

Discuss SKC @ Share Investor Forum

Download SKC Company Reports

Recommended Fishpond Reading

Crisis: One Central Bank Governor and the Global Financial Collapse

Buy The Intelligent Investor & more @ Fishpond.co.nz

Fishpond


c Share Investor 2009