This was revealed by Affin Hwang Capital research, which produced an extensive report on Genting Malaysia after a meeting with the company’s management.

The report stated that Genting Malaysia expected Resorts World Genting (RWG) to record 30 million visitors annually by 2020, due to the anticipated rise in gaming capacity from the company’s RM10bil transformation initiative.

Affin Hwang Capital said Genting Malaysia’s forecast for RWG implied a five-year compounded annual growth rate of 9.2percent from 2015, which saw 19.3 million visitors.

“This expectation of high growth in visitor arrivals would be positive to Genting Malaysia, given that its Malaysian operations (RWG) generate the highest earnings before interest, taxes, depreciation and amortisation (EBITDA) margin and benefit from higher gaming volumes.

“We believe Genting Malaysia’s relatively aggressive target is likely within management’s reach, given the crowd-pulling factor of having the world’s first 20th Century Fox World theme park as well as its positioning as a shopping haven,” Affin Hwang Capital said in a report.

The research house noted that Universal Studios Singapore (USS) attracted two million visitors in the first nine months of its opening, despite being double the size of the Fox World theme park. In 2015, USS attracted seven million visitors.

“In addition, RWG would see an anticipated influx of shoppers once Sky Avenue (positioned as a lifestyle mall) and Genting Premium Outlets (GPO) opens in the second half of 2016,” it said.

In February, Genting Malaysia announced that it was doubling the capital investment under its Genting Integrated Tourism Plan (GITP) to RM10.38bil from RM5bil initially. GITP involves the redevelopment and transformation of RWG.

Some analysts reckon that RWG could see an increase of between 100 and 300 tables at the hilltop resort. Exact details are scarce, given the sensitivities as applications for additional gaming capacity must be made directly to the Finance Ministry.

According to reports, RWG could see an increase in the number by 300 because of the resort’s room-to-table ratio of 20 hotel rooms for every table versus a ratio of three to five hotel rooms per table in other countries.

Going forward, Affin Hwang Capital said growth would still come from its gaming operations, primarily in Malaysia.

This is set to expand under the GITP, said the research house, adding that Genting Malaysia would nonetheless benefit from a small stream of recurring income via rental in Sky Avenue.

“RWG, which contributes about 80% of Genting Malaysia’s EBITDA, is scheduled to have additional gaming capacity from the podium in the second half of 2016. RWG has bucked regional gaming trends, which have continued to be soft.

“In 2015, RWG recorded double-digit volume growth in both its mass and VIP segments. Underpinning the gaming-volume growth in Malaysia is the favourable mass/VIP revenue split of 60:40, which has been a boon for Genting Malaysia,” it said.

The brokerage said that in the long term, Genting Malaysia had a target of achieving a mass/VIP revenue split of 50:50 and this would be partly achieved by catering its additional gaming towards the premium mass market.

“We note that Genting Malaysia has plans to introduce a luxury hotel under Phase 2 of the GITP, which will help to attract the premium mass in addition to VIP customers.”

Separately, analysts believe that Genting Malaysia’s appointment as manager of native American-destination resort casino, First Light Resort & Casino (FLRC), would help boost the company’s presence in the US.

“We are positive on this overseas investment strategy as it will protect Genting Malaysia from any potential start-up losses,” said UOBKayHian.

Despite being positive, the research house said its “back-of-the-envelope” calculation suggested that this project would have modest earnings enhancement impact on Genting Malaysia.

“Also, we note that the earnings contribution would only come in late 2017 or early 2018 onwards,” it said.

Hong Leong Investment Bank (HLIB) also said the appointment of Genting Malaysia as manager of the US-based resort casino would boost the company’s overseas presence.

However, it said earnings contribution was uncertain as Genting Malaysia’s investment was in the form of interest-bearing promissory notes without equity interest.

“Using conservative estimation parameters, we estimate gaming revenue of around US$440mil (RM1.7bil) a year for FLRC. With EBITDA margin of 15%, bottomline contribution is around RM250mil.”

HLIB said despite the potential catalyst from the US casino, it was maintaining a cautious stance on the contribution to Genting Malaysia.

“Besides, we are also aware on the execution risk and potential competition from a potential rival casino (Brockton) being awarded licence in the same region with just 20 miles apart.”

AmInvestment Bank, in its report, said the management of the US casino would allow Genting Malaysia to receive management fees without facing construction and operational risks.

“Assuming a management fee of 8% of net revenue, average table win of US$2,000 per day and average slot win of US$100 per day, we estimate that Genting Malaysia’s net profit would improve by 3% to 5%. The basis of the management fees was not disclosed.”

When completed, First Light Resort & Casino will feature, among others, a high-concept 150,000-sq-ft casino featuring 3,000 slots, 150 gaming tables and 40 poker tables.

The Purchasing Managers’ Index (PMI) – an early indicator of manufacturing activity – was at 49.4 last month, up slightly from February’s 48.5 reading, a low last seen in December 2012.

A reading below 50 indicates contraction.

“This is the strongest pick-up from February to March since 2013,” said OCBC economist Selena Ling, noting that last month’s improved reading joins a string of brighter PMI data from the United States, euro zone and China, as well as from Taiwan and South Korea – Singapore’s peers in the value-added segment.

South Korea posted a March PMI of 49.5 after reaching a six-month low in February, data from Nikkei and Markit Economics showed last week. Taiwan’s PMI hit 51.1, marking the sector’s third expansion in the past four months.

Singapore’s improved PMI came on the back of higher new orders, employment and factory output last month, though these indicators have remained in contractionary mode, said the Singapore Institute of Purchasing and Materials Management, which compiles the index.

The electronics sector posted a PMI reading of 49 last month, up slightly from 48.2 in February.

But employment in the electronics sector continued to contract for the 11th straight month, as most manufacturers struggled to maintain a lean and productive workforce in an uncertain global business environment, said the report.

Ms Ling said: “This March electronics print is the largest improvement from February to March since 2009, but remains below the 51.2 average seen in the previous three years, suggesting that the recovery is still at a nascent stage.”

Similarly, the March headline PMI of 49.4 also falls short of the three-year average of 50.3, Ms Ling said.

Most factory bosses hesitated to say that the worst is over for their sector. John Kong, managing director of building supplies firm M Metal, said: “I have been in business for a long time. This is the first time I don’t see a clear turnaround.

“I have to wait till June to make another judgment call. The Finance Minister just delivered his (Budget) speech. Everyone says it’s good, but we’ll need a few months to see if it has substance. Hopefully by June, the information on the help extended to small and medium-sized enterprises is clearer.”

It cited the oversupply in the office and logistics sectors here amid weak consumer sentiment and a housing market dealing with cooling measures.

The Monetary Authority of Singapore noted last November that property transactions, prices and mortgages could have been higher by as much as a third had these measures not been implemented.

Graham Mackie, managing director and head of global real estate for Asia Pacific at UBS Asset Management, said yesterday that there is certainly no rush to exit Singapore and some global investors still perceive the country as a relatively safe market.

Real Capital Analytics data noted that while capital of about US$28.7 billion from Singapore was invested in overseas real estate last year, up 49 per cent from 2014, total inbound capital rose 157 per cent to $3.4 billion.

Globally, investors are increasing their exposure to real estate, Mackie noted. Property traditionally formed about 5 per cent of investors’ portfolios but this seems to be going up to 10 to 15 per cent.

The report said there appears to be greater capital value in Australia and Japan now, relative to Singapore, Hong Kong and China.

Property yields in Australia are significantly higher than risk-free rates in the market.

Mackie said: “It is a relatively efficient market with strong rule of law… The Australian dollar has depreciated significantly against the US dollar and investors who are more swayed by currency considerations see Australia as relatively cheaper.”

In Japan, while negative interest rates will be a short-term “sugar rush”, propelling asset price inflation, offices in Tokyo are still attractive and will outperform on the back of strong rental growth, said Toh Shaowei, director of research and strategy (Asia Pacific) for global real estate at UBS Asset Management.

Inbound tourism in Japan continues to be strong, thanks to the cheap yen, which should prop up retail real estate, he added.

“Especially in Tokyo, the residential market still has some runway. The Tokyo resident population has been growing, but 45 per cent of households there do not own their own dwelling – (presenting) a huge room for rental opportunities and residential sales to grow.”

Economic conditions in the region will remain challenging over the near term, the report said.

Easier credit conditions could lead to a rise in asset prices that may not be backed by fundamentals, while Asian currencies could fall further in the next six months to a year.

But Asia’s growth continues to be higher than the rest of the world, and its dynamics – the rising middle class and increasing proportion of working age adults in some of its cities – will still be very supportive of real estate, said Toh.

There will be no further revisions made to the final offer price, Vision Three Pte Ltd, a private investment vehicle of Sim, announced on Tuesday (April 5).

The final offer price represents a premium of about 38.8 per cent and 40.6 per cent to the volume-weighted average price (VWAP) a share for the corresponding one-month and three-month periods up to and including Feb 29, 2016, respectively.

It also implies a price-to-earnings ratio for the company of 20.5 times, based on the earnings per share of S$0.0679 for the financial year ending Dec 31, 2015.

Osim shareholders who have earlier accepted the offer will be entitled to receive the final offer price and need not take any further action.

Shareholders who accept the offer going forward will receive an amount that will be adjusted to reflect whether they have received the FY2015 final dividend of S$0.02 a share, with effect from April 6, 2016, which is the books closure date.

Shareholders who do not receive the FY2015 final dividend will receive S$1.39 a share, while those who receive the FY2015 final dividend will receive S$1.37 a share, which is the final offer price less the FY2015 final dividend.

The offer will now close on April 25, 2016, unless otherwise extended.

Sim currently controls 69.36 per cent of Osim as of April 4, 2016.

Forever Group is Myanmar’s leading media company and DTH operator.

“The capacity expansion is set to boost Forever Group’s ability to advance our digital content delivery platform. Thaicom’s satellite platform serves as an important pillar in the expansion of our digital content delivery network which distributes entertainment, culture, and news to viewers in Myanmar,” said Forever Group’s CEO Win Maw.

Thaicom announced yesterday that a long-term contract for five additional transponders from the existing three was signed. Myanmar has been one Thaicom’s key markets for over 15 years.

To Paiboon Panuwattanawong, CEO of Thaicom, the capacity expansion agreement is in line with the company’s business plan of providing the satellite capacity needed to fuel the fast growth the Asian broadcast and media industries have been experiencing.

“The deal with Forever Group also supports the Thai government’s initiative to increase trade within the Asean region,” he said.

Construction businesses are expected to continue growing over the next five years as the country is developing.

There are opportunities to attract foreign companies to expand their businesses in Laos, according to Director of SC Design and Construction, Vidaly Chanthaphasouk.

The Ministry of Planning and Invest ment reported that over the la st 11 months of the 2014-15 fiscal year, some 1,589 projects were carried out in Laos with a total value of US$2.9 billion.

This will help to drive construction investment enlargement as the inflow of foreign companies to Laos continues.

Vidaly said at present, there are several meetings underway among construction companies in Aseanmember countries to exchange information, which will add potential to expand investment growth among its members.

Recently, construction companies from Malaysia, Cambodia, and Singapore expressed interest in partnering with Lao companies.

Lao companies have also provided their partners with consultation exchanges after they sought information about investing in Laos.

However, while there are several foreign construction companies interested in investing in Laos local companies are still not able to invest overseas due to a lack of basic knowledge on investment.

Vidaly believed AEC would open chances for Asean companies to seek investment exchanges. However, Lao construction companies still need more time to improve their quality before they think about expanding overseas.

Asean common regulations will make it easier to pursue cooperation and investment when the time is right, he added.

Presently, Vidaly observed, a number of Lao companies have been travelling abroad to learn more about other companies’ operations and examine potential opportunities.

The chain’s 23rd store and its seventh in Northern California opened at 3537 Callan Boulevard, South San Francisco. On the same location will open the most number of iconic Philippine brands such as Mercury Pharmacy, Jollibee, Red Ribbon, Chowking and TFC among others.

“Community Night” on Tuesday, March 29 gathered movers and shakers in the San Francisco Bay Area. There were Seafood City Chairman Steve Go and CEO Carlos Go, South San Francisco Mayor Mark Addiego, Daly City Deputy Mayor David Canepa, City Councilor Mike Guingona, Consuls Reginald Bernabe and Carlyn Monastrial representing Consul General Henry S. Bensurto Jr. of the Philippine Consulate General of San Francisco, ABS-CBN Global COO Raffy Lopez, many community leaders and members of the media.

Consul General Bernsurto’s message which was read by Consul Bernabe said the opening of the new Seafood City store showcases empowerment through Filipino American entrepreneurship. “We are not just gainfully employed, Seafood City proves that Filipino-Americans also provide gainful employment to other members of the Community,” Bensurto’s message said.

ABS-CBN Global COO Raffy Lopez, a major supporter of Seafood City, said, “It makes good sense to partner with another Filipino establishment like Seafood City with its proven history of providing a dynamic hub where Filipinos can shop, dine, get together and feel at home.”

Seafood City Chairman Steve Go presented a donations to the St. Augustine Church Children’s Choir, which sang the national anthem, and to Gawad Kalinga represented by newly elected Gawad Kalinga USA President Maricel Villanueva. GK will launch the “Kusina ng Kalinga” donation project at all Seafood City Stores.

Performers at the opening were violinist Corey Crywolffs, Kristine Kristine Sinajon, Sina and Mark Davis, Jackie Chavez and Ron Quesada, Kulintronica, an all-Filipino talent show provided by Luna and Company.

True to Filipino tradition, the community was served a bounty of Filipino favorites like pork barbecue, ukoy, grilled shrimp, Magnolia and Heavenly icec ream, sago at gulaman, makapuno icee and more.

This project involved implementing the Flexcube suite of core banking and direct banking products and data migration by replacing the legacy core banking system, said Pramod Devaiah, Oracle project manager for the Flexcube implementation project.

The project kicked off on February 16. It was executed along the Oracle Unified Methodology. Industry best practices of project management, project execution and data migration were employed during the course of the implementation.

JDB went live on Oracle Flexcube on February 22 and has completed six weeks of operations across all branches, service units and active channels, Pramod said.

He added that this would not have been possible without the effective team work and coordination among the Oracle and JDB project teams.

JDB is the sixth customer in Laos of Flexcube which has more than 500 customers in 120 countries. In the region, Flexcube has been employed by five banks in Myamar, 10 banks in Cambodia and 17 banks in Vietnam.

Ekkaphan Phaphithak, chairman of the JDB management board, said that he acknowledged the success and advised the project management team to continue developing its financial services to offer more facilities to customers.

JDB has been operating for more than two decades. It said that modern technology would build benefits for both the customers and the bank, allowing them to grow together and align with the millennium development goals of Laos.

Organised by Vietnam Economic Times and the Trade Promotion Agency under the Ministry of Industry and Trade, the Vietnam Strong Brand Award aims at recognising enterprises which achieve excellent results in manufacturing, providing services, applications of technological solutions, and environmental protection, as well as contributing to community development.

Previously, Vietjet won awards from domestic and international organisations, including Top Vietnam Best Places to work, PATA Gold Awards, Best Asia Low Cost Carrier by TTG Travel Award, and Top 20 Brands of sustainable development.

In term of routes, together with airlines such as SpiceJet (India), EasyJet (England), Southwest (America) and AirAsia X (Malaysia), Vietjet’s routes were ranked one of the top five best newly operated routes in the world.

Vietjet also was recognised by Asia Guinness as the airline offering the most creative entertainment on board. Further, Business Initiative Directions presented Vietjet with an International Gold Star for Quality. Thanks to its achievements, Vietjet was presented a Certifications of Merit by the Ministry of Transports and Minister of Culture, Sport and Tourism.

Grab last January successfully sought the Government’s approval to trial GrabCar as well as the creation of a legal framework for the new service.

It began trialling it in Hanoi, Ho Chi Minh City, Da Nang, Khanh Hoa, and Quang Ninh.

Nguyen Xuan Thuy, deputy director of the transport ministry’s Department of Transport, said so far only GrabTaxi and transport companies and co-operatives using vehicles under nine seats are selected to participate in the programme.

Le Hoang Minh, deputy director of the HCM City Department of transport, said the department would work to ensure proper implementation.

Nguyen Tuan Anh, general manager of Grab Vietnam, said with more than 30 million mobile phones users with 3G services, Vietnam is a promising market.