Leading Independent Investment Research, Morningstar, Inc.

Morningstar

Leading Independent Investment Research

Morningstar, Inc.

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Event-Driven

Crown Resorts is proposing to demerge the majority of its international investments into a separate company and is considering floating a 49% stake in a property trust comprising most of its Australian hotels. There is a long way to go for the consummation of these proposals including regulatory, shareholder and further Board approvals. However, we are encouraged by the proactive steps taken to liberate the inherent value in Crown and view these moves as positive for shareholders.Our AUD 15 fair value estimate, narrow moat and high uncertainty ratings are unchanged. Despite the swift positive reaction to the proposal, Crown shares remain 15% below our fair value estimate.Analyst: Ravi Reddy

Crown Resorts is proposing to demerge the majority of its international investments into a separate company and is considering floating a 49% stake in a property trust comprising most of its Australian hotels. There is a long way to go for the consummation of these proposals including regulatory, shareholder and further Board approvals. However, we are encouraged by the proactive steps taken to liberate the inherent value in Crown and view these moves as positive for shareholders.Our AUD 15 fair value estimate, narrow moat and high uncertainty ratings are unchanged. Despite the swift positive reaction to the proposal, Crown shares remain 15% below our fair value estimate.Analyst: Ravi Reddy

Crown Resorts' Proposed Demerger a Long Overdue Catalyst to Close Gap to Our Unchanged Fair Value

Global Special Situations

Charles Nave

Equity Bottom-Up

Melco International Development / Equity Bottom-Up

Melco hold a 38% stake in the Macau (and now Philippine) gaming company Melco-Crown (MPEL).This stake is worth HK$12.97/share vs Melco’s current share price of $8.65 and NAV of $12.00.  In fact, 98% of Melco’s NAV comes from MPEL (with an insignificant contribution from MelcoLot and Entertainment Gaming – worth just 17c and 8c per share respectively).The Melco discount to NAV trades within a reasonably narrow band and averages around 22%.  At present the discount is 28% and I would be keeping an eye on any price movements which would push the discount towards recommended setup levels of 34%.

Melco hold a 38% stake in the Macau (and now Philippine) gaming company Melco-Crown (MPEL).This stake is worth HK$12.97/share vs Melco’s current share price of $8.65 and NAV of $12.00.  In fact, 98% of Melco’s NAV comes from MPEL (with an insignificant contribution from MelcoLot and Entertainment Gaming – worth just 17c and 8c per share respectively).The Melco discount to NAV trades within a reasonably narrow band and averages around 22%.  At present the discount is 28% and I would be keeping an eye on any price movements which would push the discount towards recommended setup levels of 34%.

Crown's recent sell down of MPEL pushes significantly greater focus on the existing Australian operations and provides greater balance sheet strength to the company with a significant development pipeline in Sydney and Las Vegas.

Crown's recent sell down of MPEL pushes significantly greater focus on the existing Australian operations and provides greater balance sheet strength to the company with a significant development pipeline in Sydney and Las Vegas.

Crown:  All Eyes on Sydney & Vegas Post Macau Sell Down

<ul><li class="p1">Crown Resorts will reduce its stake in Melco Crown from 34.3% to 27.4% after agreeing to have approximately 51.7 million of its Melco Crown American Depository Shares bought back by Melco Crown for USD 15.50 per security.</li><li class="p1">The proceeds equate to USD 800 million, or AUD 1,067 million. We do not believe the selldown has anything to do with Crown's positive long-term view on Macau. Rather, it is likely due to reasons specific to Crown.</li></ul>Analyst: Ravi Reddy

Crown Resorts will reduce its stake in Melco Crown from 34.3% to 27.4% after agreeing to have approximately 51.7 million of its Melco Crown American Depository Shares bought back by Melco Crown for USD 15.50 per security.The proceeds equate to USD 800 million, or AUD 1,067 million. We do not believe the selldown has anything to do with Crown's positive long-term view on Macau. Rather, it is likely due to reasons specific to Crown.Analyst: Ravi Reddy

Crown Resorts Sells Down Stake in Melco Crown

We update our Ainsworth Game Technology forecasts for the recently completed Nova Technologies acquisition.Our AUD 3.70 per share fair value and narrow moat rating are unchanged.The company paid USD 38 million for Nova, a designer and manufacturer of Class II and III video gaming machines in North America.Analyst: Ravi Reddy

We update our Ainsworth Game Technology forecasts for the recently completed Nova Technologies acquisition.Our AUD 3.70 per share fair value and narrow moat rating are unchanged.The company paid USD 38 million for Nova, a designer and manufacturer of Class II and III video gaming machines in North America.Analyst: Ravi Reddy

Ainsworth Is Leveraging Local Expertise into Overseas Territories.

Australia

Crown Resorts Ltd. operates and manages gaming and entertainment facilities, bars, restaurants, nightclubs, cinemas and retail outlets. The Company also develops hotels and conference centre facilities.

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Crown Resorts (CWN AU)

Crown Resorts' Proposed Demerger a Long Overdue Catalyst to Close Gap to Our Unchanged Fair Value

Crown Resorts is proposing to demerge the majority of its international investments into a separate company and is considering floating a 49% stake...

Morningstar, Inc.

Melco (200 HK): Nearing Setup Levels

Melco hold a 38% stake in the Macau (and now Philippine) gaming company Melco-Crown (MPEL).This stake is worth HK$12.97/share vs Melco’s current...

Charles Nave

Crown: All Eyes on Sydney & Vegas Post Macau Sell Down

Crown's recent sell down of MPEL pushes significantly greater focus on the existing Australian operations and provides greater balance sheet...

Charles Nave

Crown Resorts Sells Down Stake in Melco Crown

Crown Resorts will reduce its stake in Melco Crown from 34.3% to 27.4% after agreeing to have approximately 51.7 million of its Melco Crown...

Morningstar, Inc.

Ainsworth Is Leveraging Local Expertise into Overseas Territories.

We update our Ainsworth Game Technology forecasts for the recently completed Nova Technologies acquisition.Our AUD 3.70 per share fair value and...

Morningstar, Inc.

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