Genting Malaysia Berhad in 2011 VS 2019

From the above chart we can see that Genm's share price has gone back to square one as at September 2010 & September 2011 as highlighted in purple square. So how is Genm financials today as compared to year 2011? 

Genm Financial in 2011 VS 2019

1. In 2011, Genm achieved a revenue of RM 8.4 billion however in 2019 Genm is expected to exceed the RM10 billion threshold which could be the highest revenue in Genm history. (This revenue have not even factor in the contribution from the theme park that is going to open next year). 
2. In 2011, Genm earnings before interest tax & amortization is RM 2.2 billion with a margin of 26.18%. In 2019, its EBITA is expected to be reach RM2.7 billion which is 20% higher than 2011. (I prefer to use EBITA as it reflects a better operation profit of Genm)
3. Genm has grown its net tangible asset by 1.3 times from 2011 to 2019. Its price to book value in 2011 and 2019 is 1.37 and 0.97 respectively. (This means that in 2011, you are paying RM1.37 for an asset that worth RM1 however, in 2019, you are paying RM 0.97 for an asset that worth RM1. You do the math yourself to see which one is more worthwhile)
4. Looking back at its historical PE for the past 5 years, Genm has always been trading between the PE of 15 - 20. Currently its PE is 13.2 which is quite close to year 2011 PE of 11.46. (If Genm goes back to its fair PE of 17.5, its share price will be RM 4.05).
5. Return of Equity for Genm in 2011 & 2019 is 7.54 and 7.62 respectively which is not much different. However if you look at its return on invested capital in 2019, the company has actually uses its equity more effectively than year 2011 and 2018. (ROIC for 2019 is calculated based on assumptions for 2019 earnings of RM 2.7 billion). 
6. Number of visitors that patron Genting in 2011 were 20.3 millions while in 2018, the number of visitors grew to 25.9 millions. A growth of 27.58% (Genm is definitely doing something right to achieve growing number of visitors every year).
7. I did an assumption that there is no special dividend being payout in 2019, hence, it will be an interim dividend of 6 sen plus a final dividend of 5 sen, a total of 11sen of dividend in 2019. At the price of RM3.05, its dividend yield is 3.6% which is still higher than its dividend yield in 2011. 
8. For those that have concern on the massive losses contributed by Empire Resort, for your information that contribution from US and Bahamas was negative back in 2011 and 8 years later in 2019, US and Bahamas has contributed earnings before interest tax & amortization of over RM300 million to Genm. Does the management has the ability to replicate this achievement in Empire Resort?