Forum Archive Index - June 2000

[kevin.young@gfmb.co.nz]

Sky City: Meeting with Management?1. This note reviews a meeting with management
today.   SKC  remains on track for solid profit growth in FY00 and FY01 with the
core  gaming  operation continuing to grow strongly?2.  We are encouraged by the
wide  ranging  NZ  Government gaming review and do not expect significant issues
for  the  casino  sector based on the terms of reference released.  However, the
sheer  length  of  time  anticipated  for  completion  of  the  inquiry, and the
associated  uncertainty  is  an  issue?3.   We continue to see substantial share
price  upside  for  SKC  as  we  believe the market is still underestimating the
growth  potential  of the core Auckland monopoly and the turnaround potential of
Adelaide.    Risk  is  on  the upside for earnings upgrades over the next 12- 24
months.   At  current  price levels SKC offers a low risk FY01 net yield of 9.2%
and significant capital appreciation once SKC growth and cash flow qualities are
again a focus of the market?


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