Genting Singapore - Time To Step Up Its Game
GENTING SINGAPORE LIMITED (SGX:G13)
- Genting Singapore (SGX:G13)'s tevenue of S$314.5m in 1Q22 was characterised by a recovery of both gaming and non-gaming revenues (+13.2% y-o-y/+25.8% y-o-y).
- 1Q22 adjusted EBITDA of S$124.8m came in below expectations at 15.8%/18.0% of our/consensus FY22 estimates on higher utilities cost and slower recovery.
- Expectations of subsequent recovery dampened as strict COVID-19 restrictions from key source markets are unlikely to be lifted soon.
- We cut our FY22-24F earnings per share forecast for Genting Singapore (SGX:G13) by 4-31% as we push back the expected return of tourists in FY22F and factor in higher utilities expenses in FY22F-24F. We also lower our target price for Genting Singapore (SGX:G13) to S$0.92, pegged at 9x FY23F EV/EBITDA , 0.5 standard deviation below its 5-year historical mean.
Above is the excerpt from research report by CGS-CIMB.
Clients of CGS-CIMB may access the full report in PDF @ https://www.itradecimb.com.sg/.
TAY Wee Kuang CGS-CIMB Research | https://www.cgs-cimb.com 2022-05-13
SGX Stock
Analyst Report
0.92
DOWN
0.960
Previous report by CGS-CIMB:
2022-02-18 Genting Singapore - Hopeful Of Better Recovery In FY23
Target prices by 2 other brokers at Genting Singapore Target Prices.
Listing of broker reports at Genting Singapore Analyst Report.
Relevant links:
Genting Singapore Share Price History,
Genting Singapore Announcements,
Genting Singapore Dividends & Corp Actions,
Genting Singapore News Articles