- Genting Singapore's share price has rallied since news of China reopening broke in Dec 2022. While it is undoubtedly one of the best Chinese tourism proxies on the Singapore Exchange, we are unsure if all Chinese gamblers especially VIPs will return.
- - Read this at SGinvestors.io -
- If legalized, we also fear that Thai IRs will pose a risk to ‘RWS 2.0’.
Tweak FY23E EBITDA up by 2% on Chinese VIPs
- - Read this at SGinvestors.io -
- China’s currently weak economy.
- We now assume that half of the shortfall will return and FY23E/FY24E RWS VIP volume will stabilise at 88% of FY19 levels. Our conversations with industry insiders reveal that:
- the cross border gambling ban will affect casinos that had utilised junkets more than RWS; and
- migration of wealthy Chinese to Singapore will help.
Raise FY24E EBITDA by 9% on Chinese mass gamblers
- Read more at SGinvestors.io.
Above is the excerpt from report by Maybank Research.
Clients of Maybank Securities may be the first to access the full report in PDF @ https://www.maybanktrade.com.sg/.
Yin Shao Yang Maybank Research | https://www.maybank-ke.com.sg/ 2023-01-30
Read also Maybank's most recent report:
2024-11-08 Genting Singapore - Was Not A Great Quarter But Still Deep In Value.
Previous report by Maybank:
2024-08-15 Genting Singapore - Sequentially Weaker But Was Expected.
Price targets by 2 other brokers at Genting Singapore Target Prices.
Listing of research reports at Genting Singapore Analyst Reports.
Relevant links:
Genting Singapore Share Price History,
Genting Singapore Announcements,
Genting Singapore Dividends & Corporate Actions,
Genting Singapore News Articles
