- Positive luck factor buoyed Genting Singapore's results. Resorts World Sentosa (RWS) ceded market share but we expect this to be transient. While we share Genting Singapore’s guarded optimism for the future, we await flight booking data to gauge if there will be more upside.
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Genting Singapore's earnings in-line on positive luck; high dividend payout ratio may not recur
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- The final dividend of S$0.02 brought Genting Singapore's FY22 dividend to S$0.03 which beat our expectation by S$0.01 as it implied 107% dividend payout ratio. Yet, Genting Singapore guided that it is unlikely to employ such a high dividend payout ratio going forward. See Genting Singapore's Dividends.
Ceded market share but ought to regain it
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