Genting Singapore - Maybank Research 2023-02-21: Nice Recovery But Could Have Been Better

Genting Singapore - Nice Recovery But Could Have Been Better

  • 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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Above is the excerpt from report by Maybank Research.
Clients of Maybank Securities may be the first to access the full report in PDF @

Yin Shao Yang Maybank Research | 2023-02-21

Read also Maybank's most recent report:
2024-05-13 Genting Singapore - Back With A Bang.

Previous report by Maybank:
2024-02-23 Genting Singapore - 4Q23 Could Have Been Better But Still Optimistic On FY24.

Price targets by 3 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


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