- Genting Singapore (SGX:G13)’ 1Q23 core adjusted EBITDA undershot expectations, falling 25% q-o-q from the seasonally strong 4Q22, and reflected lower non-gaming revenues and presumably a less favourable normalisation of luck factor. RWS’ gaming revenue significantly trailed rival MBS’.
- - Read this at SGinvestors.io -
Results moderately below expectations... which we attribute mainly to poorer luck factor.
- Resorts World Singapore’s (RWS) 1Q23 adjusted EBITDA of S$191.7m (-25% q-o-q; +54% y-o-y) accounted for 16% of our full-year forecast. Gaming and non-gaming revenue fell 9% and 15% respectively from the seasonally strong 4Q22. The gaming division accounted for 70% of group revenue in 1Q23.
- - Read this at SGinvestors.io -
Gaming volumes appear to remain resilient.
- Refer to Genting Singapore's announcements dated 12 May 2023 – it stated that RWS’ 1Q23 hold-adjusted GGR would have improved 12% q-o-q to S$530m. This works out to having a hypothetical 34% share of Singapore’s GGR, given rival Marina Bay Sand’s near-record 1Q23 GGR of S$1.0b.
Steadily unlocking potential in the coming quarters.
- Read more at SGinvestors.io.
Above is the excerpt from report by UOB Kay Hian Research.
Clients of UOB Kay Hian may be the first to access the full report in PDF @ https://www.utrade.com.sg/.
Vincent Khoo CFA UOB Kay Hian Research | https://research.uobkayhian.com/ 2023-05-15
Read also UOB's most recent report:
2024-04-18 Singapore Gaming Sector - MBS' Record High 1Q24 Earnings Lifted By Robust Tourism Statistics & Major Entertainment Events.
Previous report by UOB:
2024-02-23 Genting Singapore - Ending 2023 With A Slight Bump.
Price targets by 4 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
