- Genting Singapore's share price has retreated since reporting below consensus results on 12 May 2023. We had a virtual meeting with management to get an update. We understand that operations have been improving steadily.
- - Read this at SGinvestors.io -
- We trim our core net profit forecasts for Genting Singapore by 6-12% (EBITDA forecasts by 8-14%) and DCF-target price to S$1.12 from S$1.18.
Operations have been improving steadily
- Quarter-to-date, we understand that all of Genting Singapore's major operating metrics (i.e. VIP volume, mass tables gross gaming revenue (GGR), slot machine GGR, non-gaming revenue) are trending higher q-o-q. The high margin slot machine GGR continues to grow, driven by locals. Non-gaming revenue which dipped 15% q-o-q in 1Q23 due to Singaporeans travelling abroad in March for the school holidays is also recovering.
- - Read this at SGinvestors.io -
Margins may come in a bit narrower than expected
- Read more at SGinvestors.io.
