Genting Singapore - Maybank Research 2023-07-03: The Recovery Is Intact; Maintain BUY With Lower Target Price

• 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.

Above is an excerpt from a report by Maybank Research.
Clients of Maybank Securities may be the first to access the full PDF report @ https://www.maybanktrade.com.sg/.

Read also Maybank's most recent report:
2025-11-07 Genting Singapore - Pulling Itself Out Of The 2Q25 Trough.

Previous report by Maybank:
2025-05-15 Genting Singapore - Decent Start To 2025.

Price targets by 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 Dividend Payout Dates & Corporate Actions,
Genting Singapore News