Genting Singapore - UOB Kay Hian 2023-08-11: Lucky Charm Returns In 2Q23

Genting Singapore - Lucky Charm Returns In 2Q23

Published:
Genting Singapore (SGX:G13) | SGinvestors.ioGenting Singapore (SGX:G13)
  • Genting Singapore (SGX:G13)’s 2Q23 results reflect a broad spectrum of operational improvement across all business segments.
    • Gaming revenue charted solid recovery as VIP luck factor normalised from 1Q23’s low base.
    • - Read this at SGinvestors.io -
  • We remain upbeat on better earnings momentum for Genting Singapore in 2H23, as elevated airfares and flight capacity constraints ease gradually. Maintain BUY and target price of S$1.25.

2Q23: Fantastic set of results from slow start in 1Q23.

  • Resort World Sentosa’s (RWS) 2Q23 revenue (+23% q-o-q, 71% y-o-y) and EBITDA (+36% q-o-q, +81% y-o-y) jumped impressively as hoped. This was the best quarter since the onset of COVID-19 with revenue and net profit recovering to about 94% and 89% of 2Q19 levels.
  • - Read this at SGinvestors.io -

Gaming statistics buoyed by a rebound in visitations and better VIP luck factor.

  • Gaming revenue in 2Q23 improved ~20% q-o-q to 92% of pre-pandemic levels, presumably reflecting normalisation of 1Q23’s low-base VIP win percentage (2Q23: 3.95%, 1Q23: 2.79%) and higher betting volume.
  • On a hold-adjusted basis, GGR improved ~3% q-o-q to S$547m, reiterating our view that industry earnings are recovering.

Non-gaming revenue continues its winning streak.

  • 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/.




Jack Goh UOB Kay Hian Research | Vincent Khoo CFA UOB Kay Hian | https://research.uobkayhian.com/ 2023-08-11



Read also UOB's most recent report:
2024-05-13 Genting Singapore - 1Q24 A Touch Of Wanderlust.

Previous report by UOB:
2024-04-18 Singapore Gaming Sector - MBS' Record High 1Q24 Earnings Lifted By Robust Tourism Statistics & Major Entertainment Events.

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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