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

Genting Singapore - Lucky Charm Returns In 2Q23

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 -
  • 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 -

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.

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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 @

Jack Goh UOB Kay Hian Research | Vincent Khoo CFA UOB Kay Hian | 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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