Genting Singapore - DBS Research 2023-11-14: Rolling The Dice On Growth; Upgrade To BUY

Genting Singapore - Rolling The Dice On Growth; Upgrade To BUY

Genting Singapore (SGX:G13) | SGinvestors.ioGenting Singapore (SGX:G13)
  • Genting Singapore (SGX:G13)'s 3Q23 adjusted EBITDA of S$345.4m (+32.5% q-o-q, +36.6% y-o-y) was a positive surprise, topping 3Q19 by 24.2%, with 9MFY23 EBITDA accounting for 81% of our full-year estimate.

3Q23 EBITDA surpassing pre-pandemic levels for the first time since the pandemic.

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  • Although tourist arrivals in Singapore were approximately 77% of pre-pandemic figures in 3Q23, both VIP and mass gaming volumes exceeded 2019 levels, and the leisure segment has nearly fully recovered, reaching 98%, suggesting that the average spending per visitor has increased materially.

Genting Singapore’s performance was also commendable against Marina Bay Sands.

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  • Furthermore, Genting Singapore seems to be making decent progress in regaining lost market share from Marina Bay Sands (MBS), as its overall gaming market share (measured in normalised gross gaming revenue) climbed to a more normalised 38.7% in 3Q23, up from 33.8% in 1Q23 and 34.4% in 2Q23.

Significant increase in planned investments for RWS2.0 could constrain shareholder returns.

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Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @

Jason SUM CFA DBS Group Research | 2023-11-14

Read also DBS's most recent report:
2024-02-23 Genting Singapore - Tourism Revival, New Attractions To Drive Growth.

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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